Quick Heal Technologies Q2 net profit falls 21.5% to Rs 28.8 crore

Security software provider Quick Heal Technologies on Friday said its consolidated net profit declined 21.51 percent to Rs 28.83 crore in the September 2020 quarter.

The company had posted a net profit of Rs 36.73 crore in the year-ago period, Quick Heal Technologies said in a regulatory filing.

Its total revenue also slipped by 14.37 percent to Rs 84.41 crore in the quarter under review, from Rs 98.57 crore in the year-ago period, it added.

On a sequential basis, net profit was higher by 15.53 percent (from Rs 24.95 crore in the June 2020 quarter), and revenue grew 14.91 percent from Rs 73.46 crore.

Quick Heal Technologies Managing Director and CEO Kailash Katkar said the company delivered good performance despite the uncertainties posed by the COVID-19 pandemic.

"We recorded marginal revenue growth for the first half. However, EBITDA has grown strongly by 17.6 percent. Our enterprise business has picked up with a growth of 5 percent in Q2 as compared to last year,” he added.

He noted that the company has further strengthened its R&D leadership team with the appointment of global experts to drive the expansion of next-generation security products and solutions.

Nitin Kulkarni, Chief Financial Officer of Quick Heal Technologies, said the company delivered good performance during volatile times.

"Our margins have improved in H1 due to better overhead management and continuous cost optimisation efforts. We were able to manage our working capital in an efficient way which has resulted in better cash flow,” he added.

The company’s balance sheet remains strong with zero debt and a cash and cash equivalents balance of Rs 448 crore, he added.