Square Yards First quarter gross profit up 14% to Rs 32cr; turnover up 50% to Rs 101cr



Real estate consultant Square Yards said on Thursday its gross profit rose 14% to Rs 32.2 crore, while revenues were up 50% to Rs 100.8 crore for the quarter ended in June.

Square Yards, which operates in the field of real estate brokerage and mortgages, has a presence in India as well as abroad.

In a statement, the company said the gross transaction value (GTV) rose 79% to Rs 2,196.9 crore in the first quarter of this fiscal year, from Rs 1,228.7 crore in the year. former.

Tanuj Shori, Founder and CEO of Square Yards, said, “We have had a phenomenal start to the year, with very strong growth indicators and a strong profitability profile. “

“We will continue to invest in increasing our distribution capacity and building blocks of new business segments such as home interiors, rental and SaaS,” he added.

Last month, Square Yards raised $ 25 million (around Rs 185 crore) in debt from Hong Kong-based ADM Capital to expand its business.

The private equity arm of the Reliance group, headed by Anil Ambani, had invested $ 12 million in Square Yards in November 2016.

In September 2019, Square Yards raised $ 20 million in equity from a group of investors including Times Group, Genkai Capital, the founders of PropertyGuru – Steve Melhuish and Jani Rautiainen; Koh Boon Hwee ex-chairman Singtel and DBS.

Square Yards offers a complete digital real estate journey from research and discovery, transactions, mortgages, home interiors, rentals, property management and after-sales services.

It also offers B2B SaaS services to real estate agents, real estate developers, banks and other financial institutions.

Square Yards posted a 17% increase in revenue to Rs 348.8 crore in the last fiscal year in India and overseas.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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