Awfis posts Q1 net profit of Rs 2.8 crore, op revenue up 37% on year

Office space-sharing company Awfis, which went public in May, has reported a net profit of Rs 2.8 crore for the quarter ended June. A year ago, it had posted a loss of Rs 8.3 crore.

The June-quarter operating revenue of the company, which is backed by Peak XV Partners, stood at Rs 258 crore, up by 37% from a year ago.

Total expenses rose to Rs 265 crore. A significant amount of this was on account of depreciation and amortisation, subcontracting cost and other expenses.


Awfis, in its earnings presentation for the previous quarter, had said it opened 22 new centres in the January-March period. As of March 31, it had 160 operational centres compared with 119 a year ago.

As of March 31, Awfis had operations in 17 cities, hosting 181 centres with 110,000 seats and covering a chargeable area of 5.6 million square feet.

In FY24, Awfis witnessed a significant increase in operating revenue, which jumped by 55.7% to Rs 848.8 crore from Rs 545.2 crore in FY23. The company also reduced its losses substantially, by 62.4% to Rs 17.5 crore in FY24, compared to Rs 46.6 crore in the previous fiscal year.

Awfis listed on the exchanges on May 30 after a Rs 599-crore initial public offering through which it raised Rs 128 crore in fresh capital, and saw its investors Peak XV Partners and ChrysCapital sell 6.6 million and 5.6 million shares, respectively.