Stay-at-home orders and social distancing is a double-edged sword. While one keeps people safe, the other hurts revenue for companies and income for employees. India’s Square Yards has seemed to avoid the adverse effects of the pandemic, announcing recent numbers for 2020’s fiscal year so far.
Square Yards was in the perfect position to profit while the markets were—and still are—in chaos. In fact, the real estate marketplace giant announced that most of the profitability and productivity metrics skyrocketed.
Square Yards ended Q4FY20 at INR 298cr (approximately US$39 million)- representing a 36% growth year-over-year.
Gross profit for the same time period was INR 930 million (approximately US$12 million), a 50% jump from year-over-year. Gross margins for the year stayed at ~30%. Divisional contribution grew 214%, and the average brokerage for the fiscal year stayed at ~4.8%.
Square Yards hit INR 60 billion (approximately US$788 million) GTV over 15.5k transactions in the fiscal 2020 year, as well. Collections increased by 47% year-over-year.
Regardless of the pandemic and the financial crisis it brings, Square Yards has had a strong 2020 so far, with April numbers showing no slow-down in profits.
All of this points to a strong FY21. Square Yards has stated it will continue this upward trend by supporting distribution capacity and develop new technologies and infrastructure to facilitate its growth within segments like rentals, property management, and SaaS to cinch its position as India’s go-to marketplace for real estate.