Companies

Quick Heal Technologies net profit up 20%

Our Bureau Mumbai | Updated on October 27, 2021

Cybersecurity company posts 23 per cent revenue growth to ₹103.8 crore

Quick Heal Technologies Limited has reported a 20 per cent increase in its consolidated net profit to ₹34.6 crore for the quarter ended September 30, 2021.

The company had reported a net profit of ₹28.8 crore in the period a year ago. Its revenue grew 23 per cent to ₹103.8 crore (₹84.4 crore).

Kailash Katkar, Managing Director and Chief Executive Officer, Quick Heal Technologies Limited, said, “Our robust all-round performance during the quarter in terms of revenue, profitability and cash-flow generation along with strong growth outlook continue to demonstrate our strategic focus and the strength of our offerings in the cybersecurity space. Despite all the challenges due to Covid-related disruptions, we have demonstrated our agility with strong performance in both retail as well as enterprise and government segment.”

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He further added, “We have been able to consistently achieve double-digit growth in the enterprise segment in the last few quarters. In line with our strategy to boost market share, we continue to invest in R&D and strengthen the leadership team, which will enable us to launch next-generation solutions in the coming quarters.”

“With the easing of lockdown restrictions and continuous improvement in economic activity post the second wave of Covid-19, the company witnessed significant growth in the current quarter,” said Nitin Kulkarni, the company’s chief financial officer.

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“With the economy rebounding sharply, we have increased our investment in marketing and brand promotion along with continued focus on innovation. We were able to manage our working capital in an efficient way, which has resulted in better cash flow,” he said.

Kulkarni further added that the company’s balance sheet remains strong with zero debt, and cash and cash equivalents of ₹316.6 crore as on September 30, 2021.

The company managed to perform well in the retail segment, with revenue increasing 18 per cent year-on-year to ₹90.6 crore, as compared to ₹76.6 crore in the corresponding period of the previous year. In the enterprise and government segment, its revenue stood at ₹20.9 crore, as compared to ₹18 crore in the corresponding period the previous year, up 16 per cent.

The company further clarified that it has appointed global industry veteran Richard Stiennon to its board to help build next-generation products and solutions.

Additionally, Kulkarni has resigned from the company, owing to personal reasons, with effect from October 26.

Published on October 26, 2021

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