Ransomware attack hits Bengaluru-based Sobha Limited’s IT systems

Bengaluru-based real estate firm Sobha Limited’s IT infrastructure was hit by a ransomware attack on August 4, the company said in a regulatory filing.

“This is to inform about a cyber security incidence that occurred yesterday, wherein our company’s IT infrastructure was targeted by a ransomware attack,” the company said in its regulatory filing.

Sobha Ltd said that the company’s management team responded promptly to the attack and no material impact on its operations was witnessed.

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“The management responded promptly and initiated necessary precautions to mitigate the impact of this incident. The technical team has taken all necessary precautions to retrieve and restore the systems. The company has not found any material impact on the operations of the company due to this incident,” the company said.

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In FY24, Sobha’s net profits fell to ₹49.11 crore from ₹104.20 crore in the previous year. The company expanded its footprint by 70 lakh square feet through six projects during the fiscal.

For the January-March quarter, Sobha reported an 86% year-on-year decline in consolidated profits to ₹7 crore compared to ₹48.57 crore in Q4 FY23. The company’s revenue also declined year-on-year to ₹791.25 crore in the March quarter of FY24 against ₹1,240.14 crore in Q4 FY23.

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Founded in 1995, Sobha Limited has delivered over 1,362.5 lakh square feet of developable area across 27 Indian cities. It is present in both the residential and commercial segments.