In the second quarter of FY25, Awfis, a competent Co-working solutions provider, has registered decent growth in its revenue while maintaining profitability. Furthermore, the company’s revenue from operations witnessed an upsurge of 40.5 percent year-on-year from Rs 208.15 crore in the same quarter last year to Rs 292.38 crore in Q2 FY25.
Also, other income also contributed an additional profit of Rs 9.56 crore; thereby driving its total income of Rs 301.95 crore for the quarter. The firm's revenue jumped 13.46% from Rs 258 crore in Q1 FY25 on a quarterly basis.
Awfis was established back in 2015 with a focus on providing office spaces for startups, SMEs, and large corporations. The firm also offers a range of services which include food and beverages, IT support, and infrastructure solutions.
If we speak of the revenue from co-working spaces, it remained the largest segment that grew 43.1 percent from Rs 152.56 crore in Q2 FY24 to Rs 218.31 crore in Q2 FY25. Adding to this, the construction and fit-out projects segment brought in Rs 68.15 crore, while other services brought in Rs 5.9 crore to the overall revenue in Q2 FY25.
Subcontracting cost became the largest burn for the firm which stood at Rs 56.13 crore. While employee benefits expenses also increased to Rs 39.38 crore cooped with depreciation and amortization expenses which grew 33.5 percent YoY to Rs 64 crore.
Additionally, finance costs amounted to Rs 30.4 crore which pushed the firm’s total cost to Rs 287.29 crore in the September quarter. Awfis posted a profit after tax of Rs 38.67 crore with an exceptional item income of Rs 24 crore.
Awfis’ stock was listed on the NSE on May 30. It opened at Rs 435 with a 13.58 percent premium over the issue price of Rs 383. The company’s shares were trading at Rs 776 before Monday’s market closure.
