DevX Posts INR 14 Lakh Profit In Q1

SUMMARY

DevX reported a net profit of INR 14 Lakh in Q1 FY25 as against a loss of INR 6 Cr in the year-ago period

Operating revenue zoomed 123% YoY to INR 55.6 Cr

Expenses for the quarter stood at INR 56 Cr, up 82% YoY and down 15% QoQ

Recently listed coworking space provider DevX reported a net profit of INR 14 Lakh in the first quarter of FY26 (Q1 FY25) as against a loss of INR 6 Cr in the year-ago period. On a sequential basis, the company’s profit declined over 93% from INR 2.1 Cr.

Operating revenue zoomed 123% YoY to INR 55.6 Cr. On a quarter-on-quarter (QoQ) basis, the top line fell 15% from INR 65.4 Cr.

Including other income of INR 1.3 Cr, the company’s total income for the quarter stood at INR 56.9 Cr. This marked a 127% jump from INR 25.1 Cr in Q1 FY25. Meanwhile, its expenses for the quarter stood at INR 56 Cr, up 82% YoY and down 15% QoQ.

In the quarter ended June 2025, the coworking space providers revenue contribution of its top ten clients increased to 44.4% from 38.9% in FY25. In its investor presentation, the company disclosed that its top four clients were Eternal, ǪX Global Services Pvt Ltd, Paperchase Accountancy India Pvt Ltd and Horizontal Ltd. Overall, its clientele stood at 307.

At the end of the quarter, DevX operated 28 centers across 11 cities, up 12% from 25 centers in Q1 FY25. Of the 14.1K seats under its asset under management, 89% seats were occupied at the end of the quarter.

Founded by Parth Shah, Rushit Shah and Umesh Uttamchandani in 2017, DevX provides coworking space solutions, managed office spaces, workspace solution offerings, among others.

DevX went public on September 17, raising INR 143.3 Cr from its IPO. Since its listing, the company has met with a rather bearish investor sentiment. From its listing price of INR 61.30, the company’s shares have plunged over 15%.

Its shares closed today’s trading session at INR 51.87, up 1.55% from previous close.