Magicbricks Q4 revenue up by 30 per cent
Magicbricks, the platform for buying, selling and renting property, posted a strong 30% jump in revenue at Rs 36 crore in the fourth quarter ended March 2017 despite a temporary slowdown because of demonetisation. For the full year ended March 31, 2017, the company's revenue grew 20% to Rs 132.6 crore. The turnover consists of online revenue from operations and does not include any group company revenue. "While there has been a short-term pressure on the pace of growth post demonetisation, we saw search queries recovering strongly in the January-March 2017 quarter, indicating a revival in consumer sentiment. We beat the slowdown through a series of initiatives across product innovation, traffic growth, channel initiatives and partnership alliances,” said Sudhir Pai, CEO of Magicbricks. Going by the FY17 revenue figures, the company believes that it is now 20% bigger than its closest competitor in revenue terms.
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