Awfis Q1: Profit Doubles QoQ To INR 2.7 Cr, Revenue Up 10.9%

Coworking space provider Awfis posted a consolidated net profit of INR 2.7 Cr in the first quarter of the financial year 2024-25 (Q1 FY25) as against a net loss of INR 8.3 Cr in the year-ago quarter, on the back of strong growth in its business.

It is pertinent to note that the startup, which listed on the stock exchanges in May, posted its maiden profitable quarter in Q4 FY24. Awfis’ profit more than doubled during the quarter under review from INR 1.3 Cr in the preceding March quarter.

Operating revenue grew 37.2% to INR 257.7 Cr in Q1 FY25 from INR 187.7 Cr in the year-ago quarter. On a quarter-on-quarter (QoQ) basis, revenue from operations rose 10.9% from INR 232.3 Cr.

Founded in 2015 by Amit Ramani, Awfis has evolved over the years from being a coworking network to a tech-enabled workspace solutions provider, catering to enterprises, freelancers, startups, and SMEs. 

It generates revenue from facility management services under Awfis Care and mobility and allied services. Additionally, it earns from construction and fit-out projects through Awfis Transform and other services, including sale of furniture and work-from-home solutions.

The startup’s revenue from coworking space rentals and allied services rose 10.2% to INR 185 Cr during the quarter under review from INR 167.8 Cr in the year-ago period. Revenue from construction and fit-out projects rose 55.5% to INR 66.9 Cr from INR 43 Cr in Q1 FY24.

Where Did Awfis Spend?

The coworking startup’s total expenses increased 31.8% to INR 265 Cr in Q1 FY25 from INR 201 Cr in the year-ago period.

Sub-Contracting Cost: It spent INR 55.1 Cr under this head, an increase of 51.8% from INR 36.3 Cr in Q1 FY24. 

Depreciation And Amortisation Expense: Expenses under this category grew 34.7% to INR 58.2 Cr in Q1 FY25 from INR 43.2 Cr in the year-ago quarter.

Employee Cost: Employee benefits expenses zoomed 37.8% to INR 39.1 Cr from INR 28.4 Cr in Q1 FY24. 

Ahead of the earnings announcement, shares of Awfis ended today’s session 2.1% lower at INR 672.40 on the BSE.

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