Awfis shares' witnessed a surge of nearly 14 per cent on Thursday after the company announced its expansion plans in Bangalore. The company is set to increase its premium workspace in prime locations, as per the exchange filing.
Awfis share price: The co-working space provider witnessed a sharp uptrend on Thursday after the company announced its expansion plans in Bangalore
At 01:00, the shares of Awfis were trading at Rs 897.15 price level, up by nearly 13.8 per cent on the National Stock Exchange.
The company has delivered multibagger results in just a span of 3 months. Since its listing on May 30, Awfis has surged by nearly 112 per cent on the bourses.
The company operates 112,038 seats across 185 locations, spanning 5.6 million square feet in 17 cities, as of June this year. "Awfis has maintained a strong focus on an asset-light and risk-averse approach through its Managed Aggregation (MA) model, with 64 per cent of its centers and 67 per cent of its seats concentrated in this model," the company said in a release.
The co-working space firm announced a consolidated net profit of Rs 2.78 crore for the quarter ending June this year. The figure is a notable turnaround from the Rs 8.30 crore net loss reported during the corresponding quarter last year.
The surge in profit figures was largely owing to the increase in income, which grew to Rs 267.8 crore from Rs 192.71 crore in the previous year.
Bengaluru has always been a city at the forefront of the demand for premium Grade A office spaces, said Amit Ramani, Managing Director and Chairman, Awfis Space Solutions.
"We are confident that the demand for high-end workspaces will continue to surge in the years to come. Our new centres are strategically located to cater to this growing need, offering unparalleled amenities, cutting-edge infrastructure, and a vibrant community that nurtures innovation and collaboration,” he further added