Square Yards Q2 gross profit up 14 pc at Rs 26.5 cr
Its gross profit stood at Rs 23.2 crore in the year-ago period. The revenue, however, fell 8 per cent to Rs 69.4 crore in the second quarter of 2020-21 as against Rs 75.5 crore in the same period a year ago, Square Yards said in its quarterly financial and operational update.PTI | New Delhi | Updated: 16-11-2020 10:55 IST | Created: 16-11-2020 10:50 IST
Square Yards, which is mainly in property and home loan brokerage business, has reported a 14 per cent increase in its gross profit to Rs 26.5 crore for the September quarter. Its gross profit stood at Rs 23.2 crore in the year-ago period.
The revenue, however, fell 8 per cent to Rs 69.4 crore in the second quarter of 2020-21 as against Rs 75.5 crore in the same period a year ago, Square Yards said in its quarterly financial and operational update. Out of total revenue, 94 per cent came from real estate business and the remaining from the mortgage segment.
The sale of properties located outside India, mainly the Gulf region, contributed 47 per cent to the total revenue. Nearly 14 per cent income was from the sale of Indian properties to non-resident Indians (NRIs). The gross transaction value (GTV) rose 5 per cent to Rs 1,537.9 crore during July- September 2020 from Rs 1,470.3 crore in the year-ago period.
During the first six months of 2020-21, the gross profit surged 58 per cent to Rs 54.2 crore from Rs 34.3 crore in the year-ago period. Revenue was up 1 per cent to Rs 136.4 crore during April-September 2020, compared to Rs 135 crore in the corresponding period previous year. The GTV went rose 8 per cent to Rs 2,892.3 crore from Rs 2,673.8 crore.
Square Yards Founder and CEO Tanuj Shori said the revenue is expected to reach Rs 320 crore during this fiscal. Its total revenue grew to Rs 298 crore in 2019-20 from Rs 220 crore in the preceding fiscal. Square Yards has so far raised USD 50 million in equity and over USD 25 million in debt financing since its inception in 2014.
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