Awfis bounces back into profit in Q1 of FY25
Awfis reported a net profit of Rs 2.78 crore for the first quarter of FY25, compared to a loss of Rs 8.30 crore a year ago.
Awfis, the co-working space provider, has bounced back into profit in the first quarter of FY25 as compared to a loss in the similar period a year ago.
The company which got listed on the stock markets on May 30 2024 reported a net profit of Rs 2.78 crore for the three months ended June 2024. A year ago in the similar period it had posted a loss of Rs 8.30 crore.
The revenues of the company touched Rs 257.74 crore for the first quarter which is a year-on-year rise of 37.31 percent.
On a quarter-on-quarter basis, that is, comparing to the fourth quarter of FY24, Awfis reported a 10.9% rise in revenues while profit rose by 102.9%.
During the first quarter of FY24, Awfis received 72% of its revenue from renting out of co-working spaces and allied services. The remaining was from construction and fit-out projects.
The total expenses of the company at the end of first quarter stood at Rs 265.08 crore, which was a year-on-year increase of 31.87%. The largest cost component for Awfis comes from sub-contracting, which was Rs 55.16 crore, followed by employee expenses at Rs 39.12 crore. This does not take depreciation & amortisation expenditure into account.
Shares of Awfis closed at Rs 669.60 on NSE on Thursday showing a decline of 2.54%.
Edited by Jyoti Narayan
