Quick Heal Technologies Limited (NSE: QUICKHEAL) Q3 2025 Earnings Call dated Feb. 05, 2025
Corporate Participants:
Vishal Salvi — Chief Executive Officer
Ankit Maheshwari — Chief Financial Officer
Analysts:
Nupur Jainkunia — Analyst
Mihir Manohar — Analyst
Jalaj Manocha — Analyst
Vimal Gohil — Analyst
Unidentified Participant
Amit Agicha — Analyst
Presentation:
Operator
Good day and ladies and gentlemen, good day, and welcome to the Q3 and Nine Months FY ’25 Conference Call of QuickHeal Technologies Limited hosted by Valorem Advisors. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms Nupur Jainkunia from Valorem Advisors. Thank you, and over to you, ma’am.
Nupur Jainkunia — Analyst
Thank you. Good evening, everyone, and a very warm welcome to you all. My name is Nupur from Valorem Advisor. I represent the Investor Relations of QuickHeal Technologies Limited. On behalf of the company, I would like to thank you all for participating in the company’s earnings call for the 3rd-quarter and nine months of the financial year 2025. Before we begin, a quick cautionary statement. Some of the statements made in today’s earnings conference call may be forward-looking in nature.
Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today’s conference call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review.
Now, I would like to introduce you to the management participating with us in today’s earnings call and hand it over to them for opening remarks. We have with us Mr Kalaj, Chairman and Managing Director; Mr Sanjay Katkar, Joint Managing Director; Mr Vishal Salvi, Chief Executive Officer; Mr Ankit Maheshwari, Chief Financial Officer of the company. Without any further delay, I request Mr Vishal Salvi to give his opening remarks. Thank you, and over to you, sir.
Vishal Salvi — Chief Executive Officer
Thank you so much, Nipur, and good evening, everyone. Thank you for joining us today as we discuss QuickHeal Technologies performance for the 3rd-quarter of FY ’25. Our Q3 performance has been below par largely due to our consumer and government verticals not performing to expectations.
However, we are seeing a healthy pipeline being built-up and hence we are confident of our outlook for FY ’26. We are continuously working towards the pivot of the organization across three levers of products, solutions and customers. I’m pleased to share that we are starting to witness a successful execution of our strategic initiatives, which has started to translate into a visible outcome such as key product launches, strategic collaborations, order booking getting created and new product pipeline, etc.
Speaking on the product innovation and customer-centric solution aspects, in the 3rd-quarter, we successfully launched antifraud.ai, our groundbreaking fraud prevention solution with a nationwide marketing campaign. This demonstrates our thought leadership in the cybersecurity domain through innovative solutions to address critical cybersecurity challenges. With the ever-growing cyber fraud landscape, this becomes a timely solution for all Indian citizens to counter these threats effectively.
Our strong product and R&D organization continues to deliver cutting-edge solutions. This quarter, we launched the securite malware analysis platform, what we call SMAP and the cyber intelligence solutions with the first threat Intel order already secured. These innovations reflect our commitment to addressing evolving customer needs and staying ahead of the rapidly changing threat landscape. These solutions are created on the foundation of deep research at our labs, creating a value layer for democratizing malware analysis and the cyber thread Intel.
Additionally, the recent release of the digital personal data protection provisions has created a good number of opportunities in the market interest for us. Our data privacy products are well-positioned to capitalize on these regulatory changes and we are already seeing an increase in customer interest and the RFPs. The Endpoint Security, our flagship product has achieved a prestigious AV-Test corporate Endpoint protection certification, a testament to our excellence in enterprise security. Let me also share more on our journey towards catering to higher customer segments through brand and marketing, strategic partnerships and collaboration and sales organization readiness. We launched the second edition of our annual India Cyber Threat Report at the Data Security Council of India Annual Conference last year.
This report provides critical insights to into emerging threats and trends, helping organizations to stay ahead of curve. The report has been well-received by the customers for the last couple of years as this is the only source of information related to India-centric cyber threat landscape. This quarter, we signed MOU with Banking Institute of Development.Now to foster collaborative research and development in cyber security. These partnerships will enhance our capabilities in advanced threat detection and response, further solidifying our position as a trusted cybersecurity partner for the financial ecosystem.
