Shares of this workspace solution provider hit a 52-week high and a staggering 20 percent upper circuit limit to Rs.945.7 per share after launching two new workspace centres in Bengaluru.
Price Movement
In Thursday’s trading session, the share price of Awfis Space Solutions reached a 52-week high of Rs.945.7 per share and hit a massive 20 percent upper price band from its previous close of Rs.788.1 apiece. The stock has given multi-bagger returns of 113 percent in just three months.
Rationale for the rise
Awfis Space Solutions, India’s leading network of flexible workspaces, has unveiled two new centres in Bengaluru: Mantri Commerce and Vista Pixel.
The Mantri Commerce Centre covers 39,000 sq. ft., and the Vista Pixel Centre spans 27,846 sq. ft., enhancing Awfis’ extensive presence in the city. Mantri Commerce is located in BTM Layout, while Vista Pixel is in North Bengaluru.
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Broad Network Expansion
As of June 2024, Awfis surpassed 1 lakh operational seats, adding a net of 5,368 seats and 9 new centers. Since June 2023, the company launched 48 new centers with 30,156 seats, expanding into 8 Tier 2 cities and 6 new micro-markets.
Management Commentary
Amit Ramani, Managing Director and Chairman, Awfis Space Solutions, said “We are thrilled to announce our latest additions in Bengaluru, a city at the forefront of the demand for premium Grade A office spaces.
With its robust infrastructure development and access to a vast pool of skilled talent, Bengaluru is poised for exponential growth. We are confident that the demand for high-end workspaces will continue to surge in the upcoming years”.
Shareholding Pattern
As per the June 2024 shareholding pattern, the promoters of Awfis Space Solutions Limited hold a 28.56 percent stake, while Foreign Institutional Investors hold a 22.54 percent stake.
Domestic Institutional Investors and Retail investors hold a stake of 13.54 percent and 35.36 percent, respectively in the company. Ashish Kacholia owns a 4.83 percent stake in Awfis Space Solutions Limited.
Financial Performance
In the latest financial update, the company reported net sales of Rs.257.74 crore for Q1 FY25, reflecting a significant 37.31 percent increase from Rs.187.7 crore in Q1 FY24. The company also achieved a net profit of Rs.2.79 crore, compared to a loss of Rs.8.31 crore during the same period last year.
About the Company
Awfis Space Solutions Ltd. is a leading provider of flexible workspace solutions in India. The company offers a range of options, including co-working spaces, flexible desks, mobility solutions, and customized office spaces tailored to various business needs.
Written by – Siddesh S Raskar
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