BackDr Reddy's provides update on cyber-attack
On 22nd October 2020, Dr Reddy's experienced an information security incident and consequently isolated the impacted IT services.
PremiumProviding an update on the recent cyber attack, Dr Reddy's today said: "On 22nd October 2020, we experienced an information security incident and consequently isolated the impacted IT services. This incident involved a ransom-ware attack. We promptly engaged leading outside cybersecurity experts, launched a comprehensive containment and remediation effort and investigation to address the incident."
"As of date, our investigation has not ascertained if any data breaches in the incident pertain to personally identifiable information stored in the Company's systems. Recovery and restoration of all applications and data is underway. All critical operations are being enabled in a controlled manner."
Recently, the expert committee of Drugs Controller General of India (DCGI) had recommended granting permission to Dr Reddy's Laboratories for conducting phase 2 clinical trials of Russian COVID-19 vaccine candidate, Sputnik V, in India.
Dr Reddy's reported reported revenues of ₹4,897 crore in the September quarter, up 11% quarter on quarter and 2% higher as compared to the year-ago period.
It reported profit of ₹762 crore, up 32% QoQ but down: 30% YoY.
Commenting on the results, Co-chairman & MD, G V Prasad said "We are pleased to report continued growth across all the markets and improved productivity which is reflected in the healthy EBITDA margin and RoCE. Our research teams are working on several potential remedies for COVID in addition to the already launched products."
In a business update, Dr Reddy's said: "During the quarter we saw gradual recovery in the market demand across India, Russia and other markets after a low demand in Ql FY 21, although the demand is yet to fully recover to pre-covid levels."
Dr Reddy's shares were trading 1% lower at ₹5040 in late trade.
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