Square Yards, a proptech company based in Gurugram and listed on the NYSE under SQ, witnessed a significant increase in expenses during the fiscal year 2023-24 (FY24). According to their provisional financial statement, expenses surged by over 25 percent, reaching Rs 1,220.25 crore compared to Rs 926.68 crore in FY23.
The largest portion of these expenses, at 43 percent, went towards employee benefits. Specifically, employee benefit costs rose by 17 percent, totaling more than Rs 534 crore in FY24, up from Rs 456 crore in the previous fiscal year.
On the revenue front, Square Yards achieved a milestone by crossing the Rs 1,000 crore mark in the last fiscal year. Notably, the Indian business segment contributed a significant portion, accounting for 79 percent of the total revenue.
Despite the increase in expenses, Square Yards managed to attain EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profitability for the entire fiscal year FY24. Moreover, the company reached operating cash flow breakeven in the second half of FY24.
Additionally, Square Yards’ gross transaction value (GTV) experienced substantial growth, surging by more than 76 percent to Rs 40,828 crore in FY24 from Rs 22,871 crore in FY23.
Square Yards operates as an integrated platform for real estate and mortgages, offering various services including search and discovery, transactions, home loans, rentals, property management, and post-sales services. Apart from its presence in Gurugram, the company also operates in Dubai and other countries.
In summary, Square Yards’ financial performance in FY24 reflects both significant expenses and revenue growth, demonstrating its continued expansion and influence in the proptech industry.
