Square Yards Records First Profitable Q1 as Leverage Curve Starts Playing Out

The Indian PropTech company Square Yards has logged its first-ever profitable Q1 of the Indian financial year. Highlights of the Gurugram-based company's activities for the three months ended June 30th include:

• Revenue stood at ₹3,777 million ($43.2 million), a 45% year-on-year increase.
• EBITDA for the quarter was ₹45.4 million ($0.5 million).

In an email, company CEO, Tanuj Shori attributed the uptick in profit margin to higher scale and improved productivity "aided by the various tech and non-tech initiatives taken over the last 18 months", and said the company expects the improvement in EBITDA and gross margin (up 192% year on year) to continue throughout the financial year.

Square Yards operates 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). It operates in its native India, where it generates around 90% of its revenues, as well as countries with significant Indian expat populations such as the UAE, Canada and Australia.

The company said that all segments except "Digital Products" saw significant revenue growth, with Square Yards' financial services business leading the way with a 60% rise year-on-year for the quarter.

Below: Tanuj Shori talks to The PPW Pod