: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Receipt of Insurance Claim
LTFOODS · price
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LT Foods has received Rs. 265 Crore from Oriental Insurance Company as settlement for a fire incident at its Mandideep, Madhya Pradesh plant. The total comprises Rs. 161.20 Crore as the principal claim amount and Rs. 93 Crore as interest, with Rs. 10 Crore deducted as TDS. The payment was made pursuant to a Supreme Court order and received on April 9, 2025. The insurance company has filed a first appeal at the Madhya Pradesh High Court (Jabalpur Bench), and the funds were released against a 100% bank guarantee valid until the appeal is disposed of. The claim proceeds have been received by Daawat Foods Limited, a subsidiary.
This is a positive cash flow event for LT Foods, strengthening liquidity by Rs. 265 Crore. However, the insurance company has challenged the payout, and the bank guarantee means the amount could potentially be recovered back if the appeal goes against LT Foods, introducing some uncertainty.