Square Yards Q2 results: Gross profit up 14% to Rs 26.5 cr

Square Yards, which operates primarily in real estate brokerage and mortgage lending, reported a 14% increase in gross profit to Rs 26.5 crore for the September quarter.

Its gross profit stood at Rs 23.2 crore during the period last year.

Revenue, however, fell 8% to Rs 69.4 crore in the second quarter of 2020-2021 from Rs 75.5 crore in the same period a year ago, Square Yards said in its update. quarterly financial and operational.

Of the total revenue, 94 percent came from the real estate business and the rest from the mortgage segment.

The sale of properties located outside of India, primarily in the Gulf region, contributed 47 percent of total revenue. Almost 14 percent of the income came from the sale of Indian properties to Non-Resident Indians (NRIs).

The gross value of the transaction (

) rose 5% to Rs 1,537.9 crore between July and September 2020, up from Rs 1,470.3 crore during the period last year.

In the first six months of 2020-2021, gross profit jumped 58% to Rs 54.2 crore from Rs 34.3 crore a year ago.

Revenue rose 1% to Rs 136.4 crore from April to September 2020, from Rs 135 crore in the corresponding period of the previous year. GTV rose 8% to Rs 2,892.3 crore from Rs 2,673.8 crore.

Square Yards Founder and CEO Tanuj Shori said revenue is expected to reach Rs 320 crore in this fiscal year.

Its total turnover rose to Rs 298 crore in 2019-2020, against Rs 220 crore in the previous fiscal year.

Square Yards has so far raised $ 50 million in equity and over $ 25 million in debt financing since its inception in 2014.