Baazar Style Retail Limited has informed the Exchange about the receipt of insurance claim for loss of capital assets.
STYLEBAAZA · price
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On May 20, 2024, a fire incident occurred at the company's central warehouse in Hooghly, West Bengal, causing a total loss of inventory worth ₹50.85 crores and capital assets worth ₹4.24 crores. The company has now received ₹3.48 crores (including salvage value) from Bajaj Allianz General Insurance against the capital assets loss. The claim for the larger inventory loss of ₹50.85 crores is still under review and will be settled separately. The company successfully shifted its entire operations to a new state-of-the-art warehouse facility that became fully operational within a month of the accident, ensuring smooth business continuity.
Partial recovery of fire-related losses through insurance is a positive sign, though the company still bears a net loss of about ₹0.76 crores on capital assets after the claim. The pending inventory claim settlement will be a key event to watch as it could materially impact financials.