Microcap stock engaged in the business of providing space-as-a-service by renting and managing commercial spaces hit a 5 percent upper circuit in the day’s trade upon expanding its commercial space operations in Mumbai.
Price Action
With a market capitalization of Rs. 78 Crores, the shares of Kontor Space Limited hit a 5 percent upper circuit at Rs. 126.80 per equity share, from its previous day’s close price of Rs. 120.80.
What Happened
Kontor Space Limited has announced its new Coworking Center at MIDC, Andheri East will be operational from July 12, 2024, following which it anticipates that this new center will significantly enhance its service offerings and contribute positively to the revenue streams.
The new Coworking Center at MIDC, Andheri will have a capacity of approximately 500 seats with an initial occupancy of 75 percent from the first day of operation. This strategic expansion is aimed at catering to the growing demand for flexible and collaborative workspaces among startups, SMEs, and independent professionals in the region
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About the company
Kontor Space Limited is primarily engaged in the business of providing space-as-a-service by renting and managing commercial spaces. This is followed by constructing, purchasing, or renting property and then sub-lease to single or multiple clients for their workspace requirements on a per-seat basis.
Financials and Ratios
Its revenue from operations grew by 20.28 percent from Rs. 9.17 Crores in FY23 to Rs. 11.03 Crores in FY24, accompanied by profits of Rs. 1.88 Crores to Rs. 1.95 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 41.9 percent, and a return on capital employed (ROCE) of 32.4 percent. It has reported a debt-to-equity ratio of 0.21.
Written by: Bharath K.S
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