{"id":21198,"date":"2020-08-10T15:36:26","date_gmt":"2020-08-10T10:06:26","guid":{"rendered":"https:\/\/www.squareyards.com\/blog\/?p=21198"},"modified":"2022-07-27T11:27:14","modified_gmt":"2022-07-27T05:57:14","slug":"square-yards-q1-gross-profit-jumps-two-fold-to-touch-rs-28-crore","status":"publish","type":"post","link":"https:\/\/www.squareyards.com\/blog\/square-yards-q1-gross-profit-jumps-two-fold-to-touch-rs-28-crore","title":{"rendered":"Square Yards Q1 gross profit jumps two-fold to touch Rs. 28 crore"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Square Yards, which majorly operates in the real estate and home loan brokerage sector, officially confirmed a jump in gross profits by more than two-fold for the June quarter (Q1). Gross profits leaped to Rs. 27.7 crore on the back of higher sales transactions\/bookings. In comparison, gross profits stood at approximately Rs. 11.11 crore in the same period last year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Revenues increased by around 13% to stand at Rs. 67.1 crore in Q1 FY2020-21 in comparison to Rs. 59.5 crore in the year-ago period as per the company\u2019s quarterly operational and financial update. Out of total revenues, a whopping 94% were accrued from the <strong>Real Estate<\/strong> business while the remainder was generated by the mortgage division.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Sale of properties situated outside the country, particularly in the Gulf, contributed a handsome 29% to overall revenues. Almost 40% of income was garnered from sale of properties situated in India to NRIs (non-resident Indians). Gross transaction value (GTV) also increased by 13% to stand at Rs. 1,354.4 crore between April and June this year as compared to Rs. 1,203.5 crore in the same period last year. The brokerage rate stood at 4.9% for the June quarter as well.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Founder and CEO at Square Yards, <strong><a href=\"https:\/\/www.tanujshori.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tanuj Shori<\/a><\/strong>, stated that consolidation throughout the nationwide <strong>lockdown<\/strong> offers a glimpse into the structuring of the industry in future years. He added that Square Yards will continue striving to control market share along with scaling up overall profitability and efficiency.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The company stated that the highest sales figures were achieved for <a href=\"https:\/\/book.squareyards.com\/\"><strong>Residential Projects<\/strong><\/a> launched by Godrej Properties. Sales figures were the highest in Bengaluru, Pune and Mumbai in this period.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Square Yards has raised $50 million by way of equity till date and more than $25 million as debt financing ever since its establishment. Total revenues increased to Rs. 298 crore for FY2019-20 in comparison to Rs. 220 crore in the earlier fiscal. As part of its growth blueprint, Square Yards has started new divisions like the <a href=\"https:\/\/www.squareyards.com\/blog\/category\/real-estate-informational-guide\"><strong>property management platform<\/strong><\/a> <a href=\"https:\/\/www.squareyards.com\/azuro\" target=\"_blank\" rel=\"noopener noreferrer\">Azuro<\/a> and its SaaS based <strong>Real Estate CRM Soution<\/strong> offering called <strong>Edge<\/strong>.\u00a0<\/span><\/p>\n<p><strong>Published Date<\/strong>: 7 August 2020<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Square Yards, which majorly operates in the real estate and home loan brokerage sector, officially confirmed a jump in gross profits by more than two-fold for the June quarter (Q1). Gross profits leaped to Rs. 27.7 crore on the back of higher sales transactions\/bookings. In comparison, gross profits stood at approximately Rs. 11.11 crore in [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":21203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[234],"acf":[],"_links":{"self":[{"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/posts\/21198"}],"collection":[{"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/comments?post=21198"}],"version-history":[{"count":10,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/posts\/21198\/revisions"}],"predecessor-version":[{"id":63656,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/posts\/21198\/revisions\/63656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/media\/21203"}],"wp:attachment":[{"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/media?parent=21198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.squareyards.com\/blog\/wp-json\/wp\/v2\/categories?post=21198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}