Regarding this attack, Sobha Limited, a Bengaluru-based IT real estate firm, said in its September 4th regulatory filing that it was hit by a ransomware attack on August 4th.
The company’s management team quickly reacted to the cyber security issue by taking all the requisite measures to recover the violated systems.
In the case of ransomware effects, Sobha Limited stated that the company could not identify significant effects of this issue on its business. ‘The management reacted positively and implemented preventive measures to address the effects of this catastrophe. ’
The technical department has already implemented all measures to recover the systems in question,’ the firm noted in the filing area regarding the materials that may affect the company’s functioning.
The ransomware attack occurs when the financial operations of Sobha Limited have faced some difficulties. The company’s net profits of the fiscal year 2024 are at ₹49; 11 crore from ₹104. Twelve thousand five hundred crore in the financial year and fifteen thousand crore in the previous year.
At the same time, it has increased its presence in the two major markets of operation with an addition of 70 lakh square feet in six new projects.
The company’s consolidated profit in the reporting quarter of January-March 2023 of FY24 stood at ₹7 crore, which is 86% lower than ₹48 crore in the corresponding period of the previous year. 57 crores in the same quarter of the previous fiscal year and increased by 32. 46% to reach 75. 02 crore in the third quarter of the current fiscal year.
The company’s officials also revealed that its revenue was also lower year on year, at ₹791. 25 crore in the March quarter of the financial year 24, against ₹1,240. The company posited Rs. 14 crore and Rs. 14 crore in Q4 FY23.
Nevertheless, various financial difficulties have negatively impacted the company’s market position; Sobha Limited is quite stable. Established in 1995, the company has successfully provided more than 1,362 services. About 5 lakh square feet of developable area is spread across 27 locations in India, addressing both the dwelling and office markets.
The attack on the firm’s IT system by ransomware is an example of the increasing cases of cybercrimes in the real estate business. Given the emergence of elaborate and innovative technology in business, corporations have considered security protocols indispensable to modern organizations.
