PropEquity has declared its FY24 financial results.
PropEquity FY24 Results: Its revenue during the year jumped 37 per cent to Rs 44.1 crore, compared with Rs 32.3 crore a year ago
PropEquity, a real estate data and analytics company in India, on Friday reported a 10.4 per cent rise in its net profit to Rs 11.6 crore for the financial year 2023-24. Its revenue during FY24 jumped 37 per cent to Rs 44.1 crore, compared with Rs 32.3 crore a year ago.
Its net profit had stood at Rs 10.6 crore in the previous financial year 2022-23.
PropEquity’s consolidated Ebitda margin during FY24 stood at 36 per cent, against 44 per cent a year ago, according to a statement.
“Approximately Rs 5 million from our pre-tax profits have been invested and expensed out in incubating our social media platform and consulting fees for developer asset management business. PE Analytics EBIDTA margin continues to be 50 per cent, if we add back the above to our pre-tax profits. If we don’t add back EBIDTA margin is will be at 47 per cent,” PropEquity said in the statement.
It added that although PropEdge’s EBIDTA margin has come down from 25 per cent to 19 per cent, the absolute profits have grown by 59 per cent.
“PropEdge EBIDTA margins have come down because we are in an exponential expansion phase as we add new verticals and expand our business to many more cities and towns,” PropEquity stated.
Samir Jasuja, founder and CEO of PropEquity, said the company has done reasonably well in the FY 2024, with 10.4 per cent growth in its profits before tax compared to last financial year.
“Our overall revenues also continue to rise by 37 per cent to current at 44.1 crores, with our valuation business vertical on an exponential growth phase and revenues grew by 106% since the last financial year. We are adding new verticals in the valuation business which are Auto Valuations and Plant and Machinery Valuations in FY 24-25 which will help us grow our business manifolds,” he added.
PropEquity is also setting up a new company in partnership with seasoned and local partners in the Middle East and will be launching its services in the coming financial year, Jasuja said.
“Along with this, we are also launching two more verticals of B2C Project monitoring and an asset-light pure services business of Developer Asset Management, anticipating a highly positive impact on overall revenues of the company,” he added.
PropEquity is an online provider of analytics, data and deal flows covering the Indian real estate industry. The company tracks over 1,73,000 projects of more than 57,500 developers across 44 cities in India on a real-time basis.
