Recently Listed stock engaged in providing a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customized office spaces jumped 7 percent in the day’s trade upon posting its Q4FY24 Results.
With a market capitalization of Rs. 3,484 Crores, the shares of Awfis Space Solutions Limited closed at Rs. 501.90 per equity share, up 0.41 percent from its previous day’s close price of Rs. 499.85.
Its revenue from operations grew by 45.22 percent YoY from Rs. 159.97 Crores in Q4FY23 to Rs. 232.32 Crores in Q4FY24 and it grew by 5 percent QoQ from Rs. 220.64 Crores in Q3FY24 to Rs. 232.32 Crores in Q4FY24. Annually it generated a revenue of Rs. 545.28 Crores in FY23 and Rs. 848.81 Crores in FY24 indicating a growth of 55.66 percent YoY.
In terms of profitability, it generated a profit of Rs. 1.37 Crores in Q4FY24 compared to a loss of Rs. 62.89 Lakhs in Q3FY24 and Rs. 1.38 Crore in Q4FY23. It has reported a reduced loss of Rs. 1.75 Crores in FY24 from a loss of Rs. 4.66 Crores in FY23.
Awfis Space Solutions Limited is the largest flexible workspace solutions company in India. It provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customized office spaces for startups, small and medium enterprises as well as for large corporates and multi-national corporations.
It is ranked 1st among the top 5 benchmarked players in the flexible workspace segment with a presence in 17 cities in India also present in a maximum number of micro-markets in India. As of December 31, 2023, Awfis has over 2,459 clients and has a presence in 53 micro markets in India, and an occupancy rate of 71 percent.
As of March 2024, it has Achieved Operational + Fit-out + LOI of 127,062 seats, 6.4 Mn Sq Ft chargeable area, and 202 centers across 17 total cities in India, with 1.1 Lakh total seats covering a total area of 5.6 million sq. ft.
As of FY24, it generated 73 percent of its Segmental Revenue from the Co-working space on rent and allied services, 24 percent from Construction and fit-out projects, and 3 percent from others.
Written by: Bharath K.S
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