Co-working solutions provider Awfis posts Rs 15 Cr profit in Q3 FY25
Since March 2024, Awfis has added approximately 27,000 seats and 33 centers, bringing its total to 120,000 seats across 193 operational centers.
Co-working solutions provider Awfis Space Solutions Ltd. reported Rs 15 crore in profit after tax for the quarter ended December 2024 (Q3 FY25) compared to Rs 6 crore loss in the previous year. It also saw a year-on-year revenue growth of 43.75%.
Revenue from operations rose to Rs 316.47 crore in Q3 FY25, up 8.58% from Rs 291.44 crore in the previous quarter and 43.75% higher than Rs 220.14 crore in Q3 FY24.
However, total expenses surged to Rs 316.53 crore, up 10.16% sequentially and 36.70% year-on-year.
Depreciation and amortisation expenses climbed 11.01% quarter-on-quarter to Rs 71.76 crore, compared to Rs 64.64 crore in Q2 FY25, and jumped 33.95% from Rs 53.57 crore in the same period last year.
Other expenses, its biggest expense bill, spiked 26.91% sequentially to Rs 110.58 crore, marking a 75.24% increase year-on-year from Rs 63.10 crore in Q3 FY24.
Awfis reported a net profit of Rs 14.54 crore for Q3 FY25, significantly lower than the Rs 37.69 crore posted in Q2 FY25.
Awfis Chairman and Managing Director Amit Ramani said, "I am pleased to report that we continue to deliver strong performance, with a 44% year-on-year revenue growth, reaching Rs 318 crore for the quarter. Operational EBITDA increased by 59% during the same period to Rs 107 crore, resulting in an EBITDA margin of 33.8%, reflecting a ~320 bps improvement from the previous year."
Since March 2024, Awfis has added approximately 27,000 seats and 33 centers, bringing its total to 120,000 seats across 193 operational centers. "Including fit-outs and LOIs, we now have over 160,000 seats covering 8.0 million sq. ft. We remain confident in reaching our target of 135,000 operational seats by March 2025," Ramani added.
The company has emphasised an asset-light expansion model, with 73% of new seat additions under the Managed Office (MA) model, allowing it to maximise returns while scaling efficiently. "As of today, we have surpassed the milestone of 200 operational centers, which reflects our continued growth and commitment to delivering exceptional service," Ramani stated. Awfis also announced its first center in Lucknow.
Edited by Affirunisa Kankudti