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Magicbricks posts strong 43% YOY growth in Q3 revenues

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Magicbricks posts strong 43% YOY growth in Q3 revenues

Magicbricks today announced strong Q3 performance, posting an impressive growth of 43 per cent on Rs 37 crore of Q3 revenue. The company also reported year-to-date financial year 2017 (YTD FY’17) revenues of Rs 96.6 crore. These figures, it said, are online revenues from operations and do not include any group company revenues.

“While there has been short term pressure on the pace of growth post demonetisation, the impact was offset by a series of initiatives across product innovation, traffic growth, channel initiatives and partnership alliances,” the company said, in a statement.

“The company further plans to grow by launching a series of new business lines around commercial real estate, the rental segment as well as by integrating products such as home loans, movers and packers, and assisted selling services on its platform,” as per the statement. Based on the Q3 revenue figures, the company believes that it is now 25-30 per cent bigger than its closest competitor, with a trend of continuous market share gains.

As per comScore data, Magicbricks had 41 per cent traffic market share by unique visitors in the January-November 2016. In this period, Magicbricks had 51 per cent more unique visitors than the No 2 player.

The quarter saw a slew of product innovations led by the launch of an innovative Experience Centre, revamp of a popular pricing-discovery app called as PropWorth, and the launch of new B2B apps for the broker community, among others. The company also attributed its strong Q3 performance to market-deepening initiatives led by a 'Dream Home Festival' conducted in the pre-Diwali festival season. Magicbricks and State Bank of India also recently announced a partnership to create India’s largest Home Fest to be held in February.

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