Square Yards posts 53% Y-o-Y growth in Q3 FY2024; Revenue surges to Rs 247 crores
Square Yards, India’s largest integrated real estate marketplace today announced its Q3, FY24 results clocking Rs 247 Cr revenue, up 53% Y-o-Y. The Gross Transaction Value (GTV) stood at Rs 10,574 Cr, up 85% Y-o-Y. With this, company’s 9M revenue for FY24 now stands at Rs 644 Cr (~USD 80mn).
“With a healthy order book combined with strong financial footing, organizational efficiency and favorable sector tailwinds, we continue to forecast near INR 1000cr (~USD 120mn) revenue for FY24, implying 3-year CAGR of 50%+. With expected Q4 profitability, we expect operating leverage to help us get closer to double-digit EBITDA margins in FY25.,” said Tanuj Shori, Founder and CEO, Square Yards.
The momentum in Q3 FY24 was driven by fintech and real estate services clocking ~90% of the overall revenue. Financial Services registered a 2x growth run rate of ~USD 300mn disbursals/month while real estate services after a muted 1H, picked up 36% Y-o-Y on the back of a strong order book being created at 60%. Digital services also exhibited remarkable progress witnessing a threefold increase. Notably, the growth in Gross Transaction Value (GTV) was spearheaded by the mortgage segment, with transactions doubling in the first nine months and gross margins standing at 14%. The India business emerged as the frontrunner in the overall growth trajectory, boasting an 80% revenue share, closely followed by the GCC region.
Square Yards’ Q3 performance firmly establishes the company on a strong pedestal poised for accelerated, long-term profitable growth and value creation in the upcoming quarter and beyond. The company is currently at a transformational stage wherein its cutting-edge technological solutions are not just shaping the future of real estate but also establishing Square Yards as a pioneering proptech brand.