We also have existing MOUs with an NFSU and IM for similar strategic collaborations. To support our growth ambition, we have onboarded key hires in the mid-management roles, including regional sales directors, customer success Manager and Head of Academy. This strategic hiring will drive innovation, customer success and market expansion. We have initiated India-wide campaign — marketing campaign for anti-fraud products to drive user awareness in this category. We are aggressively working towards and refining our strategies basis its output and consumer feedback.
As you all are aware that cybersecurity industry faces a huge gap in the cybersecurity talent versus the industry requirements and this is widening on a day-to-day basis. There is a massive drive of capacity building and awareness in the country — in the country driven by central and state governments to bridge this gap. It presents a massive opportunity and rise in-demand for us being a cybersecurity leader in this domain. As a result of this, we are seeing a good pipeline being built-up for our academy business, which will play an important role in our future growth.
As we progress through FY ’25, our focus remains in simplifying cyber security for millions of customers worldwide. With a strong emphasis on innovation, strategic partnership and customer-centric solutions, QuickHeal is well-positioned to maintain its leadership and global cybersecurity landscape. Thank you for your continued support. With the pivot in transformation
Operator
Changes for the organization, it does take time, but we are excited about the opportunities ahead and remain committed to delivering value for our customers, partners and shareholders. Now, I’ll turn to over to Ankit Mashwari, our CFO, to provide further details on our financial performance. Ankit, over to you.
Ankit Maheshwari — Chief Financial Officer
Thanks, Vishal. Our Q3 FY ’25 results highlighted muted performance in the quarter alongside structural shifts in our business with a growing order book and building of deferred revenue. Our consolidated revenues for the quarter stood at INR71 crores, marking a 4% decrease quarter-on-quarter and a 14% decrease on a year-on-year basis.
As Vishal highlighted earlier, the decline is largely due to headwinds in the consumer business and government vertical. While the competitors in the consumer vertical have been struggling due to industry level de-growth. We have shown resilience against market challenges, thanks to all the initiatives within the business that we have taken. The government orders are pushed forward in timelines and have not been concluded. Revenue for nine months FY ’25 stands at INR214 crores, depicting a 1% year-on-year growth.
The split between consumer and enterprise business remains at 62% and 38% respectively. We have made conscious investments in Horizon 3 product launches and the market launch of antifraud product. I am happy to state that we have launched the new product in the category as we had committed. While it might have impacted the profitability in the short-term, which is Q3, these are long-term investments made towards our growth story for the future.
We follow prudent accounting practices expensing all R&D investments. EBITDA for nine months of FY ’25 stands at 1.9 cr, while the Q3 FY ’25 EBITDA remains at negative INR3.8 crores. Our PAT for the quarter is INR0.1 crore. I would also like to bring to your attention some key highlights as we speak to you today. For the first time, our enterprise order book has crossed materiality and as on-date stands at INR7.2 crores as against INR35 lakhs at the end-of-quarter two.
Our deferred revenue has been gradually building up and we have added around INR8 crores over a period of nine months of this year and stands at INR10 crores at the end-of-quarter three. This enables us with higher comfort and predictability in the business as we progress in further quarters to come. We are a company focused on creating long-term value for our shareholders. We remain committed towards our vision of transformational pivot of the organization. Beyond business, we continue to make a positive impact through our Cyber for Cyber Initiative, which has touched over 64 lives as on-date.
We recently hosted the Russia Awards 2025, honoring volunteering students, teachers and colleges for their contributions to cybersecurity awareness.
With that, I would like to open the floor for the question-and-answer session. Thank you
Operator
Should we open the floor for questions?
Ankit Maheshwari — Chief Financial Officer
Yeah, go-ahead.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and N1 on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles the first question comes from the line of Mihir Manor from Asset Management. Please go-ahead.
Mihir Manohar
Yeah, hi, thanks for giving the opportunity. I just wanted to check when we see the sales and marketing expense that is close to INR23.7 crores for the quarter versus INR20 crores on a Q-o-Q basis. So is it that we have accelerated the cost? Put some color around that, that would be helpful. Thank you..
