Recovery, restoration of cyber data underway, says Dr Reddy's

"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.