Square Yards Q2 gross profit rally 14 percent to Rs 26.5 crores

Property and home loan brokerage business unit, Square Yards reports a 14 percent surge in its gross profit, amount shoots to Rs 26.5 crores for the September quarter against its gross profit of Rs 23.2 crore in the year-ago period. However, its revenue fell by 8 percent to Rs 69.4 crore in the second quarter of 2020-21 as against Rs 75.5 crore in the corresponding year-ago period, Square Yards emphasised in its quarterly financial and operational update. 94 percent of its total revenue came from the real estate business and the rest 6 percent from the mortgage segment.

The sale of properties located globally, mainly in the Gulf region, contributed around 47 percent to the total revenue and nearly 14 percent income was recorded from the sale of Indian properties to non-resident Indians (NRIs).

The gross transaction value (GTV) surged by 5 percent to Rs 1,537.9 crores during July- September 2020 against an amount of Rs 1,470.3 crore in the year-ago period. During the first half of 2020-21, the gross profit rallied 58 percent to Rs 54.2 crore from Rs 34.3 crore in the corresponding year-ago period.

Revenue rallied by 1 percent to Rs 136.4 crores during April-September 2020 as against Rs 135 crore in the corresponding year-ago period. The GTV surged 8 percent to Rs 2,892.3 crore from Rs 2,673.8 crore.

Square Yards Founder and CEO Tanuj Shori pointed out that the total revenue is expected to reach Rs 320 crore during the current fiscal year.

Square Yards’ total revenue jumped to Rs 298 crore in 2019-20 from Rs 220 crore in the previous fiscal year.

Square Yards, till date, has raised $50 million in equity and over $25 million in debt financing since its inception in 2014.