Granules India, which manufactures drugs like Paracetamol and Ibuprofen, has said a recent cyber security incident will likely eat into its profit and cause production delays.
What Happened? A ransomware group has claimed responsibility for the cyberattack, which Granules had informed the exchange about on May 25, the company said in a statement on Thursday.
While the group said it had acted “decisively” to keep the damage in check, the attack has severely affected its business operations, requiring extensive changes to IT systems and additional time to meet regulatory requirements and ensure quality production.
The firm said these expenses would likely pile on top of a “significant loss of revenue and profitability”.
“While the company has managed to restore production near to normalcy at present, there are backlogs and delays in the clearance of material for quality system approvals to dispatch the products for sale,” the company added.
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The company has isolated the affected IT systems and engaged global cybersecurity specialists to address the situation and improve its security protocols.
Price Action: Granule India shares shed 1.5% to trade at ₹295.80 on Thursday morning.
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