Square Yards Announces FY24 Financial Results with INR 1000+ Crore Revenue and Full Year EBIDTA Profitability

GURUGRAM, India 6th May, 2024: Square Yards, a leading integrated marketplace for real estate & mortgages, has proudly announced its landmark financial performance for the fiscal year 2024. The company not only achieved a substantial revenue milestone of INR 1004 crore (USD 120 million) but also reported EBITDA profitability and a remarkable operating cash flow breakeven for the second half of the fiscal year.

Key FY24 Highlights:

  • Revenue Growth: Square Yards reported a revenue of approximately INR 1000 crore (USD 120 million), marking a year-over-year growth of around 50% from Rs 663 crore in FY23.
  • Profitability Achievements: For the first time, the company has achieved EBITDA profitability for the full year FY24. Additionally, Square Yards reached operating cash flow breakeven in H2FY24.
  • Continued Growth Projection: With a consistent three-year CAGR of 60%, Square Yards forecasts robust growth for FY25, targeting revenues of INR 1500cr (USD 180 million) and aiming for double-digit margins.
  • 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%. 

“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 165,000 transactions and achieved a Gross Transaction Value (GTV) of USD 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 USD 400 million in loan disbursals per month.

Disclaimer: This press release serves for informational purposes only and does not constitute professional advice. Any reliance on the information provided is at the reader’s discretion.

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