Ankit Maheshwari
Thanks, Ni. So on-sales and marketing, we have — we — in this quarter launched our NT product — product. Because of that, there were some one-time expenses which we incurred. Please note that these were all budgeted in our in our budgeting exercise. Overall, we also believe that these expenses will go more in the future because when we launched a consumer type product, we have to do a lot of awareness campaigns in the market.
Mihir Manohar
Sure, understood. And what would be the one-time kind of a number?
Ankit Maheshwari
We don’t disclose these numbers, but it was more than two to two to three CRs understood.
Mihir Manohar
Sure. Second question was just on the new product launches, secret, malware analysis and secret. So if you can throw some light some congratulation, which are the areas that we are trying to address? I mean, what kind of opportunities are here, that would be helpful. Thank you.
Vishal Salvi
Yeah, thanks,, for that question. So Malware analysis platform is actually a solution which will help in organizations to do a deep analysis of any malware file through a full automation and it goes through multiple phases of review before you are able to give a verdict, including dynamic and static analysis of the files.
So the — think of it is like there is a huge demand for malware analysis talent in the market and there is very low supply. And so the only way to solve this problem is to democratize it by creating such platforms which are available. So this is actually one of its kind platform from India and there are multiple use cases in terms of state government, center — central government and large enterprises who would be actually using this platform to have a tool available in their hands to do real-time analysis of the malware files received in their organizations.
So we are extremely bullish about the prospect of its consumption in all these opportunities that I just talked about. And as far as the cyber threat Intel is concerned, it is something which is again actionable intelligence that we provide through this platform to — for its consumption by enterprises, whether it is again government bodies or enterprises, they can ingest these actionable intelligence into their security operations center and able to actually immunize their computer infrastructure from threats from those actors — threat actors.
So both these products are actually on the foundation of our cyber threat research that happens out of labs, which is the largest malware lab in the country and all of these have been created on the foundation of that research work that we do
Mihir Manohar
One last question was on the deferred revenue and order book. Is deferred revenue and order book well in the same or under different?
Ankit Maheshwari
So these are two different things. Order book is what we say our confirmed orders in-hand. While when we invoice it, it will either convert into the recognized recognition of the revenue or it is being deferred. Does it make sense?
Mihir Manohar
Yeah. That’s it from my side. Thank you.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. Ladies and gentlemen, you may press star and one to ask a question. The next question comes from the line of Jalaj from Swan Investments. Please go-ahead.
Jalaj Manocha
Yeah. I hope I’m audible.
Operator
Yes, sir. Please go-ahead.
Jalaj Manocha
Yes. Thanks for the opportunity. Sir. So I just wanted to understand how should we read into the order book as in I hope these are majorly would be or major chunk would be from enterprises, but over what period of time these need to be delivered? Because if I were to take a book-to-bill ratio, it comes out to be very small Number there, only 0.3 odd terms. So how should we read about it? Could you talk about?
Ankit Maheshwari
Yes,. Thank you. So while Neil did the same question, but let me explain it again, an order book is a detailed record of confirmed purchase orders contracts in-hand, mainly from our enterprise vertical that have been formally agreed-upon. In the history of, we are first time showing enterprise order book, which is material now.
Earlier it was not material because in my earlier speech also, I said that it is about INR35 lakhs in Q2. These orders are yet to be fulfilled and build depending upon the contract tenure, generally over a period of one to three years. This order book includes — includes clients both from domestic as well as international customers.
Jalaj Manocha
Sir, sir, just to add to it. So let’s assume if I were to see the last year run-rate or even this year’s run-rate. So we are sitting on a INR30 — INR30 crore enterprise revenue per quarter, that’s broadly it has been. So is it fair to assume that this order book is over and above that, given that normal run-rate which —
Ankit Maheshwari
In fact, both therefore revenue as well as order book is over and above that.
Jalaj Manocha
Okay. Okay. So currently whatever we are booking enterprises as a revenue was much more on a short-term basis. Is that a fair way to understand it or as in, I’m just trying to understand the current status quo in the enterprise revenue, how does that differ from the order book? Because you said for the first time, we have reached to a sizable amount. So currently, if we are running on a INR30 crore INR40 crores, INR30 crores run-rate quarterly run-rate, that revenue is currently not on basis of some sort of order book. Is that the way we should think about that?
