Awfis Space Solutions reported a net profit of INR 38.67 crore for Q2 FY25, a turnaround from last year's INR 4.34 crore loss. The company saw a 40.31% rise in total income, reaching INR 301.95 crore. With a 73% exit-month occupancy rate and 84% in centres over 12 months, demand for flexible workspaces remains strong. Awfis now operates over 150,000 seats across 224 centres, on track to meet its target of 135,000 operational seats by March 2025. CEO Amit Ramani credited the company's asset-light model for its success in optimising returns while minimising risks.
Awfis Space Solutions, a leading provider of flexible workspace solutions, reported a significant turnaround in its financial performance for the quarter ending September 30, 2024. The company posted a net consolidated profit after tax of INR 38.67 crore, reversing a loss of INR 4.34 crore during the same period last year, according to the company's filing with the Bombay Stock Exchange (BSE).
Amit Ramani, the chairman and managing director of Awfis, shared that the company had made considerable progress by September 2024, achieving an exit-month occupancy rate of 73%. Furthermore, their centres that had been operational for over 12 months had an impressive 84% occupancy rate, demonstrating a strong and sustained demand for flexible workspaces. He highlighted that Awfis had successfully surpassed 110,000 operational seats across 180 centres, showcasing the company's expanding presence in the flexible workspace market. In total, including fit-outs and letters of intent (LOI), the company now boasts over 150,000 seats across 224 centres, covering a vast area of 7.6 million square feet. Ramani also added that the company was on track to meet its target of 135,000 operational seats by March 2025, underlining their continued growth and robust demand for flexible office solutions.
In terms of financial performance, Awfis reported a total consolidated income of INR 301.95 crore in Q2 FY25, marking a remarkable 40.31% year-on-year growth from INR 215.20 crore during the same quarter last year. This robust increase in income signals the company's ability to successfully capitalise on the growing need for flexible workspaces, particularly as businesses and individuals seek out more agile office arrangements.
Ramani further emphasised that the company's asset-light, risk-averse managed aggregation (MA) model remains the cornerstone of their strategy. This model allows Awfis to optimise returns on investment while minimising risks. As part of this approach, 67% of the company's seats and 64% of its centres are aligned with the MA model, reflecting its effectiveness in maximising operational efficiency and profitability. By focusing on this asset-light model, Awfis continues to adapt to the evolving needs of the modern workforce while securing a competitive edge in the growing flexible workspace market.
Overall, Awfis' financial growth, increased occupancy rates, and expansion of operational seats and centres demonstrate its strong position in the flexible workspace sector, with the company continuing to thrive as demand for flexible office solutions grows across various industries. Awfis Space Solutions continues to solidify its position as a leader in the flexible workspace sector, achieving significant financial growth and expanding its operational footprint. With a strong asset-light model and increasing demand for adaptable office spaces, the company is poised to further capitalise on the evolving market landscape.
Advertisement
Facebook
Whatsapp
