Ransomware attack hits Polycab's IT infrastructure; no impact on core systems

21 Mar 2024 , 11:39 AM

On March 20, Polycab informed the bourses that its IT infrastructure had recently been hit by a ransomware assault.

The security incident occurred on March 17, 2024. “However, the incident has not impacted the core systems and operations of the company,” it stated in a filing with the exchanges.

It stated that the company’s systems are now operational, all plants are operational, and the firm is still serving its consumers. The company’s technical team, along with external cybersecurity experts, is actively analyzing the incident.

On another side, the cables and wires manufacturing firm had a bad start to 2024 after purported income tax searches on its facilities. When allegations of the search operation initially arose, the corporation released a statement later that evening denying any suspected tax avoidance on their behalf.

At around 11.05 AM, Polycab India was trading 2.74% higher at ₹4,874.50 per piece, against the previous close of ₹4,744.35 on NSE. The counter touched an intraday high and low of ₹4,879, and ₹4,770, respectively.

Polycab produces and markets wires, cables, and fast-moving electrical goods (FMEG) branded as ‘POLYCAB’. In addition to wires and cables, the company manufactures and distributes a range of FMEG items including electric fans, LED lights, luminaires, switches, switchgear, solar products, conduits, and related accessories.

Polycab India reported its third-quarter profits for fiscal year 2023-24 in January, with a profit of ₹416.51 Crore, up 15.4% from ₹361.07 Crore in the same quarter the previous year. It reported revenue from operations of ₹4,340.47 Crore, up 16.8% from ₹3,715.18 Crore in the third quarter of FY23, driven by robust volume growth in the wires and cables segment.

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