Awfis swings to full-year profit in FY25 as coworking rentals, other income boom
Awfis ended the year with over 134,000 seats across 208 operational centres. Over FY25, the company added more than 39,000 seats and launched 48 new centres.
Coworking workplace solutions startup Awfis reported a sharp rise in profit for the quarter ended March 2025, aided by a significant increase in other income, even as expenses nearly kept pace with revenue growth.
Revenue from operations rose 46.2% year-on-year (YoY) to Rs 339.68 crore in Q4 FY25 from Rs 232.32 crore a year ago. Total expenses increased 45% to Rs 347.52 crore, up from Rs 239.73 crore in Q4 FY24.
Total comprehensive profit for the period jumped 8X to Rs 11.04 crore, compared with Rs 1.38 crore in the same period last year. This rise was supported by its other income more than doubling to Rs 19.76 crore versus Rs 8.78 crore a year earlier. Without this contribution, the company would have posted a net loss for the quarter.
For the full financial year, revenue from operations stood at Rs 1,207.53 crore, up 42.3% from Rs 848.81 crore in FY24. The operational revenue comes from coworking space on rent and allied services, which grew 48% YoY to Rs 916 crore, and the construction and fill-out project segment which grew over 35% YoY.
Expenses in FY25 grew 36.4% YoY to Rs 1,217.08 crore.
Full-year comprehensive profit totalled Rs 67.34 crore, compared with a loss of Rs 17.87 crore in FY24. Other income for the year rose to Rs 53.21 crore in FY25 from Rs 25.98 crore.
Awfis ended FY25 with over 134,000 seats across 208 operational centres. Over the fiscal year, the company added more than 39,000 seats and launched 48 new centres.
The company’s Managed Aggregation (MA) model, which emphasises shared capex and revenue with space owners, now accounts for 67% of total seats and 64% of centres. Awfis added over 29,000 MA seats in FY25, bringing the total under this model to over 102,600 seats.
Awfis continued to diversify its services in FY25. It launched “Elite by Awfis”—its premium offering aimed at Global Capability Centers (GCCs)—with the first centre opened in Hyderabad. Notable client additions during the year included the National Stock Exchange and several multinational GCCs.
Awfis reported a broad-based client mix: corporates and MNCs made up 66% of its clientele, followed by SMEs (20%), startups (13%), and freelancers (1%). The IT sector represented the largest industry segment at 28%, with additional contributions from professional services, financial services, healthcare, and construction sectors.
“I am pleased to share that we have successfully achieved our FY25 guidance, delivering revenue growth of over 30%. Our revenues rose by 42% year-on-year, reaching Rs 1,208 crore in FY25. Additionally, operational EBITDA grew by 64% during this period to Rs 402 crore, resulting in an EBITDA margin of 33.3%,” Amit Ramani, Chairman and Managing Director of Awfis, said in a statement.
“Looking ahead to FY26, our strategy will have two phases. In the first half, we will focus on optimising our expanded capacity... In the second half, we will prioritise strategic capacity expansion, targeting high-potential locations to capture emerging demand,” Ramani added.
Edited by Kanishk Singh