Total expense rose 29.3% to Rs 63.68 crore in Q3 FY23 as against Rs 82.34 crore in Q3 FY22. Cost of raw material stood at Rs 0.21 crore (down 25% YoY), employee benefit expense rose 21.04% YoY to Rs 40.38 crore.

The company reported negative EBITDA of Rs 11.4 crore in Q3 FY23 as against positive EBITDA of Rs 20.5 crore in Q3 FY22. EBITDA margin declined to 17.0% in Q3 FY23 from 27.72% in Q3 FY22.

Enterprise and Government segment grows sustainably showing YoY growth for the 10th straight quarter. Revenues rose 13% to Rs 24 crore in Q3 FY23 as compared with Rs 22 crore in the same period of the corresponding year.

Retail segment revenue declined by 20% to Rs 51 crore for Q3FY23 as compared to Rs 64 crore in the same period of the corresponding year.

Dr. Kailash Katkar, managing director and chief executive officer, Quick Heal Technologies, said, “We are witnessing signs of short-term contraction in the consumer market due to lowering of global IT spends. We have taken several initiatives towards the businesses and is showing early signs of success during the initial phase. While some parts of the business might be under stress in the short term, we will continue to invest in research and development (R&D) and S&M for our long-term success. Through these efforts we have pivoted ourselves from a consumer AV player to a wholistic cybersecurity player with new age products under our umbrella.”

Navin Sharma, chief financial officer, Quick Heal Technologies, said, We will continue to invest for our long-term win as our balance sheet is strong and we are a zero-debt company. We have completed our recent buy-back worth Rs 185 crore, inclusive of taxes.”

Quick Heal Technologies is engaged in the business of providing security software products. The company caters to both domestic and international market.