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

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.