A Blockbuster Q3 FY24 for Square Yards with 53% of YoY Revenue Growth

Square Yards, India’s leading integrated real estate platform, has successfully achieved 53% of year-on-year revenue growth for Q3 FY24. Its revenues for the period have touched Rs. 247 crore while its GTV (gross transaction value) has already gone up to Rs. 10,574 crore, marking year-on-year growth of 85% alongside. The company has now cumulatively touched Rs. 644 crore in revenues for the first nine months of the financial year. 

Tanuj Shori, the Founder and CEO at Square Yards, points at the solid order book and financial footing of the company along with its organizational prowess and favorable developments in the industry as major growth drivers. He adds that Square Yards is predicting revenues close to Rs. 1,000 crore in FY24 which will mean a three-year compounded annual growth rate (CAGR) of more than 50%. He also states that with profitability in Q4, the company may get nearer to double-digit EBITDA margins for FY25. 

The business in India was the biggest growth driver, accounting for 80% of revenues, while it was followed by the GCC region. Q3 FY24 saw the growth momentum being spurred by financial services which posted a growth run rate of 2x and touched USD$300 million in disbursals every month. Real estate services also performed handsomely, with a year-on-year increase of 36% and a robust order book being created at 60%. Both fintech and real estate services accounted for 90% of overall revenues in this period. Threefold growth was seen in the digital services category too, while GTV growth was led by the mortgage segment which posted gross margins of 14%. Transactions in the mortgage category doubled in the first nine months of FY24 at Square Yards.