Magicbricks posts 36% growth

Magicbricks posts 36% growth
Highlights

Magicbricks, India’s leading property site, announced financial results for third quarter of FY18. It posted a 36 per cent sequential QoQ revenue growth, furthering its leadership position in the online real estate industry. It reported quarterly revenue of Rs41.1 crore at an impressive 11 per cent YoY growth. 

Hyderabad: Magicbricks, India’s leading property site, announced financial results for third quarter of FY18. It posted a 36 per cent sequential QoQ revenue growth, furthering its leadership position in the online real estate industry. It reported quarterly revenue of Rs41.1 crore at an impressive 11 per cent YoY growth.

Sudhir Pai, CEO, Magicbricks, said: “These numbers are revenues from external customers only and exclude any group company revenues or revenues from bundled products. We’re really glad to see 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’ve managed a strong uptick in revenues in Q3 driven by strong traction in traffic, listings, active customers and innovation-led new revenue streams.”

As per Comscore, Magicbricks had 34 per cent traffic market share, by unique visitors. During this period, Magicbricks had 40 per cent more unique visitors than the second leading player and is 27 per cent ahead on traffic, with a trend of consistent market share gains, according to a release. Pai said that there has been an overall revival in customer sentiment.

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