Quick Heal slumps 10% after posting weak Q2 results; Net profit down 68%

Quick Heal shares fell 10.4 per cent on the BSE and logged an intraday low of Rs 681.05 per share on Friday. Investors dumped the company's stock after it posted weak second quarter results after market hours on Thursday. 

At around 10:47 AM, Quick Heal shares were down 5.55 per cent at Rs 718.4 per share on BSE. In comparison, the BSE Sensex was down 0.09 per cent at 80,930.86 around the same time. The market capitalisation of the company around the time stood at Rs 3,868.76 crore. 

In the quarter ended September 30, Quick Heal reported a 67.8 per cent decline in consolidated net profit at Rs 4.15 crore, compared to Rs 12.9 crore a year ago. The revenue for the quarter declined by 6.2 per cent year-on-year (Y-o-Y) and stood at Rs 73.49 crore, compared to Rs 78.36 crore in the year-ago period. 

 

The company's total expenses increased 4.2 per cent on a Y-o-Y basis to Rs 73.62 crore, compared to Rs 70.64 crore earlier. Quick Heal's total income for the quarter under review came in 6.3 per cent lower, at Rs 78.69 crore, while it stood at Rs 84.05 crore a year ago. 

On October 3, 2024, the company had launched a new product, fraud prevention solution - AntiFraud.AI. The product aims to ensure safety against the escalating threat of financial fraud which is impacting a widespread number of people, including the most tech-savvy ones. 

The solution offers screen share alert, payee name announcer, spy alert, file vault and browsing protection, among other features.

The product was designed to prioritise user privacy and is available on Android, iOS, and Windows platforms, catering to diverse user preferences. While AntiFraud.AI focuses on preventing digital fraud executed through deception and manipulation, traditional antivirus software remains essential for detecting and removing malware such as viruses, worms, trojans, ransomware, and spyware.  

Quick Heal Technologies is a global cybersecurity solutions provider that designs products to simplify IT security management across the length and depth of devices and on multiple platforms. Quick Heal says its products are customised to suit consumers, small businesses, government establishments, and corporate houses, among others. 

In the past 3 decades, the company’s R&D has focused on computer and network security solutions. 

The current portfolio of cloud-based security and advanced machine learning-enabled solutions stop threats, attacks, and malicious traffic before it strikes, the company says.

In the past one year, Quick Heal shares have gained 158.4 per cent, compared to the BSE Sensex's rise of 23 per cent, during the same period.