Square Yards Sees Revenue Grow 53% in Q3 as Transactions Pick Up

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

• Revenue was up 53% year-on-year at INR 2,472 Mn.
• Gross transaction volume (GTV) was up 85% year-on-year.
• EBITDA loss improved from INR 330 Mn in Q3 2023 to INR 140 Mn.

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).

The company's financial services segment contributed a record 47% of total company revenue while real estate services contributed 41% in Q3. Square Yards generates around 80% of its revenue in its home market of India but also operates in the Middle East and further afield in markets with a strong Indian ex-pat community such as Canada and Australia.

Company CEO Tanuj Shori indicated that the company is forecasting around INR 1,000 crore ($120 million) in revenue for FY24 with a profitable fourth quarter.