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Quick Heal Technologies, a provider of cybersecurity and data protection solutions to consumers, businesses and government, reported its unaudited results for the quarter ended 30th June 2022.
Dr. Kailash Katkar, MD & CEO, Quick Heal Technologies said, “Our 1st quarter results show an improved YoY double digit growth in Revenue. The Enterprise segment continues its strong momentum because of our years of hard work on the R&D and customer centricity. We have set up a strong customer base in the SMB segment in India through years of S&M efforts. With the new product releases and our shift towards large Enterprise, the future looks far more promising. Our newly launched ZTUA product was able to garner traction and acquired its first customer in this quarter, which further solidifies our belief,” he added.
Navin Sharma, Chief Financial Officer, Quick Heal Technologies said, “We have delivered strong growth in revenues within Q1-FY23, through continued demand for our products. The enterprise segment has already become one-third of our overall business and has grown by ~50% YoY. We are continuing to invest heavily into R&D and S&M for the future. We have seen early successes and are very confident of the future growth. We are committed to driving shareholder value by growing profitability across both of our segments and driving solid Unlevered Cash Flow. We have constantly rewarded our shareholders through buyback and dividend distribution programs and have returned INR 436 Cr to our shareholders since FY20,” he added.
The company has proposed a buyback of INR 150 Cr for its shareholders.
Segmental performance for the quarter ended 30th June 2022 -
✓ Retail segment revenue stood at ₹42.8 Cr with a flattish trajectory compared to the similar period last year.
✓ Enterprise and Government segment revenues stood at ₹21.6 Cr as compared to ₹14.5 Cr in the same period of the corresponding year, up 49.1% YoY.
Key updates for Q1FY23 -
- Consolidated revenues grew by 11.5% YoY driven by ~50% YoY growth in Enterprise business.
- Recorded few early key customers deal wins for the newly launched Seqrite products.
- R&D expenses increased by 38.6% YoY due to continuous investments made in R&D on new and existing products to drive future growth.
- Sales and Marketing spends increased by 9.2% on a YoY basis
- Onboarded Ashish Pradhan as Chief Technology Officer and Sudhanshu Tripathi as VP and Head – Marketing & Growth to drive the company’s vision.
- Began engagement with one of the top 3 global consulting companies to develop a long-term strategic growth plan for the company.