Granules India reports 62.5 percent fall in Q1 profit
Revenue from operations fell 3.3% to 9.85 billion rupees.;
Hyderabad: Granules India Ltd, the maker of paracetamol and ibuprofen pain relievers, reported a 62.5% fall in first-quarter profit on Wednesday, as a cyber security incident significantly disrupted operations.
Granules faced a cyber security attack in May, which caused major disruptions in its operations, affecting its IT assets. A ransomware group has claimed responsibility, the company said.
“(It) took considerable time to address the regulatory expectations, qualifications, fine-tuning of quality and production systems. This has impacted significantly the revenue and profitability for the quarter,” Granules said.
Revenue from operations fell 3.3% to 9.85 billion rupees.
“Operating expenses were higher, in line with the expected revenue, and hence the gap in sales had a severe impact on PAT,” said Chairman and Managing Director Krishna Prasad Chigurupati.
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