India's integrated serviced office and co-working space operator, EFC (I) Limited, plans to triple its seat capacity from 23,000 to 60,000 by March 2024. With 65 percent of seats catering to institutions, the company is expanding to meet strong demand. Listed on the Bombay Stock Exchange, it emphasizes India's economic potential and its own client relationships, expertise, and balance sheet. EFC (I) Limited reported a revenue of Rs 144.58 crore and a net profit of Rs 24.05 crore in the last fiscal year. The company provides customized workspaces and end-to-end solutions, capitalizing on India's booming co-working market.
EFC (I) Limited, an emerging player in India's integrated serviced office and co-working space sectors, is embarking on a transformative expansion plan. With a vision to significantly enhance its capacity, the company aims to triple its current seat count from 23,000 to an impressive 60,000 by March 2024. Leveraging strong institutional demand, EFC (I) Limited has already commenced the addition of 10,000 seats in the first quarter of FY24. The institutional segment contributes 65 percent of the company's billed seats, while the remaining 35 percent is attributed to the retail sector. Listed on the Bombay Stock Exchange (Stock code: 512008), EFC (I) Limited demonstrates its commitment to transparency and growth.
Umesh Sahay, the visionary founder, and CEO of EFC (I) Limited, shares insights into the company's strategic plans. He emphasizes India's promising trajectory towards becoming a $5 trillion economy, driven by factors such as the demographic dividend, evolving geopolitical dynamics, a thriving consumption-driven market, and government support for the Make in India initiative.
At EFC India, they have built an ecosystem comprising efficient, safe, well-designed, and ergonomically friendly workspaces, offering bespoke offices and flexible co-working solutions. The company's expansion plan is based on robust client relationships, sectoral expertise, marquee talent, integrated offerings, and a strong balance sheet. Within just six years, EFC (I) Limited has achieved a remarkable scale of 23,000 seats, which is expected to nearly triple to around 60,000 within the current year, all while maintaining profitability.
In the fiscal year ending March 31, 2023, EFC (I) Limited demonstrated solid financial performance. Total revenue stood at Rs 144.58 crore, with a net profit of Rs 24.05 crore. The company recorded an impressive EBITDA of Rs 39.23 crore, reflecting an EBITDA Margin of 27.1 percent. Net profit margins stood strong at 16.6 percent for the same period. Umesh Sahay elaborates on EFC's winning strategy, which emphasizes profitable growth through cost optimization and margin protection. With a strong presence in India's growth hubs and a vast network of 35+ centres spanning over 1.5 million sq. ft., EFC (I) Limited is well-positioned to capitalize on the immense potential of the Indian co-working landscape. Under the brands EFC and Sprint, the company provides meticulously crafted workspaces that prioritize affordability, collaboration, strategic locations, and streamlined billing.
In addition to serving large corporations with enterprise-office requirements, EFC (I) Limited offers end-to-end solutions in office space management, including property identification, negotiation, customization, and ongoing management and maintenance. The company's subsidiary, Whitehills Interior, provides interior design solutions in the commercial and residential real estate segments. The concept of shared workspaces has gained significant momentum in India over the past six years, making it the second-largest co-working market globally. With an estimated 30-35 million sq. ft. of flexible office stock, including 25 million sq. ft. from major operators, and approximately 3.70 lakh flexi seats spread across key tier-I and tier-II cities, the demand for co-working spaces continues to rise.
As EFC (I) Limited embarks on this transformative journey, it embraces the immense potential within India's co-working landscape. With its unwavering commitment to excellence and innovative approach, the company is poised to shape the future of workspaces and unlock limitless possibilities for businesses across the country.
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