Bengaluru’s Sobha Limited rocked by ransomware cyber attack on IT

TLDR:

• Bengaluru-based Sobha Limited experienced a ransomware attack on August 4
• No material impact on the company’s operations was observed

Bengaluru-based real estate company Sobha Limited disclosed in a regulatory filing that its IT infrastructure was targeted by a ransomware attack. The incident occurred on August 4, but the management team responded promptly, ensuring that no significant impact was felt on the company’s operations. Despite the cyber security incident, Sobha Limited has taken necessary precautions to retrieve and restore the systems. The company reported a decline in profits for FY24, but it remains active in both residential and commercial segments across 27 Indian cities since its inception in 1995.

In detail, Sobha Limited’s net profits for FY24 fell to ₹49.11 crore from ₹104.20 crore in the previous year. The company also saw an 86% year-on-year decline in consolidated profits for the January-March quarter, dropping to ₹7 crore compared to ₹48.57 crore in Q4 FY23. Despite these challenges, Sobha Limited continues its expansion efforts with new projects and revenue potential on the horizon.