Foseco India reports cyber security incident

The company said that based on the preliminary assessment, there was no assessed material impact on its operations.

The company on Thursday (2 March 2023) informed about a cyber security incident involving unauthorized access to its IT systems.

"Based on the management's preliminary assessment with the support of leading cyber security experts, related to investigations and identification of the extent of the issue, including the impact, if any, on the production and contract fulfillment, we would like to inform that there was no assessed material impact on the operations of the Company," the company said.

"While the restoration process of the IT systems has started in the phased manner and the detailed investigation as regards the incident is yet to be concluded, the management does not expect any further financial, legal or regulatory impact of the incident reported herein on the Company," it added.

Foseco India said that all its offices are now enabled for Local Cable Network (LAN) with Wi-Fi access connected to corporate network. The manufacturing activities has re-started gradually which is working normally, it added.

Foseco India is engaged in the manufacturing of products used in the metallurgical industry. The products are in the nature of additives and consumables that improve the physical properties and performance of castings.

Net profit of Foseco India rose 51.17% to Rs 12.26 crore while sales rose 20.87% to Rs 105.71 crore in Q4 December 2022 over Q4 December 2021.

Shares of Foseco India fell 3.57% to Rs 2288.50 on Thursday, 2 March 2023.

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