Quick Heal shares tank 14% after Q4 sales, net profit crash

Besides, Quick Heal Technologies has announced that Navin Sharma has resigned as the Chief Financial Officer, and Ankit Maheshwari has been appointed in his stead.

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Shares of Quick Heal Technologies tanked 14 percent on April 18 on the back of heavy selling after the security software solution provider reported disappointing quarterly earnings.

The company’s consolidated revenue from operations slumped 52 percent YoY to Rs 49.3 crore for the quarter ended March, while it reported a net loss of Rs 6.6 crore in the quarter under review as compared to Rs 28.09 crore in the corresponding quarter last year.

At 10:00am, shares of the company were trading percent 7.7 lower at Rs 136.3 on the BSE.

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Even as the stock price of Quick Heal has declined in the past six months to Rs 147 from Rs 200, it has been climbing higher in the past one month. The stock has corrected over 20 percent YTD.

Besides, the company has announced that Navin Sharma has resigned as the Chief Financial Officer. His resignation will become effective from the closure of business hours on April 18, 2023. With this, Ankit Maheshwari has been appointed as the Chief Financial Officer with effect from April 26, 2023.

The Pune-based company is a leading provider of IT security and data protection solutions with a strong footprint in India and an evolving global presence.