EFC (I) Ltd, a co-working company, reported a near five-fold increase in net profit for the June 2024 quarter, driven by higher income. The company's total income almost doubled to INR 105.28 crore, with significant contributions from its real estate leasing and fit-out services. Founder & CEO Umesh Sahay attributed this growth to strong demand for EFC's office solutions and its capacity to draw a wide range of clients. EFC is expanding its portfolio by adding 1.95 lakh square feet across major cities, managing assets over 2.25 million square feet, and offering comprehensive office space management services.
EFC (I) Ltd, a company specialising in co-working spaces and services, reported a significant increase in its net profit for the June 2024 quarter, rising almost five times to INR 15.77 crore from INR 3.17 crore in the same quarter last year. This sharp rise in profit is attributed to higher income during the period. For the previous April-June quarter, reported total income was INR 57.04 crore, with that number almost doubling to INR 105.28 crore for the same period this financial year.
In a statement released by the company, they disclosed that their real estate leasing business vertical brought in a revenue of Rs. 66.79 crore and the fit-out services for commercial properties brought in a revenue of Rs. 33.30 crore for the June 2024 quarter. Founder & CEO of EFC (I) Ltd, Umesh Sahay, explained that the company's strong growth reflects the rising demand for EFC's top-notch office solutions. He emphasised that the company has been successful in attracting and keeping a wide range of clients, including both large institutions and individual retail customers.
The company is also employing various growth initiatives, such as adding 1.95 lakh square feet to their portfolio and expanding capacities equally across major cities. Initiatives like these are benefiting the company by increasing quarterly records and enhancing sales performance. EFC currently operates in seven cities in the country, with 57 centres, and manages assets over 2.25 million square feet. They currently boast infrastructure that can accommodate a seating capacity of 47,000 that has an average rental rate of Rs. 6,250 per seat.
EFC offers complete, all-inclusive office space management services. This involves helping clients find the right properties, negotiating with landlords, furnishing and designing the spaces according to the client's preferences, and handling ongoing management and maintenance on the client's behalf.
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