Co-Working Company Awfis Achieves Profitability with INR 1.3 Crore Q4 Net Profit
- 20th Jun 2024
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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.
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