Indian proptech player Square Yards has released figures for the second quarter of FY2020-21 which is its fourth consecutive profitable quarter. The company has stayed resilient even amidst the coronavirus outbreak and it has reported 11% in corporate EBITDA margin which is lower in comparison to 22% for the previous quarter. However, this is still the companys second-best EBITDA margin as per records. The company has seen 5% growth in transactions for the quarter with the global segment doing particularly well, comprising of markets like Dubai, Toronto and Melbourne among others. Square Yards not only caters to the domestic market for real estate in India but has also built up its presence considerably in global markets like Australia, the Emirates and also Canada among others.
Productivity metrics have considerably improved for Square Yards and GTV (gross transaction value), revenues and transactions have all doubled (year on year) in terms of growth for the global segment. Market share, which stood at 3-4% prior to COVID-19, has jumped up to higher single digits according to Square Yards official reports.
The company has also launched its new property management platform, making it a fully integrated service provider in the real estate industry. Gross profitability hit a record 50% for the quarter in case of the global real estate segment. The NRI category in India was a little impacted for various reasons including travel based restrictions and COVID-19 contracted by half of staff members at one point of time or another. Square Yards has increased its average transaction values while Azuro, its rental platform, has already started witnessing its first transactions in this period. The companys journey towards four profitable quarters is highly inspiring in spite of market challenges and numerous roadblocks owing to the coronavirus outbreak and the nationwide lockdown among other factors.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.