Square Yards revenue crosses Rs 1000-Cr mark

GURUGRAM: Square Yards, a leading integrated marketplace for real estate & mortgages, has announced annual results for the fiscal year 2024. The company not only achieved a substantial revenue milestone of Rs 1,004 crore but also reported profitability and a remarkable operating cash flow breakeven for the second half of the fiscal year.

The key highlights for FY24 are as follows:

Revenue Growth: Square Yards reported a revenue of approximately Rs 1000 crore, marking a year-over-year growth of around 50% from Rs 663 crore in FY23.

Operational Excellence: The fourth quarter demonstrated the potential of operational leverage in the business, with gross profit margins reaching 34%, a contribution margin of 26%, and EBITDA at 18%.

Continued Growth Projection: With a consistent three-year CAGR of 60%, The company forecasts robust growth for FY25, targeting revenues of Rs 1500cr and aiming for double-digit margins.

"FY24 was the year of "more of the same" and we believe, with sub 2% market share across all segments, the focus will continue on consolidating market share in the markets/segments we are present," said Tanuj Shori, Founder & CEO of Square Yards. "We are coming on the back of a significant investment phase across the new businesses as well as capacity addition in core businesses. The Q4 (and H2) margin profile gives significant credence to our oft-repeated "operating leverage led steady state margin targets" once the investment cycle is over.”

Industry Leadership and Future Outlook: Square Yards has solidified its position as a leader in the real estate and financial services sector which contributed 88% to the firm’s coffers. It earned the remaining 12% from interior and digital products. The company facilitated over 1,65,000 transactions and achieved a Gross Transaction Value (GTV) of $ 5 billion in FY24. This growth was primarily driven by an 80% year-over-year increase in financial services.

The company’s real estate services witnessed a 50% increase in the order book, showcasing strong visibility for FY25 revenues. Additionally, both Financial Services and Digital Products segments doubled in growth, contributing significantly to the overall profitability, with the Financial Services running at a rate of $ 400 million in loan disbursals per month.