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Recovery, restoration of cyber data underway, says Dr Reddy's
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SME Times News Bureau | 28 Oct, 2020
Pharma major Dr Reddy's on Wednesday said that recovery and restoration
of all applications and data is underway following the last week's
cyber-attack.
"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," said the Hyderabad-headquartered firm.
"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," it added.
Dr Reddy's had said immediately after the
cyber attack that it did not foresee any major impact on its operations
due to the incident.
Meanwhile, for the second quarter ended
September 30, Dr Reddy's reported profit of Rs 762 crore, up 32 per cent
quarter on quarter but down 30 per cent year on year. It also reported
revenues of Rs 4,897 crore, up 11 per cent QoQ and 2 per cent YoY.
"During
the quarter we saw gradual recovery in the market demand across India,
Russia and other markets after a low demand in Q1 FY 21, although the
demand is yet to fully recover to pre-Covid levels," Dr Reddy's
Co-Chairman and MD, G.V. Prasad.
The company also launched
Covid-19 treatment drugs Avigan (Favipiravir) and Remdesivir. "We
further strengthened our development pipeline for Covid-19 treatment
drugs including the vaccine candidate Sputnik V."
The Drugs
Controller General of India. on October 17, granted permission to Dr
Reddy's Laboratories for conducting Phase 2/3 human clinical trials of
Russian Covid-19 vaccine candidate, Sputnik V, in India.
This vaccine has been developed by Russia's Gamaleya Institute and funded by Russian Development Investment Fund (RDIF).
Last
month, Dr Reddy's and RDIF had entered into a partnership to conduct
clinical trials of Sputnik V vaccine and its distribution in India. As
part of the partnership, RDIF shall supply 100 million doses of the
vaccine to Dr Reddy's upon regulatory approval in India.
In
another development, Dr. Reddy's announced that Parag Agarwal will be
joining the Company as Chief Financial Officer on November 2. The Board
of Directors at their meeting on Wednesday approved his appointment
effective December 1, 2020.
In a career spanning over 33 years,
Agarwal has held several leadership positions, contributing
significantly to the financial performance of his organizations. With
over 10 years of working experience in several countries outside India,
he brings deep global experience in leading business and financial
strategy.
He will succeed Saumen Chakraborty, President & CFO who will retire effective December 1, 2020.
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