Quick Heal Technologies hits 52-week low on weak Q1 results

The stock hit 52-week low of Rs 173, down 9% on BSE in intra-day trade

Quick Heal Technologies hit 52-week low of Rs 173, down 9% on BSE in intra-day trade after the company’s consolidated net losses more than doubled to Rs 11.3 crore in June quarter (Q1FY18), due to lower operational income. The company provides security software products and solutions had posted loss of Rs 5.47 crore in the same quarter last fiscal.

Operational revenue during the quarter under review declined by 36% to Rs 30.32 crore from Rs 47.55 crore in the corresponding quarter of previous fiscal.

The company said performance during the first quarter was adversely impacted by the transition of economy to the Goods & Service Tax (GST) regime.

The retail segment revenues witnessed decline primarily on account of delay in stocking of products by 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 first quarter, it added.

At 12:49 pm, the stock was down 4% to Rs 183, as compared to 0.8% rise in the S&P BSE Sensex. A combined 269,864 shares changed hands on the counter on BSE and NSE so far.