SUMMARY
- DevX reported a net profit of Rs 43.7 Lakh in FY24 up from Rs 12.83 crore net loss reported in FY23.
- The company’s operating revenue surged by 55% to Rs 108.08 crore in FY24.
- DevX’s total expenditure increased by 37% to Rs 119.50 crore in FY24.
IPO-bound coworking space provider DevX (Dev Accelerator Ltd) reported a net profit of Rs 43.7 Lakh in FY24 up from Rs 12.83 crore net loss reported in FY23, as detailed in its draft red herring prospectus (DRHP).
This can be attributed to a notable increase in revenue operations. The company’s operating revenue surged by 55% to Rs 108.08 crore in FY24, compared to Rs 69.91 crore in the fiscal year prior.
The Ahmedabad-based startup’s total income also saw a significant rise, reaching Rs 110.73 crore in FY24, up from Rs 71.36 crore in FY23.
DevX, a subsidiary of the publicly listed IT company Dev IT, submitted its IPO documents on September 30. The IPO will feature a new issue of 2.47 crore equity shares, to be listed on both the NSE and BSE. Reports suggest that DevX aims to secure Rs 125 crore from the public offering.
Established in 2017 by Parth Shah, Rushit Shah, and Umesh Uttamchandani, DevX offers a range of coworking space solutions, managed office spaces, and workspace solutions, among others. The company operates in 12 cities across India, including Delhi NCR, Jaipur, Mumbai, Indore, Ahmedabad, among others, serving clients such as Zomato, WhiteOak, Tim Hortons, Hitachi, Darwinbox, among others.
DevX plans to utilize the IPO proceeds to expand its presence by opening new coworking centers in Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur over the next three years.
In terms of expenses, DevX’s total expenditure increased by 37% to Rs 119.50 crore in FY24 from Rs 87.49 crore in FY23.
Depreciation & Amortisation cost saw the largest increase, rising by 50% to Rs 45 crore from Rs 30 crore in FY23.
Cost Of Goods & Services decreased by 15% to Rs 20.22 crore from Rs 23.75 crore in FY23.
Finance Costs surged by 79% to Rs 31 crore in FY24 from Rs 17.28 crore in FY23.
Employee-related costs increased by 12% to Rs 7.53 crore from Rs 6.74 crore in FY23. These costs include salaries and wages, gratuity, PF, and other related expenses.
The startup’s other expenses, which encompass rent, legal, repair, postage, telephone, among others, rose by 64% to Rs 15.74 crore from Rs 9.61 crore in the previous fiscal year.
