MagicBricks today announced strong Q4 performance, the first full quarter after demonetization, posting an impressive growth of 30% on Rs. 36 crore of Q4 revenue. The company also reported FY’17 revenues of Rs. 132.6 crore. The company stated that these figures are online revenues from operations and excludes any group company revenues.
“While there has been short term pressure on the pace of growth post demonetisation, we saw search queries recovering strongly in the Jan-Mar’17 quarter indicating consumer sentiment revival. 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.
In the new fiscal year, the company plans to grow by launching a series of new business lines around commercial real estate, the rental segment, Luxury & NRI segments as well as by integrating products such as home loans, experience centres and assisted selling services on its platform. Basis the FY’17 revenue figures, the company believes that it is now 20% bigger than its closest competitor on revenues.
As per comScore data, magicbricks had 43% traffic market share, by unique visitors, in the Jan-Mar’17 period. In this period, Magicbricks had 74% more unique visitors than the No 2 player.
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