The stock closed Monday's trade session at INR 791.9, 12.6% lower than its previous close of INR 900.45
This comes after the company published its earnings call transcript on August 22 for the meeting held with its stakeholders on August 14
It should be noted that Awfis shares hit their all-time high mark of INR 945.70 on August 22 after the opening workspace in Bengaluru
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Shares of Awfis snapped up its two-day bullish streak and plunged over 12% to INR 786 apiece during intraday trading on the BSE today (August 26).
The stock closed Monday’s trade session at INR 791.9, 12.6% lower than its previous close of INR 900.45.
This comes after the company published its earnings call transcript on August 22 for the meeting held with its stakeholders on August 14.
It should be noted that Awfis shares hit their all-time high mark of INR 945.70 on August 22 after the opening workspace in Bengaluru.
It announced the launch of two new centres in Bengaluru at Mantri Commerce and Vista Pixel offering 39,000 sq. ft. and 27,846 sq. ft. of workspace, respectively, on August 21.
It is pertinent to note that the stock has offered healthy returns to its investors since announcing its June quarter financials on August 13. On August 13, it ended the day’s trading at INR 671 apiece which rose to INR 900.45 by the previous trading session close on August 23.
On the financial front, the company posted a positive quarter with 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.
For the same period, Operating revenue grew 37.2% to INR 257.7 Cr 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.
It is pertinent to note that the startup, which listed on the stock exchanges in May, posted its maiden profitable quarter in Q4 FY24.
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 the sale of furniture and work-from-home solutions.
The coworking space startup made its market debut on May 30, opening 12.8% higher than the issue price of INR 383 on BSE. It was the first startup in the coworking space to get listed. It competes against the likes of Smartworks, WeWork India and IndiaQube.
Earlier this month, its counterpart Smartworks also filed its draft red herring prospectus (DRHP) with the capital markets regulator SEBI to raise funds through an initial public offering (IPO).
Smartworks’ IPO will comprise a fresh issue of equity shares worth INR 550 Cr and an offer for sale (OFS) of 67.49 Lakh equity shares by promoters.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.