Office sharing space Awfis Space Solutions has reported its Q4 FY24 result, where the company reported a net profit of Rs 1.38 crore. This was against the loss of Rs 13.8 crore that the company reported a year ago.
Additionally, the company’s revenue from operations increased by 55.8 percent, from Rs 545 crore in FY23 to Rs 849 crore in FY24. The company also highlighted that their “EBITDA+ grew at 43 percent YoY and the margin stood at 31.5 percent."
Interestingly, income from co-working space and allied services formed most of the total operating revenue (73 percent). From Rs 419 crore in FY23, the total operating revenue increased to Rs 619 crore in FY24. Additionally, facility management, the sale of food items, construction, and fit-out projects are the other revenue drivers for the company.
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Speaking about the co-working space industry in India, Amit Ramani, Chairman and Managing Director of the company, said, “We strongly believe the co-working industry is at an interesting junction. With increased investments in India by MNCs and the continuous growth of the large corporate, SME, and start-up ecosystems, we are confident of strengthening our leadership position in the flexible workspace segment in India.”
He further added that one of their main strategies for space procurement was shifting from a straight-lease model to an asset-light, low-risk managed aggregate model. This transition helped them lower fixed rental commitments and reduce capital expenditure, he mentioned.
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Recently, Awfis also came up with its IPO. This was the first co-working space in India that went public. The company has finished its initial public offering by selling 15,637,736 equity shares. The issue price for each share was Rs 383 per share. Additionally, in the January–March period, Awfis has opened 22 new centers, as per an earnings presentation. The company had 160 operational centers as of March 31, 2024, while it had 119 as of March 21, 2023.
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