New Delhi, Apr 22 (PTI) Property brokerage firm Square Yards, which is backed by Anil Ambani-led Reliance Group and Times Group, clocked 36 per cent growth in its revenue to Rs 298 crore during the last fiscal year despite demand slowdown, a top company official said.
Square Yards, which had posted a revenue of Rs 220 crore in the 2018-19 financial year, competes with Anuj Puri-led Anarock, News Corp-backed PropTiger, 360 Realtors, Quikr Realty and Investors Clinic in the organised property brokerage business. Square Yards’ gross profit rose 50 per cent to Rs 93 crore, its founder and CEO Tanuj Shori said. “Thanks to the strong Q4, Square Yards closed FY20 at Rs 298 crore revenues, implying ~36 per cent growth year-on-year. Gross profit for the year was Rs 93 crore, a growth of 50 per cent year-on-year,” Shori told PTI.
The average brokerage stood at around 4.8 per cent last fiscal, he added. Square Yards gross transaction value (GTV) rose to Rs 6,086.8 crore last fiscal from Rs 4,964.7 crore in the previous year. Indian real estate operations contributed 68 per cent to the overall revenue, while 21 per cent came from international business and rest 11 per cent from mortgage business.
“The year saw well rounded growth with revenue across segments growing between 25-45 per cent. NRI and Global real estate led the growth with 40-45 per cent growth, and mortgage rebounded with 35% revenue growth,” Shori said. He said the company’s revenue grew in the fourth quarter despite nationwide lockdown imposed from March 25 to control coronavirus. “Q4 for the market remained weak with launches and sales continuing to touch new lows because of lockdown. Credit crisis and lead indicators continued to worsen and reports indicated that industry volumes declined around 50-60 per cent for the quarter. Square Yards continued to outperform the market by a significant margin of 60 per cent, led by winning market share from the unorganized players,” Shori said. In November 2016, Anil Ambani-led Reliance Group”s private equity arm had invested USD 12 million in Square Yards. Square Yards had In September 2019 raised USD 25 million (around Rs 175 crore) through preferential issue of equity shares to investors including Times Group.
The company has so far raised USD 50 million in equity and over USD 25 million in debt financing since its inception in 2014. Earlier this year, Square Yards acquired Mumbai-based rental platform Azuro as part of its expansion plan.