Tuesday, March 5, 2024

IT security incident dents Granules Q1 net, revenue 

Drugmaker Granules India reported consolidated net profit declined more than 62% year-on-year to nearly ₹48 crore during the June quarter on a 3% drop in revenue from operations to ₹985.516 crore.

“Q1 sales and PAT were impacted severely by the business interruption caused by the IT incident,” chairman and managing director Krishna Prasad Chigurupati said, citing the breach in May for which a ransomware group had claimed responsibility.

The operating expenses were higher in line with the expected revenue and hence the gap in sales had a severe impact on PAT, he said in a release on Wednesday. The company’s shares closed less than 1% lower at ₹322.35 apiece.

He said the company had employed appropriate incident response protocols for containment of the IT incident and enhanced security measures. “Business has been restored to near normalcy as we speak. Our short to medium term growth trajectory shall remain intact,” he said.

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