Ankit Maheshwari
So whatever we are doing is the BAU. This is since we have started tracking the material orders and we are receiving material orders, we are trying to capture those material orders and have been shown separately. Overall, this is in addition to what we are showing in the earlier quarters and in this quarter. So in a way,, what you’re saying is right, this is over and above the run-rate business that we have right now. Got it, got it, sir. And sir, one more thing.
Jalaj Manocha
So we have been talking about that the sales cycle in enterprise is a little longer and we — the first step is you do a POCs with the enterprises. So where are we on those or could you give us best could be if you could give us some quantitative number onto that as and where are your — how many places or enterprise are we right now doing our POCs and some flavor on to what it would be last quarter or a year back? So that gives directionally where we are?
Ankit Maheshwari
I think I can give you a slight color to that in the sense that our overall pipeline is healthier than what we used to be. I think in the past one year, our pipe has doubled. Similarly, our rate of POCs and engagements with enterprises have also increased. So that we are seeing a gradual regular increase in both of these activities for the enterprise business.
Jalaj Manocha
Okay. So, so just trying to delve deeper. So could you quantify some or some more color on to healthier per se, because we have had first fruits of success in terms of order book that shows up. But as in, how far are we from a — from that inflection point, I just wanted to understand that.
Ankit Maheshwari
Yeah. I think once you start looking at these — because these are the two parameters that we have introduced additionally right now and we’ll be maintaining it, you will start — you will start getting a good view about how that order book, deferred revenue and plus revenues are stacking up. At this moment of time, we are not yet making our pipeline numbers public comparative as well as absolute. But maybe in future, we would look at that. But I would say that as you look at us on a quarter-on-quarter basis, you will be able to see how that progress is unfolding.
Jalaj Manocha
Understood. Understood. And one last question. So have you had some initial success in the DPDP art implementation product for us? Because that’s one-product, I guess we have been ready with our product and we have been very about that.
Vishal Salvi
Yeah. So like I said in my opening remarks, basically, we are seeing a good amount of interest and traction coming up. We have also started bidding in large RFPs. We are also getting shortlisted in some of them. So that is a good progress for us. And — but we are still like you also know that we are still waiting for the enforcement guidelines to come in, but we are starting to see some kind of momentum towards you know, bidding for RFPs and generating POC.
Jalaj Manocha
Understood. Understood. And then currently on the enterprise, could you give us some flavor as to what sort of revenue does government form as in the different what would be the split between businesses and government, B2G and B2B?
Vishal Salvi
See, broadly, what we have mentioned in past also is that our government business is around 20% of our enterprise business. It has been sluggish for this quarter, but generally the run-rate business is around 20% of the enterprise business.
Jalaj Manocha
And that has been — so in the past, let’s assume for the past one, one and a half year, that is the way it has been.
Ankit Maheshwari
That’s right.
Jalaj Manocha
Got it. Got it. Thanks a lot and best of luck.
Ankit Maheshwari
Thank you.
Jalaj Manocha
Thank you.
Operator
Thank you. The next question comes from the line of Vimal from Capital Management. Please go-ahead.
Vimal Gohil
Yes, sir. Thank you for the opportunity. I didn’t interrupt you, sir.
Operator
So your audio is not clear. May I request you to use your handset, sir? No, sir, it’s not clear, sir.
Vimal Gohil
I hope this is better.
Operator
No, sir, we are not able to hear you, sir. There’s a lot of disturbance.
Vishal Salvi
Vimal, we have some kind of breaking of your voice, but why don’t you go-ahead with your question and let’s see if we can make out what you’re asking.
Vimal Gohil
Sure, sure. Apologies for this, but I’ll just say — I’ll still go-ahead. So I just wanted to check, so what — I think what questions are arising of your order book details is that your current run-rate quarterly run-rate of enterprises at about 20 crore INR30 crores versus an order book status of INR7 crores and a deferred revenue of INR10 crores. So how does that match with — how does that match? Typically when you have deferred revenues, this will be a 1x or 1.1x of your revenue — of your total revenue typically for most of our product company so you know-how do we how does that math work?
