Quick Heal Tech declines on reverse turnaround in Q1

Quick Heal Technologies dropped 3.54% to Rs 183.85 at 11:45 IST on BSE after the company reported loss of Rs 11.08 crore in Q1 June 2017 compared with net profit of Rs 23.63 crore in Q4 March 2017.

The result was announced after market hours on Friday, 11 August 2017.

Meanwhile, the S&P BSE Sensex was up 254.13 points or 0.81% at 31,467.72. The S&P BSE Small-Cap index was up 315.14 points or 2.1% at 15,351.47.

On the BSE, 57,641 shares were traded in the counter so far as against average daily volume of 50,689 shares in the past one quarter. The stock had hit a low of Rs 172.75 so far during the day, which is also a record low for the stock. The stock had hit a high of Rs 189.30 in intraday trade. The stock had hit a 52-week high of Rs 295.85 on 9 December 2016.

The stock has dropped 13.27% in five sessions to its ruling price, from a close of Rs 212 on 7 August 2017.

The stock had underperformed the market over the past one month till 11 August 2017, declining 15.16% compared with the Sensex's 1.68% decline. The stock had also underperformed the market over the past one quarter, dropping 22.01% as against the Sensex's 3.18% rise. The scrip had also underperformed the market over the past one year, dropping 20.9% as against the Sensex's 12.04% rise.

The small-cap company has equity capital of Rs 70.19. crore. Face value per share is Rs 10.

Quick Heal Technologies' total income fell 64.01% to Rs 35.19 crore in Q1 June 2017 over Q4 March 2017.

Kailash Katkar, Managing Director and Chief Executive Officer of the company said that the performance in Q1 June 2017 was adversely impacted by the transition of economy to the GST regime from 1 July 2017.

The decline in retail segment revenues was primarily on account of delay in stocking of products by the distributors who were waiting for commencement of the GST regime. July witnessed good pickup in demand from the distributors who had held back their purchases in Q1 June 2017, he added.

Quick Heal Technologies is one of the leading providers of security software products and solutions in India.

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