Magicbricks' Q2 revenue up 74% at Rs 55 cr

Realty portal Magicbricks said Sunday its revenues increased by 74 per cent to Rs 55 crore in the July-September quarter on the back of high searches and launch of exclusive deals ahead of the festive season.

"The performance in the second quarter of this fiscal comes on the backdrop of its reported growth in the first quarter when revenues had grown by 48 per cent," the company said. 

A substantial increase in traffic and searches, high-impact and exclusive digital marketing campaigns for select customers, and launch of exclusive deals boosted revenue growth in the second quarter, the company said in a statement.

The company, however, did not reveal its profit numbers. It also claimed that the Magicbricks android app touched five million downloads.

"Strong performance in consecutive quarters puts the company on a high growth trajectory in the current financial year and also signals early signs of the much-awaited turnaround for the real estate industry that witnessed a slow-down in the last three years," it added. 

Magicbricks CEO Sudhir Pai said successful implementation of digital marketing campaigns for developers pan-India indicates that the company has emerged as the preferred online marketing channel for the industry.