Motilal Oswal On A Cyber Incident; Operations Were Unaffected

Following a cyber attack last week, Motilal Oswal Financial Services (MOTILALOFS) confirmed on Monday that its operations were unaffected. According to the firm, it found malicious activity on several employees' computers and fixed the problem in an hour.

"This incident has not affected any of our business operations and IT environment. It is business as usual," the company said in an emailed statement to Reuters.

According to TechCrunch, LockBit, a cybercrime organisation that seeks ransom payments in exchange for data theft and release, was behind the attack that formed a new tab on Motilal Oswal. The organisation was originally discovered in 2020 on Russian-language cybercrime forums. According to cybersecurity company Trend Micro, it has since been found all around the world, with common targets being US, Indian, and Brazilian businesses.

Last week Motilal Oswal Financial Services informed stock exchanges that at its meeting held on Friday, February 16, 2024 the Finance Committee of the company has approved the allotment of 3,84,500 equity shares to those Option Grantees who had exercised their Options under the following 'Motilal Oswal Financial Services Limited - Employee Stock Option Scheme' ("ESOP Scheme") of the company.

For the quarter and nine months ending December 31, 2023, Motilal Oswal Financial Services recorded its the highest ever nine months and quarterly profits after tax of Rs. 2,001 Cr and Rs. 774 Cr, respectively. The quarter's consolidated PAT climbed to Rs 774 Cr, up 222% YoY. For 9MFY24, Consolidated PAT surged to Rs. 2,001 Cr, up 159% YoY. For the quarter, consolidated operating revenue increased to Rs. 1,377 Cr, up 2% QoQ and 30% YoY. For the quarter, the consolidated operating profit after tax (PAT) climbed to Rs. 311 Cr, up 8% QoQ and 35% Yo Y.

MOFSL is a provider of financial services. Its services include asset and wealth management (asset management, private equity & wealth management), housing finance, equity-based treasury investments, and capital markets operations (retail broking, institutional broking, & investment banking). With a distribution network of more than 550 locations, MOFSL employs 10,750 individuals to serve its six million clients. The AUA of MOFSL is Rs. 4.4 lakh crore.