Vishal Salvi
So Vimal, what I would say is that when so-far you when you look at it, we had a run-rate business, right, on a quarter-on-quarter basis. This is the first time we have been able to create — we have realized that the amount that is there in terms of deferred revenue as well as order book is material. This is all over and above our run-rate business and that is the way you should look at it. So-far in the history of QuickHeal, we have largely been booking our numbers and showing and these two segments did not have any material number for us to report. Given that the way our business is changing, the way we are introducing new products, the way — I talked about three launches already, right?
I talked about academy business, I talked about cyber threat intelligence, I talked about SMAP, all of these products, you know, the revenue recognition happens over a period of time. And as we start seeing the revenue accumulated through these products, we will naturally start having these areas coming up together. So the current run-rate business from all other products will continue as it is. These are additional additions which are coming up, which will start adding and that’s why we started publishing numbers as well. I hope that clarifies.
Vimal Gohil
Yeah. So basically what you’re trying to say is, so about INR28 crores of — let’s say, annualized quarterly order book or order book, right, versus a INR120 crore of existing revenue, so INR120 crore over and above, if you assume that there is — that your run-rate — run-rate business continues to remain at the level at which it is and you are able to 100% execute your order book, you are looking at a INR120 crore-plus INR28 crore of revenue for FY ’26. Is that the correct math?
Vishal Salvi
I mean, you can do — it is very simplistic, Matt, but
Vimal Gohil
Not much of my understanding.
Vishal Salvi
Yeah. So, the reason why you’re saying it’s not that simple addition because the tenure could be different for the order book. It could vary from one to three years. For deferred revenue also could vary for to three years, right? So — but largely what you’re saying is correct, order book as well as deferred revenue is on-top of the BAU business, what we are doing, what we have reported.
Vimal Gohil
Fair enough. Fair enough. All right, gentlemen. Thank you so much and all the best.
Vishal Salvi
Thank you.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Arunachalam V, who is a freelancer. Please go-ahead.
Unidentified Participant
Good evening, sir. Am I audible?
Vishal Salvi
Yes, you are go-ahead.
Unidentified Participant
Yeah. I’m very happy that your organization is leading the IT security solutions space as a pioneer. See, just wanted to know what is your market-share in the field, be it total security, internet security, anti-wireless, what should be your market side actually?
Vishal Salvi
So our — we are a market-leader as far as India is concerned in the — and the antivirus consumer space. Our market — current market size is around within 35% to 40% as compared to our competition.
Unidentified Participant
Thank you very much, sir. In all these, in all your segments you operate, right, or is it in any specific —
Vishal Salvi
This is specifically for our consumer antivirus.
Unidentified Participant
Okay. Thank you.
Operator
Thank you. The next question comes from the line of Navia Gautam with Advisors. Please go-ahead.
Unidentified Participant
Hello, am I audible?
Operator
Yes, ma’am. Please go-ahead.
Unidentified Participant
Yeah. Thank you so much. I just missed the introductory part of the call. So I just wanted to ask one thing that there was an increase of 23% Y-o-Y on general admin expense. I would just like to know what is the major driver in the expense price?
Ankit Maheshwari
Yeah. Thanks, Mave, for this. So this was a sluggish quarter for us and due to headwinds in our consumer business, we were not able to make the planned collections. So as per the accounting is standard, we have to make a provision for doubtful debts of about INR2 crores. Please note, this is just a provision and there are no bad debt but since we are following I guess we have to follow the accounting and we have to make a provision of about INR2.5 crores.
Unidentified Participant
Okay, okay. And why was the reason for a revenue decrease in the consumer segment?
Ankit Maheshwari
Sorry, can you repeat?
Unidentified Participant
What was the reason for this downfall in revenue for the consumer segment?
Vishal Salvi
So we were facing some headwinds and because we were not able to make the collections, there was a pressure on revenue also, so we were not able to build it. But Naway, I think broadly, if you look at the anti-virus consumer business, there has been — overall globally as well as in India, there has been a degrowth.
And while overall there has been a degrowth for QuickHeals has been a market-leader in India, as I mentioned earlier in the earlier question. Secondly, we are — we are working on a flattish kind of a revenue projection and we want to keep the same thing for the rest of the year as well. So while overall, as an industry, our competitors and everybody are de-growing, we will remain flattish. So — but having said that, those headwinds are still relevant for our business also and that’s why you know we are seeing those headwinds and the growth challenges.
