Proptech platform Square Yards has registered 30% sequential growth in consolidated revenue at Rs 89.2 crore for the quarter ended December, making it the best quarter ever for the company in terms of revenue. The topline rose over 12% from a year ago driven mainly by the international property and non-resident Indians (NRIs) segment.
The company’s transaction value in real estate business increased to Rs 2,142 crore, up 40% over previous quarter, while property transactions jumped 60%to over 4,000 deals during the quarter.
“Our evolution to an integrated platform took strong shape over the last few months. We have been investing aggressively in adjacencies to build an integrated platform which will allow us to capture the entire customer journey and help monetize various nodes of the transaction,” said Tanuj Shori, Founder and CEO, Square Yards.
With almost 100% on-year growth, the global real estate segment formed the highest contributor to the revenue with 42% share. The quarter proved to be the best ever for the overseas business with over 45%gross margins and 35% segmental margins.
“We expect a strong finish to the year, with guidance of best ever quarter in Q4. Overall, Square Yards forecasts Rs 330 crore revenue for FY21–double digit growth over FY20–with over 10% EBITDA margins,” Shori added.
Recovering from the Covid impact, Indian residential market witnessed a 51% increase in sales during the quarter, while launches rose 58% sequentially to over 20,000. Of the total launches, 43% were priced below Rs 45 lakh price bracket, Square Yards said.
The company’s mortgage revenue doubled sequentially with 22% gross margin during the quarter. Rentals segment witnessed over 250 monthly transaction rate while property management services acquired over 1,000 homes.