India’s foremost proptech player Square Yards has officially released its numbers for the second quarter of the Financial Year 2020-21, indicating its growing resilience amidst tougher conditions in the market. Overseas markets have shown the way forward with stellar growth including Toronto, Dubai and Melbourne. Square Yards has reported a corporate EBITDA margin of 11% which is lower than 22% as compared to the earlier quarter although it is still the second-best for the company on record.
Real estate transactions for the second quarter increased by 5% (year on year) in spite of the COVID-19 pandemic. Transactions, revenues and GTV (gross transaction value) all witnessed doubling of growth (year on year) for global real estate categories. Market share also went up rapidly from 3-4% before COVID-19 to higher single digits as per the company while the rentals platform witnessed more than 100 transactions. A brand new property management platform was launched by Square Yards in this period as well.
Square Yards is a major real estate player in India and has several key differentiators including its end-to-end primary market model. It serves domestic demand in India while having a strong presence in the Emirates, Australia and Canada and the global segment witnessed steady growth in the quarter. Gross profitability margins touched 50% for the same in tandem with the domestic segment in India. The Indian real estate segment for NRIs was a little sluggish with the bottom-line impacted in the quarter owing to travel limitations and man-hour losses and also with 50% of staff members contracting COVID at some point all throughout the second quarter.
The second quarter report for Square Yards indicates stronger productivity metrics for the company which has its own team of skilled brokers. The average transaction value greatly contributed towards overall profitability with gross transactions going up by 5%. Square Yards is also en route towards becoming a completely integrated platform for property transactions across both rentals and sales with the recently launched Azuro rental platform witnessing its first batch of transactions in this quarter. The newly launched property management platform will complement the offerings from the company as well.
For a detailed report on this read the articles we were featured in:
Online Marketplaces – https://bit.ly/3lsEWRl
Published Date: 12 November 2020
