Square Yards Q3 gross profit up 13 pc at Rs 33 cr; revenue rises 12 pc

Square Yards, which is mainly in the business of property and home loan brokerage, has reported a 13 per cent increase year-on-year in its gross profit to Rs 32.8 crore for the December quarter.

Square Yards, which is mainly in the business of property and home loan brokerage, has reported a 13 per cent increase year-on-year in its gross profit to Rs 32.8 crore for the December quarter. Its gross profit stood at Rs 29 crore in the year-ago period.

The revenue rose by 12 per cent to Rs 89.2 crore in the third quarter of 2020-21 as against Rs 79.6 crore in the same period a year ago, Square Yards said in its quarterly financial and operational update.

The gross transaction value (GTV) increased 35 per cent to Rs 2,142.7 crore during the October-December quarter of this fiscal year from Rs 1,591.2 crore in the year-ago period. Out of total revenue, 91 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 42 per cent to the total revenue. Around 21 per cent income was from the sale of Indian properties to non-resident Indians (NRIs). ''We expect a strong finish to the year, with guidance of best-ever quarter in Q4. Overall, Square Yards forecasts Rs 3.3 billion revenue for FY21 (double digit growth over FY20),'' Square Yards Founder and CEO Tanuj Shori said. Its total revenue grew to Rs 298 crore in 2019-20 from Rs 220 crore in the preceding fiscal.

NCR-based Square Yards has so far raised USD 50 million in equity and over USD 25 million in debt financing since its inception in 2014.