SUMMARY
- Awfis, an office spaces and services provider, experienced a 37.2% YoY growth in its operating revenue, soaring to Rs 257.7 crore in Q1 FY25 from Rs 187.7 crore in Q1 FY24.
- The Delhi-based company’s expenses also saw a rise, increasing by 31.8% YoY to Rs 265.08 crore in Q1 FY25 from Rs 201 crore in Q1 FY24.
- Awfis managed to double its profit, reaching Rs 2.78 crore in the quarter under review from the previous quarter’s profit of Rs 1.37 crore, and a loss of Rs 8.3 crore in Q1 FY24.
Awfis, an office spaces and services provider, reported its initial quarterly earnings following its initial public offering in May. The Delhi-based company experienced a 37.2% YoY growth in its operating revenue, soaring to Rs 257.7 crore in Q1 FY25 from Rs 187.7 crore in Q1 FY24, as detailed in its unaudited financial reports submitted to the National Stock Exchange (NSE).
On a QoQ basis, the operating revenue grew 10.9% from Rs 232.3 crore in Q4 FY24.
It makes money through managing facilities with Awfis Care and services related to transportation and mobility. Moreover, it receives income from projects related to building and interior design through Awfis Transform and various other offerings, such as the sale of office furniture and solutions for working remotely.
Revenue from coworking space rentals contributed Rs 185 crore in Q1 FY25, rising 10.2% YoY from Rs 167.8 crore in Q1 FY24 while revenue from construction and fit-out projects grew 55.5% to Rs 66.9 crore from Rs 43 crore in the same period.
However, the company’s expenses also saw a rise, increasing by 31.8% YoY to Rs 265.08 crore in Q1 FY25 from Rs 201 crore in Q1 FY24. The largest categories of expenses included subcontracting costs accounting for Rs 55.1 crore increasing 51.8% YoY from Rs 36.3 crore in Q1 FY24, employee benefits contributing Rs 39.1 crore zooming 37.8% from Rs 28.4 crore in Q1 FY24, and depreciation and amortization with Rs 58.2 crore rsing 34.7% from Rs 43.2 crore in Q1 FY24.
Despite these increases, Awfis managed to double its profit, reaching Rs 2.78 crore in the quarter under review, a significant improvement from the previous quarter’s profit of Rs 1.37 crore. Awfis had previously reported a loss of Rs 8.3 crore in Q1 FY24.
Established in 2015 by Amit Ramani, Awfis has grown significantly since its inception, transitioning from a coworking community to a provider of technology-supported workspace solutions for businesses, independent contractors, entrepreneurs, and small and medium-sized enterprises.
