Revenue at the wholly owned subsidiary of Infosys Ltd. fell 4.3% to $442 million in the year ended December 2023, according to the company’s annual report earlier this month. “Revenue and margins of McCamish declined in FY2024 as a result of muted demand environment compounded by impact of ransomware attack,” Kotak Institutional Equities analysts Kawaljeet Saluja, Satishkumar S, and Vamshi Krishna said in a note dated 18 June. Another analyst also attributed the revenue decline to the ransomware attack. “Revenues have fallen because of the cyber attack as the company had to pay off money to fix the damages,” a Mumbai-based analyst said on condition of anonymity.
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