Revenue at India-based real estate brokerage Homesfy Realty Ltd. rose by 75% year on year (y-o-y) to $6.5 million U.S. in the 12 months to March 2023 (FY22-23), according to its latest quarterly report.
However, due to a significant increase in expenses, profit after tax (PAT) fell by 37% y-o-y to $301,000 in FY22-23.
Expenses reached $5.9 million in FY22-23, with employee expenses rising by 81% y-o-y to $2.8 million. Exceptional tax items also contributed to the reduction in PAT.
Despite the sharp decline in PAT, the fact that Homesfy remained profitable in a relatively difficult market environment bodes well for its prospects.
Founded in 2013, Homesfy currently has around 400 employees and operates in the National Capital Region, Mumbai, Pune and Bengaluru. It is working with about 100 developers and 7,500 channel partners. Last month, the company expanded to Dubai.
Homesfy was listed on the National Stock Exchange in January this year, with its shares debuting at a premium of 39.6% to the issue price.