EFC (I) Ltd, an integrated office infrastructure and design company, has reported a multi-fold jump in its consolidated net profit at Rs 3.17 crore in the first quarter of this fiscal year. Its net profit stood at Rs 25.77 lakh in the year-ago period.
Total income also grew sharply to Rs 57.04 crore in the April-June period of 2023-24 from Rs 40 lakh a year ago, according to a regulatory filing. In a release, the company said rental income accounted for about 95 per cent of its consolidated revenues, while fit-out contracts comprised the remaining.
“In a short period…(we) have built a footprint spanning 35-plus centres totalling 1.5 million-plus square feet area and 25,000-plus seats across seven Indian cities. As India is fast transforming as among the favoured office space in the world and continues to be an accelerated growth market, we at EFC expect a much larger opportunity to unfold in the next few years,” Umeash Sahhaaii, Founder and CEO, EFC (I) Ltd, said.
During the quarter, the Pune-headquartered firm had raised Rs 59 crore through preferential allotment. In June, the company had said it plans to expand its capacity by more than 2.5 times to 60,000 desks as it seeks to encash rising demand for flexible workspace from corporate.
