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Leading Indian proptech firm Square Yards has reported strong financial performance for fiscal year 2024 with 50% revenue growth to INR 1000 crore and achieving EBITDA profitability for the full year. The company also reached operating cash flow breakeven in H2FY24. With a three-year CAGR of 60%, Square Yards is targeting growth to INR 1500 crore revenue for FY2025 while aiming for double-digit margins. Over 88% of revenue came from real estate and financial services, facilitating over 165,000 transactions worth USD 5 billion. Growth was primarily led by an 80% increase in financial services.
Leading proptech firm Square Yards has reported revenues of INR 1000 crore (USD 120 million) for fiscal year 2024, representing year-over-year growth of around 50% from INR 663 crore in the previous fiscal. For the first time, the company achieved EBITDA profitability for the full fiscal year 2024. Additionally, Square Yards reached operating cash flow breakeven in the second half of fiscal 2024. Advertisement
With a consistent three-year CAGR of 60%, Square Yards is forecasting robust growth for fiscal 2025, targeting revenues of INR 1500 crore (USD 180 million) and aiming for double-digit margins. The fourth quarter demonstrated the potential for operational leverage in the business, with gross profit margins reaching 34%, contribution margin at 26%, and EBITDA at 18%.
The real estate and financial services sector contributed 88% of the firm's revenues. 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 fiscal 2024.
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 order book, showcasing strong visibility for fiscal 2025 revenues.
Tanuj Shori, Founder & CEO of Square Yards, said that with under 2% market share across all segments, the focus will continue on consolidating market share in the markets/segments they are present in. It is coming on the back of a significant investment phase across new businesses as well as capacity addition in core businesses.
Square Yards' strong performance in FY2024 demonstrates the success of its business strategy and investments across segments. With the real estate sector poised to grow further on the back of increased affordability and changing consumer preferences, Square Yards is well positioned to capture market share and drive continued expansion. The company's focus on profitability and cash flows also makes it an attractive player in the proptech space.
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