Co-working solutions provider Awfis has reported significant financial growth for the fiscal year ending March 2024, with a notable 55.8% increase in revenue and a substantial reduction in losses.
The Amit Ramani-led company saw its revenue from operations surge to Rs 849 crore in FY24 from Rs 545 crore in FY23, as per its consolidated financial statements filed with the stock exchange. This growth is attributed primarily to the rising demand for co-working spaces and allied services. Sequentially, revenue grew by 5% in Q4 FY24 to Rs 232 crore from Rs 221 crore in Q3 FY24.
Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations, along with ancillary services such as food and beverages, IT support, and infrastructure services. The revenue from co-working space rentals and allied services constituted 73% of the total operating revenue, increasing 47.7% to Rs 619 crore in FY24 from Rs 419 crore in FY23. Other revenue drivers included construction and fit-out projects, facility management, and the sale of food items.
Awfis’s expenditure also saw an uptick, with costs for subcontracting standing at Rs 171 crore and employee benefits rising by 41.7% to Rs 136 crore in FY24. Overall expenditure increased by 45.8% to Rs 892 crore in FY24 from Rs 612 crore in FY23, including finance, legal, depreciation and amortization, purchase of traded goods, and other overheads.
Despite the increase in expenditure, Awfis managed to significantly reduce its losses by 61.8% to Rs 17.8 crore in FY24 from Rs 46.6 crore in FY23. This improvement was driven by the company’s ability to scale its operations efficiently and implement cost-control measures. On a unit level, Awfis spent Rs 1.05 to earn a rupee in FY24.
The company was listed on the NSE on May 30, opening at Rs 435 with a 13.58% premium over the issue price of Rs 383. Positive fundamentals have pushed its share price to Rs 500.1 as of June 19, giving Awfis a total market capitalization of Rs 3,472 crore.
For more detailed financial breakdowns, visit TheKredible.
