Latest News | Quick Heal Technologies Q3 Net Profit Falls 24.3 Pc to Rs 13.4 Cr

New Delhi, Feb 3 (PTI) Security software provider Quick Heal Technologies on Wednesday said its consolidated net profit declined 24.3 per cent to Rs 13.4 crore in the December 2020 quarter.

The company had posted a net profit of Rs 17.7 crore in the year-ago period, Quick Heal Technologies said in a regulatory filing.

Its total revenue, however, grew 6.3 per cent to Rs 69.8 crore in the quarter under review, from Rs 65.7 crore in the year-ago period.

"We delivered good revenue performance during the third quarter as the Indian economy slowly started recovering from the COVID-19 pandemic.

"On the R&D front, with the appointment of industry veterans like Sanjay Agrawal and Bibhuti Kar, we have accelerated new product development efforts to strengthen our enterprise business under 'Seqrite'," Quick Heal Technologies Managing Director and CEO Kailash Katkar said.

He added that the company recently announced additional investment in Israel-based L7 Defense that reiterates its commitment to invest in disruptive technologies that will shape the future of cybersecurity while supporting innovative startups.

"With economy slowly recovering and increase in cybersecurity awareness, we are confident to end the year on a positive note," he said.

Nitin Kulkarni, chief financial officer of Quick Heal Technologies, said the company has "performed better in what traditionally remains a weak quarter for us" with quarterly revenue growing 6.3 per cent on year-on-year basis.

"...we have increased our investments in advertisements and continued focus in R&D innovations have affected our margins. Our balance sheet remains strong with zero debt and a cash and cash equivalents balance of Rs 4,787 million," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)