Co-Working Company Awfis Achieves Profitability with INR 1.3 Crore Q4 Net Profit

user Admin
  • 20th Jun 2024
  • 1249
  • 0
Co-Working Company Awfis Achieves Profitability with INR 1.3 Crore Q4 Net Profit
Never miss any update
Join our WhatsApp Channel

New Delhi:

Office space sharing company Awfis, which went public last month, reported a net profit of ₹1.3 crore for the January-March quarter, a significant turnaround from a ₹13.8 crore loss in the same period last year.

Revenue Surge:

Backed by Peak XV Partners, Awfis saw its operating revenue increase by 45% year-on-year to ₹232.3 crore for the quarter.

Rising Expenses:

Total expenses for the March quarter rose to ₹239.7 crore from ₹178.7 crore a year ago, driven largely by subcontracting costs and other expenses.

Annual Growth:

In FY24, Awfis experienced a remarkable 55.7% rise in operating revenue, reaching ₹848.8 crore, up from ₹545.2 crore in FY23. The company also significantly reduced its losses by 62.4%, bringing them down to ₹17.5 crore from ₹46.6 crore in the previous fiscal year.

Expansion:

During the January-March period, Awfis opened 22 new centers, expanding its operational footprint to 160 centers as of March 31, up from 119 centers the previous year.


Related Topics / Tags

Admin

Author

Admin

...


Comments

Add Comment

No comments yet.

Add Your Comment

Relevant Blogs

General
Explore 10 New Ways to Invest in Indian Real Estate on Ghar.tv

As the Indian real estate landscape evolves, traditional investment strategies are no longer the only paths to profitability. Emerging markets fueled

General
Are Under-Construction Properties Still Worth It? 7 Analytical Factors to Consider

Understanding The Changing Equation of Real Estate Investment in India Under-construction properties have historically been favored for their afforda

General
A Guide to The Evolution of Indian Real Estate - Past, Present & Future

Introduction: A Journey Through Time Real estate has always been the backbone of Indian society, evolving from ancient landownership systems to a mu