Magicbricks Q3 revenue up 11 percent to Rs 41 crore

Property portal Magicbricks today reported 11 percent increase in its revenue to Rs 41.1 crore for the quarter ended December.

The realty portal posted a 36 percent growth in revenue compared with the previous quarter, Magicbricks said in a statement.

"Magicbricks today announced a strong Q3 performance posting a 36 percent sequential quarter-on-quarter (Q-o-Q) revenue growth. It reported quarterly revenue of Rs 41.1 crore at an impressive 11 percent year-on-year (Y-o-Y) growth," a company statement said.

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 added.

While transactions have remained weak, Pai said there has been an overall revival in customer sentiment.

"We are seeing an improvement in customer sentiment though the trade side recovery is expected to be more gradual. Our data suggests that 15 lakh buyers searched for homes in 2017 and we hope that this pent-up demand will soon translate into sales. We expect growth momentum to continue as our new products scale up," Pai said.

Magicbricks said that it had successfully launched an auction-based bidding platform with M3M in which over Rs 230 crore of properties were sold.

It also entered into strategic partnerships with PNB Housing Finance, Oriental Bank of Commerce to e-auction their re-possessed properties.

With monthly traffic exceeding 12 million visits and with a base of over 14 lakh property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other.

magicbricks.com is owned by Magicbricks Realty Services Ltd, which is a subsidiary of Times Internet Ltd, the digital arm of The Times of India Group.