Indian PropTech Square Yards on Track for Profitable Financial Year Following Q2 GTV Growth

The diversified real estate platform company Square Yards has released the results of its operations for the second quarter of its financial year. Highlights of the Gurugram-based company's activities for the period include:

• Revenue grew 59% year-on-year to INR 2,250 million ($27 million).
• Gross Transaction Volume (GTV) grew 77% year-on-year.
• EBITDA margin improved from -28% (Q2 FY23) to -5%.

Square Yards is a diversified PropTech business and real estate marketplace. For consumers, the company operates a core new homes listings service as well as an existing homes segment (Square Yards), a property management business (azuro), a renovations business (Interior Company) and a fintech offering (Urban Money) which is now contributing around a third of the company's revenue.

The company operates in its native Indian market where it competes with the likes of REA India, 99acres and Magic Bricks as well as in the Middle East and further afield in markets with a strong Indian ex-pat community such as Canada and Australia.

Square Yards' real estate services saw muted growth in the first half of the financial year but the segment is expected to deliver stronger metrics in the second half.

As for the Square Yards portal, the company claims that it is gaining market share with average traffic of around eight million visitors per month.

Despite corporate overheads leading to a negative EBITDA margin for the first half of the year, an email circulated to journalists emphasized that due to the seasonal nature of revenue in the Indian market, the company expects to be profitable at a corporate level for the financial year. The company said it is on track for around 25 per cent Gross margin and an EBITDA margin of between three and four per cent.