According to the company, it has reported best-ever and second consecutive profitable quarterly performance in January-March driving 36% jump in annual revenue at Rs 298 crore. Square Yards’ revenue for the month of March saw a 10% growth over February.
“We were tech ready and used the market conditions to push forward our digital solutions for the sector along with structured products with the largest developers in India. We continue to maintain our FY21 guidance for over 80% growth,” Tanuj Shori, Founder and CEO, Square Yards, told ET.
Overall, Square Yards clocked Rs 6,000 crore worth of gross transaction value with over 15,500 transactions during the financial year. The company’s collections jumped 47% from a year ago to Rs 227.5 crore.
It was the third profitable quarter out of the last five. While the market remained weak during the quarter owing to lockdown, Square Yards continued to outperform the market and delivered 5% sequential growth in revenue.
For the year, largest five developers formed 33% share of its overall volume. Among key regions, Noida, Pune, Mumbai, Dubai and Gurgaon were the largest contributors; while top 3 cities had 42% share of overall volumes. According to the company, large realty developers such as Godrej Properties and Emaar continued to form larger mix of sales during the period.
The company indicated that April is turning out to be a strong month as well, with Square Yards on track to deliver its highest transaction month.
“Our overall business performance continues to deliver strong momentum, with April looking like one of the strongest months in Square Yards history,” Shori added.
The company is planning to ramp up distribution capacity for the primary real estate in addition to creating the tech and physical infrastructure in ancillary segments such as rentals, property management, Enterprise SaaS to achieve that.
In September, the real estate digital brokerage raised $20 million in equity from a clutch of investors including the Times group, Genkai Capital, founders of Southeast Asian online realtor PropertyGuru – Steve Melhuish and Jani Rautiainen and Koh Boon Hwee, ex-Chairman Singtel and DBS.
