Polycab announced through a regulatory filing that it was recently targeted by a ransomware attack. It said that a cyber-security incident had occured on 17th March 2024 wherein its IT infrastructure was targeted by a ransomware attack.
However, Polycab maintained that the incident has not impacted the core systems and operations of the company and that the company’s systems are up and running and all factories are operating.
“This is to inform about a cyber- security incident that occurred on 17th March 2024, wherein our company’s IT infrastructure was targeted by a ransomware attack. However, the incident has not impacted the core systems and operations of the company,” it said in the regulatory filing.
“The technical team of the Company along with a specialized team of external cybersecurity experts are working actively on analyzing the incident,” it added.
Earlier in January, Polycab India had released its third quarter earnings for financial year 2023-24 wherein it had posted profit at Rs 416.51 crore, up 15.4 per cent in comparison to Rs 361.07 crore during the corresponding quarter of previous year. It had posted revenue from operations at Rs 4340.47 crore, up 16.8 per cent as against Rs 3715.18 crore during the third quarter of FY23, on the back of strong volume growth in the wires & cables business.
The company EBITDA margin for the quarter declined by ~130 bps QoQ to 13.1 per cent, mainly due to higher A&P spends. As of 31st December 2023, Polycab India said that the net cash position improved to Rs 1840.00 crore against Rs 1530.00 crore in the previous quarter.