One of India’s top real estate brands, Square Yards, has posted revenues of Rs. 247 crore for Q3 FY24, achieving 53% of year-on-year growth. The integrated real estate platform saw its GTV (gross transaction value) touching Rs. 10,574 crore in this period, posting 85% of year-on-year growth. This contributed significantly to Square Yards’ nine-month revenues in FY24, which have now reached a handsome Rs. 644 crore.
Real estate services and fintech were the biggest growth drivers for the brand, contributing 90% of total revenues. Financial services witnessed a growth run rate of 2x (USD$300 million in disbursals each month). Real estate services saw growth of 36% (year-on-year) too, with a stellar order book being created at 60%.
The Founder and CEO, Square Yards, Tanuj Shori, stated that Square Yards is forecasting revenues close to Rs. 1,000 crore in FY24, which indicates more than 50% of 3-year CAGR (compounded annual growth rate). He attributed this to a robust order book in tandem with a solid financial foundation, favorable sectoral tailwinds, and higher organizational efficiency. With anticipated profitability in Q4, Tanuj Shori stated that operating leverage should enable Square Yards to achieve EBITDA margins in double-digits in FY25.
Digital services also witnessed a handsome increase (almost threefold) while GTV growth was also driven by the mortgage category, with transaction numbers doubling in the first nine months of the year. Gross margins were also at 14% in the segment. The business in India contributed 80% towards overall revenues at Square Yards, followed by the GCC region.
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The Economic Times: https://bit.ly/49pBj79
Published Date: Feb 3, 2024
