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Saturday, November 28, 2020

Dr Reddy’s Q2 profit falls 30% at Rs 762 crore

On October 22, the company experienced an information security incident and consequently isolated the impacted IT services. This incident involved a ransom-ware attack, Dr Reddy's said.

By: PTI | New Delhi | October 28, 2020 3:16:42 pm
People chat in the lobby of the Innovation Plaza building, on the Dr. Reddy's Laboratories Ltd. campus in Hyderabad, India, on Thursday, July 22, 2010. (Photographer: Prashanth Vishwanathan/Bloomberg)

Dr Reddy’s Laboratories on Wednesday reported 30.22 per cent decline in consolidated net profit at Rs 762.3 crore for September quarter 2020-21.

The company had posted a profit of Rs 1,092.5 crore for the year-ago period, Dr Reddy’s said in a filing to BSE.

Revenue stood at Rs 4,896.7 crore in the quarter under review. It was Rs 4,800.9 crore in the same period a year ago, it added.

“We are pleased to report continued growth across all the markets and improved productivity which is reflected in the healthy EBITDA margin and return on capital employed (RoCE). Our research teams are working on several potential remedies for COVID-19 in addition to the already launched products,” Dr Reddy’s Laboratories Co-chairman & MD G V Prasad said.

Giving an update on the cyber attack, the company said: “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 are underway. All critical operations are being enabled in a controlled manner, it added.

On October 22, the company experienced an information security incident and consequently isolated the impacted IT services. This incident involved a ransom-ware attack, Dr Reddy’s said.

“We promptly engaged leading outside cybersecurity experts, launched a comprehensive containment and remediation effort and investigation to address the incident,” it added.

Shares of Dr Reddy’s Laboratories were trading at Rs 5,090.20 per scrip on BSE, down 0.20 per cent from the previous close.

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