Square Yards posts 53% of revenue growth in Q1 FY2019-20

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Square Yards has clocked 53 percent growth in its revenue at INR 60 crore for the first quarter of this fiscal year, beginning April 2019. It garnered INR 38.9 crore in the same period of FY18.

During the April-June quarter, Square Yards’ Indian real-estate operations contributed 64% to the group’s overall revenue, followed by international real-estate with 25% contribution.

Q1FY is seasonally weakest quarter for Indian real-estate market which follows the best quarter for the calendar year (January-March), Square Yards CEO Tanuj Shori said in an article published on Outlook and TOI web portals, separately. He added, “Launches and sales are at annual lows, and this year was no different. In fact, volumes were at all-time low in top 9 cities, coupled with regulatory tightening on lending norms for mortgage products.”

Earlier, Square Yards had clocked revenue of Rs 220 crore in the 2018-19 fiscal year as against INR 160 crore in the previous year.

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Published by: TOI & Outlook
Date: 20 August 2019