Quick Heal Technologies Limited (“Quick Heal”), India’s leading provider of IT Security Software Products and Solutions to consumers, businesses and Government, reported its reviewed and unaudited results for the quarter ending 30th June 2019.
During the quarter, the overall demand for cybersecurity products and solutions in India was not in line with our expectations. We observed generic slowdown in demand which resulted in pricing pressure in the SMB and consumer segment. We also witnessed slowdown in Government buying due to India’s General Elections.
Kailash Katkar, Managing Director & Chief Executive Officer, Quick Heal Technologies Limited, said; “Despite sluggish economic scenario and moderate market growth, we are pleased to report steady growth for the quarter and kick start FY20 on a positive note. Our profit margins for the quarter have almost doubled, while our revenue has seen growth of 8.5% YoY. On the revenue front, retail segment grew by 8% with volume growth of 4%. Enterprise and Government business witnessed marginal growth of 2% on account of rising pricing pressure and slowdown in Government buying due to general election. However, volume growth for the segment stood at 7%. With growing importance of cybersecurity and data protection in India and globally, we expect better realisations and volume growth going forward.”
Nitin Kulkarni, Chief Financial Officer, Quick Heal Technologies Limited, added “At Quick Heal, we have been continuously working on improving financial and operational efficiencies which reflects in our Q1 performance. Our growth in profitability is mainly attributable to changing product mix, strict cost optimization measures and focused research and development initiatives. During the quarter, we have concentrated on improving our collections which has resulted in lowering our receivable by Rs. 22 crores.”
Vijay Mhaskar, Chief Operating Officer, Quick Heal Technologies Limited, commented, “With constant focus on developing cutting edge products and solutions, we are happy to share that the company was granted a US Patent for our ground-breaking Anti-Ransomware technology. The patent approval makes us the first Indian company to indigenously develop and granted a patent for Anti-Ransomware Technology. As cyber-threats continue to evolve in scale and sophistication, we will continue to innovate and deliver best-in-class protection against the rising menace of cybercriminals.”
