Real estate listings portal Magicbricks reported an 11% YoY increase in its revenue to Rs 41.1 crore for the quarter ended December. The company posted a 36% growth in sequential quarter-on-quarter revenue.
These numbers are revenues from external customers only and exclude any group company revenues or revenues from bundled products, it said.
Magicbricks CEO, Sudhir Pai said the company has seen an upswing in business in the last two quarters, after a challenging start to Q1 of the current financial year. “Due to a concerted effort, we have managed a strong uptick in revenues in Q3 driven by strong traction in traffic, listings, active customers and innovation-led new revenue streams,” he said in statement to the press.
While transactions have remained weak, Pai said there has been an overall revival in customer sentiment.
Magicbricks is a subsidiary of Times Internet Ltd, the digital arm of The Times of India Group.
Magicbricks said that it had successfully launched an auction-based bidding platform with M3M developers in which over Rs 230 crore of properties were sold.
The company also entered into strategic partnerships with PNB Housing Finance, Oriental Bank of Commerce to e-auction their repossessed properties.
In November, 99acres, the real estate portal from Info Edge, reported an EBITDA level profit of Rs 40 lakh for the quarter ended September 2017 (Q2FY18). 99acres had posted an EBITDA loss of Rs 13.1 crore in Q2 of FY17. Info Edge CEO Hitesh Oberoi said that this was helped by a writeback of Rs 3 crore in the preceding quarter.
Nikhil adds: It’s interesting that MagicBricks has announced these quarterly results in the middle of the earnings season, and BEFORE the Info Edge results are announced. I think the Info Edge call is going to be fun.