India’s foremost property and home loan brokerage platform Square Yards has officially reported steady growth in gross profits for the September quarter. Profits went up by a handsome 14% for Q2 FY2020-21, touching Rs. 26.5 crore in all. Gross profit touched Rs. 23.2 crore in the year-ago period as per reports. Revenues, however, came down by 8% to stand at Rs. 69.4% for the second quarter. They stood at Rs. 75.5 crore in the year-ago period as per the company.
Out of overall revenues, 94% was derived from the real estate business while the remainder came from the mortgage division. Sale of properties situated outside India and particularly in the Gulf region, accounted for a whopping 47% of overall revenues. Close to 14% of income for the company was derived from the sale of properties in India to NRIs (non-resident Indians). GTV (gross transaction value) went up by 5% to touch Rs. 1,537.9 crore in the period between July and September, 2020. This was considerably higher than Rs. 1,470.3 crore achieved in the year-ago period.
In the first 6 months of FY2020-21, gross profits went up by a whopping 58% for Square Yards to stand at Rs. 54.2 crore as compared to Rs. 34.3 crore in the year-ago period. Revenues went up to Rs. 136.4 crore, indicating growth of 1% in the period between April and September, 2020. The figures for the same period last year stood at Rs. 135 crore. GTV increased by 8% to touch a whopping Rs. 2,892.3 crore in comparison to the year-ago figures of Rs. 2,673.8 crore.
Founder and CEO at Square Yards, Tanuj Shori, stated that revenues should expectedly touch Rs. 320 crore for the current fiscal. Total revenues increased for Square Yards in FY2019-20 and touched Rs. 298 crore as compared to Rs. 220 crore achieved for the preceding financial year. Square Yards has raised $50 million in equity till date and more than $25 million by way of debt financing ever since its inception in the year 2014.
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Published Date: 16 November 2020