In an exchange filing, the explosives company said that an explosion incident has occurred on 17 December 2023 at around 9:00 am in one of its processes building no. HRCPCH-2 (pallet casting house). The incident has resulted in loss of lives of nine workmen working in the plant, it added.

“As far as financial impact is concerned, the loss is limited to this one particular building only,” the company stated.

“We have also intimated the concerned departments and statutory authorities. The incident is being investigated for all the root and contributory causes and corrective and preventive actions to be implemented,” added the firm.

Solar Industries India (SIIL) is the flagship company of the Solar Group. SIIL, along with its subsidiaries, manufactures bulk explosives, packaged explosives and initiating systems, which find application in the mining, infrastructure and construction industries. The Group forayed into the defence sector in 2010 and diversified into the manufacturing of propellants for missiles and rockets, warheads and warhead explosives.

The company's consolidated net profit rose 13.47% to Rs 200.14 crore despite a 13.99% fall in sales to Rs 1,347.46 crore in Q2 FY24 as compared with Q2 FY23.