Square Yards Q1 gross profit up 14 pc to Rs 32cr; revenue up 50 pc to Rs 101cr

Real estate consultant Square Yards on Thursday said its gross profit rose 14 per cent to Rs 32.2 crore, while revenue was up 50 per cent to Rs 100.8 crore for the quarter ended June.

Square Yards, which is into property brokerage and mortgage businesses, has presence in India as well as overseas.

In a statement, the company said the Gross Transaction Value (GTV) rose 79 per cent to Rs 2,196.9 crore in the first quarter of this fiscal from Rs 1,228.7 crore in the previous year.

Tanuj Shori, Founder and Chief Executive Officer, Square Yards said, "We had a phenomenal start to the year, with very strong growth metrics along with a solid profitability profile.'' ''We will continue to make investments in ramping up our distribution capacity and building blocks of new business segments like home interiors, rentals & SaaS,'' he added.

Last month, Square Yards raised USD 25 million (about Rs 185 crore) as debt from Hong Kong-based ADM Capital to expand its business.

Anil Ambani-led Reliance group's private equity arm had invested USD 12 million in Square Yards in November 2016.

In September 2019, Square Yards raised USD 20 million equity capital from a clutch of investors including Times Group, Genkai Capital, Founders of PropertyGuru -- Steve Melhuish and Jani Rautiainen; Koh Boon Hwee ex-Chairman Singtel and DBS.

Square Yards offers a full-stack digital real-estate journey from search and discovery, transactions, mortgages, home interiors, rentals, property management, and post-sales services.

It also offers B2B SaaS services to real estate agents, property developers, banks, and other financial institutions.

Square Yards posted a 17 per cent increase in its revenue at Rs 348.8 crore last fiscal from India and overseas business.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)