Unidentified Participant
Thank you so much. Thank you so much.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Amit with Hawa. Please go-ahead.
Amit Agicha
Good afternoon, sir. Am I audible?
Operator
Yes, sir, please go-ahead.
Amit Agicha
Thank you for the opportunity. Sir, my question was with respect to the cash-flow situation, like what is the expected cash-flow situation given the continued investments in research and development and marketing? And are there any pricing changes planned for existing products to improve the margins?
Ankit Maheshwari
So our cash balance is static as compared to the previous quarter in-spite of the fact that we have made a commitment, we have made a Tier-3 data center in our Pune office where we have spent a good amount of capex. In-spite of that, our cash balance is at the same level of INR190 crores, INR190 crore you saying,
Amit Agicha
Yes.
Ankit Maheshwari
Cash and investment balances is INR190 crores.
Amit Agicha
And sir, any pricing changes planned for existing products to improve the margins?
Ankit Maheshwari
Yeah. So it’s the market dynamics. Based on the competition and other factors, we keep on reviewing it on regular basis. And as and when required, we will do that course correction.
Amit Agicha
Thank you, sir and all the best for the future.
Ankit Maheshwari
Thanks.
Vishal Salvi
Thank you.
Operator
Thank you. A reminder to all participants you may press star and one to ask a question. Ladies and gentlemen you may press star and one to ask a question the next question comes from the line of Amit with Hawa. Please go-ahead.
Amit Agicha
Thank you for the opportunity once again. Sir, can you share any details on the like the employee retention strategy, especially in R&D and sales? And how is the company addressing the talent acquisition in AI-driven cyber security?
Vishal Salvi
Yeah, Amit, thank you so much for that question. See our attrition is at an all-time low, low. And within that it is much lower in our R&D team, right. So we feel very comfortable in terms of how we are working with our employees. It’s a very important aspect of our strategy. We measure our employee engagement score year-on-year. This year also the engagement scores are out and they are slightly higher than last year.
So overall, that is also something which we track. Building a right culture, a right empowerment, giving our employees challenging activities and tasks to do, all of that is part of our strategy to retain, reward and recognize our employees. So we will — we continue to have that focus. At the same time, whenever we are looking for talent from the market, we have a very elaborate process of selection and identification and we benchmark our composition with the market and we are very happy that we are able to attract a very good talent from the market across all levels. So may I know the employee count? On an average, our employee count has been around 1,000 — hovering around 1,000 for last few years.
Amit Agicha
Okay, sir. And can you share the percentage of revenue that comes from large enterprises clients versus the retail consumers of against the retail consumers, the large enterprise and the retail the bifurcation?
Vishal Salvi
Yeah. So maybe Ankit, you want to that? So that is split between consumer and enterprise is 62% versus 38%. So 38% of our business is coming from enterprise and 62% from consumer market.
Amit Agicha
And sir, last question, like how diversified is the company’s client base to mitigate risk from government spending cuts?
Vishal Salvi
We feel very comfortable that we don’t have any concentration risk from any one client and it is very, very evenly and widely distributed across multiple customers.
Amit Agicha
And sir, any major customer wins or partnerships that will drive revenue in the next few quarters?
Vishal Salvi
Yeah, there are — there is one which we just talked about in our commentary also that we have won a large threat Intel deal. We will be sharing the name of the customer in future once we have their consent as well because just recently, you know, we have acquired. But I think you know apart from that, we also had one international deal for academy which is again a large. So yeah, I mean we keep having multiple deals coming up on a quarterly basis.
Amit Agicha
And sir, are there any revenue targets for the new cybersecurity solutions like you correct intelligence and?
Vishal Salvi
Yeah, I think internally we do have a very robust business plan and target which all our business teams are fully accountable for. We don’t make these public as yet on a product-by-product basis, but we do have internal clarity in terms of what we want to do and how we want to have a business plan for each of the products.
Amit Agicha
Thank you,. Very helpful. That’s it from my side.
Vishal Salvi
Thank you.
Operator
The next question comes from the line of Jalaj from Swan Investments. Please go-ahead.
Jalaj Manocha
Thanks again for the opportunity. In the current enterprise business, could you give the split across the various products, so let’s say the endpoint security zero Trust solution? And we — basically wanted to understand what has been the split across the older products and the newer products?
