On June 14, Fiem Industries’ shares fell 3%, reacting to a fire mishap that occurred around noon on June 13 at the company’s units in Haryana. A fire accident occurred in one building of Unit-7, positioned at Plot No 1915, Phase -V, Rai Industrial Estate, in Sonipat, Haryana, the company mentioned in an exchange filing.

At 9:29 am, automotive lighting manufacturers’ shares were trading at Rs 1778.75, down 2.4% on the BSE.
Fortuitously, no humans were hurt as the fire was under control in a few hours with the assistance of fire tenders. However, the company added that some buildings, machinery, stocks, and furniture were damaged.

Fiem Industries is evaluating the extent of the damage and started the required procedures to make an insurance claim since the company’s assets are sufficiently insured.

To prevent disruptions in the supply to valued Original Equipment Manufacturer (OEM) customers, the company plans for product delivery from another building within the same unit and other units. Besides, the company will take prompt and suitable actions to confirm that the damaged part resumes functioning at the earliest, Fiem Industries added.

Fiem Industries is debt free as of March 2023. It is confident in outperforming revenue growth. The company’s order book as of June 2023 was Rs 950 crore.

Consolidated net sales fell 11% YoY to Rs 436.25 crore, and net profit rose 13% to Rs 38.03 crore.
The YoY decline in quarterly sales is due to a fall in the production of key customers of FIEM. FY23 revenues rose 18% to Rs 1,830 crore.