Gurgaon based Square Yards has reported strong growth for Q1 of the Indian financial year (which runs from April to March) despite lockdown restrictions in its native India and other countries it operates in. The company, which runs property portals in its native India as well as in Canada, The UAE, Canada, and Australia, reported a quarter in which it was cashflow positive for the first time with 40% gross margins and 22% EBITDA margins. Highlights of Square Yards’ Q1 Results include:
Square Yards' transactions in the Real Estate segment grew 82% as against market drop of 70-80%. Revenue growth in Real Estate was 27% Y-Y (13% overall)
Market share jumped exponentially to 18-20% of Indian Real Estate new home sales industry (~5x jump from pre-CoVID market share of 3-4%)
It was the most profitable quarter in Square Yards' history with ~40% Gross Margins and 22% EBITDA margins
SQY turned cash flow positive for the quarter
Agent productivity jumped ~2x Y-Y
New verticals helping evolve into Integrated ecosystem platform- Edge and Azuro saw significant traction with 15 account wins for Edge and ~20+ exclusive mandates (~5000+ units) for Azuro
Speaking to Online Marketplaces about the results, Square Yards Co-Founder Tanuj Shori said:
"The consolidation during the lockdown offers a peek into how industry will get structured in years to come. We continue to make a play for controlling market share to scale efficiencies and profitability"
We recently reported that the company was one of a number of property portals looking to add to its staff, and with these numbers, we can see why. Having been founded by Tanuj Shori and Kanika Gupta in 2013, Square Yards has diversified and expanded its offerings to include SaaS products as well as property marketing services in 4 countries. Although some way off domestic rivals MagicBricks and 99acres in terms of brand awareness and traffic, Square Yards is on the up as Q4 of the previous financial year was also a positive milestone for the company.