Vishal Salvi
Yeah, Jalaj, thanks for the question. We right now do not make these plate public across our enterprise product. But as we grow and mature, perhaps in future, we would be able to do this.
Jalaj Manocha
Some qualitative picture on to that, maybe not exactly. It would be helpful there.
Vishal Salvi
Yeah. I mean, at this point of time, I’m afraid I’ll not be able to give you even qualitative picture. But like I said, you know, maybe in future as we — because these are all newly-launched solutions. So they are early stages of their getting into the market. But you will get to see in terms of how we start announcing large deals in future. But I think in future, maybe we will start sharing that and making public, but right now we don’t.
Jalaj Manocha
Got it. And then one last point on the deal win, which is the order book you announced, is it in the — I’m assuming it from — it is from the new products which have been launched as the horizon two or three you have been talking about. Is that the right assumption?
Vishal Salvi
That your understanding is correct.
Jalaj Manocha
Got it. Got it. Thanks a lot.
Operator
Thank you very much. Ladies and gentlemen, you may press star and one to ask a question. The next question comes from the line of Manor from Asset Management. Please go-ahead.
Mihir Manohar
Yeah, hi, thanks for giving the follow-up. Am I audible?
Vishal Salvi
Yeah, I’m here are.
Mihir Manohar
Yeah, sure. I wanted to understand the side. Again, so basically we have, which is an addressable area here. What are the different products do we have to this market? And on a broadcast basis, what could be the average deal size that we can have for this particular growth.
Vishal Salvi
, thank you for the question. See, I think you know, you actually hit it spot-on because you know DPDP is not only about the data privacy product that we have, but basically cyber security products are foundational element to build — bring in the necessary controls which are required to achieve DPDP compliance.
So our data protection products, our zero trust access products, our mobile and security products, all of these are relevant solutions to improve the overall posture of PVC in a given organization. If you go by the global market, you find that whenever any large regulations such as DPDP has come into play, the overall spends have grown not only in the privacy space, but also in the cyber security space. So we do expect that you know, it is not only going to boost our data privacy solution, but it will also boost the other products that we have in our kitty, okay.
Now in terms of the deal size is concerned, if you look at a mid-market kind of a customer, especially for DPDP compliance, the size of the deal can vary anything between 75 lakhs to INR3 crores, right, depending on that. So and if you go to larger enterprise and that number will grow further. So that would be typically the ticket size for a big market to a large enterprise customer. Understood, sure. So this is basically for making the entries out-of-the piece.
Mihir Manohar
You lended, let’s say, 75 fees a year and then maybe you expanded to different areas and that would be agency, right?
Vishal Salvi
Yes.
Mihir Manohar
Okay. Understood.
Vishal Salvi
Yeah.
Mihir Manohar
That’s — and just one last thing on this. I mean, I went through the rules but was not getting the provisions because the provisions that were talked about, they were quite severe, but when I went through the rules, they was not that severe. So any color around that how quickly and to what all enterprises will give the imports a bit because the rules also have not mentioned what is the threshold limit to which these particular rules will be applicable, any threshold or threshold has also been mentioned in which
Vishal Salvi
Yeah, I think, see, the whole intention of the penalty is to motivate an organization to adopt and take these rules very seriously, okay, it acts more like a deterrent than the intention is to actually penalize organizations. What we are given to understand is that obviously those organizations, the large organization, social media platforms who to process personal identifiable information will actually be held more accountable for how they process and use that data versus a smaller organization which does not process as much data and may not cause as much harm to the citizens of the country.
So they will actually calibrate the penalties based on the exposure and the size of the organization and the — you know the ability for them to invest in protecting that data. Having said that, I think the Government of India is extremely serious about getting compliance to the provisions. And so any organization which has been found to be blatantly ignoring and not following the basic hygiene that is required for cyber security or privacy would perhaps fall in the category of getting penalized.
Mihir Manohar
Sure.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to management for closing comments.
Vishal Salvi
Thank you so much for all of you who have joined today and asked very good insightful questions. I hope to see you again in the next quarter. Thank you so much.
Ankit Maheshwari
Thank you.
Operator
Thank you. On behalf of QuickHeal Technologies Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines