Quick Heal net profit grows 6% to Rs 14 crore in December quarter

Quick Heal Technologies said its consolidated net profit grew 6.1 per cent to Rs 14.3 crore in December quarter 2021.

Security software provider Quick Heal Technologies on Monday said its consolidated net profit grew 6.1 per cent to Rs 14.3 crore in December quarter 2021.

The company had posted a net profit of Rs 13.5 crore in the year-ago period, Quick Heal said in a regulatory filing.

Total revenue rose 13.9 per cent to Rs 79.6 crore in the quarter under review, from Rs 69.9 crore in the year-ago period, it added.

We delivered a robust third quarter in terms of revenue, subscribers, profitability and cash flow which is a testament to our team's strong execution. Our continued commitment to secure our customers' ever-increasing online footprint helped us add 818,000 new subscribers," Managing Director and CEO Kailash Katkar said.

He added that the growth in enterprise segment has been promising and the company expects the momentum to continue in the coming 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 said.

The company saw its retail segment revenue rise 8.1 per cent year-on-year to Rs 65.2 crore (from Rs 60.3 crore in the corresponding period of the previous year), while enterprise and government segment revenue was up 11.3 per cent year-on-year at Rs 20.1 crore in the quarter under review (from Rs 18 crore).

Chief Financial Officer Navin Sharma said,"We delivered solid results in Q3, as continued strong demand for our cybersecurity products across our diversified global go-to-market channels, coupled with our focus on operational discipline, resulted in 14 per cent y-o-y growth in revenue and 24 per cent y-o-y growth in EBITDA.

"In line with our continued focus on R&D and innovation, we spent 27 per cent of revenues as R&D during the quarter."

He added that the company's balance sheet remains strong with zero debt and cash and cash equivalents of Rs 327.5 crore as on December 31, 2021.

"We are committed to driving shareholder value by growing profitability across both of our segments and driving solid unlevered cash flow," he said.