Quick Heal Q2 results: Net profit rises 20.1% to Rs 34.6 cr
New Delhi: Security software provider Quick Heal Technologies on Monday said its consolidated net profit rose 20.1 per cent to Rs 34.6 crore in the September 2021 quarter. The company had posted a net profit of Rs 28.8 crore in the year-ago period, Quick Heal Technologies said in a regulatory filing.
Its total revenue grew 23 per cent to Rs 103.8 crore in the quarter under review, from Rs 84.4 crore in the year-ago period, it added.
Quick Heal Technologies Managing Director and CEO Kailash Katkar said the company’s robust all-round performance during the quarter in terms of revenue, profitability and cash flow generation along with a 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 a strong performance in both retail as well as enterprise and government segment,” he added.
Katkar said the company was able to achieve double-digit growth in the enterprise segment consistently in the last few quarters.
“In line with our strategy to boost market share, we continue to invest in R&D and strengthen leadership team that will enable us to launch next-generation solutions in the coming quarters,” he added.
Quick Heal Technologies Chief Financial Officer Nitin Kulkarni said 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.
“With the economy rebounding sharply, we have increased our investment in marketing and brand promotion along with the continued focus on innovation. This will help in increasing brand recognition and customer reach, which will accelerate future growth,” he added.
The company was able to manage its working capital in an efficient way which has resulted in better cash flow. Its cash and cash equivalents stood at Rs 3,166 million as of September 30, 2021.
Retail segment revenue stood at Rs 90.6 crore as compared to Rs 76.6 crore in the corresponding period of the previous year – up 18 per cent year-on-year.
Enterprise and government segment revenue stood at Rs 20.9 crore compared to Rs 18 crore in the corresponding period of the previous year, up 16 per cent year-on-year.
The company also stated that Kulkarni has resigned from the services of the company on account of personal reasons. His resignation will be effective from the closure of business hours of October 26, 2021, as key managerial personnel.
Quick Heal has also appointed global industry veteran Richard Stiennon to its board. His extensive experience in cybersecurity will help Quick Heal build advanced next-generation products and solutions, the filing said.
The post Quick Heal Q2 results: Net profit rises 20.1% to Rs 34.6 cr first appeared on WorthStocks - Share Market Tips.
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