Awfis Q1 Profit More Than Doubles To ₹24 Cr, Revenue Up 27%

Indian coworking space provider Awfis announced its first-quarter net profit surged 140% to ₹24 crore, up from ₹10 crore in the prior-year period. The company's operating revenue for the quarter rose 26.9% year-on-year to ₹424.9 crore from ₹334.7 crore.

Revenue generation included ₹351.5 crore from workspace rentals and allied services. An additional ₹73.4 crore came from its Transform vertical, which offers construction and fit-out solutions, marking a 25% year-on-year increase. The company's EBITDA improved 28% to ₹162 crore, with an EBITDA margin of 38.2%.

Awfis expanded its network by adding seven new centres and over 5,000 seats during the quarter. The company plans to add eight more centres and over 7,000 seats in the upcoming quarter. Awfis currently operates 8.4 million sq ft of space across 251 centres in 18 cities, providing 170,000 seats.

Global Capability Centres (GCC) clients now contribute 24% of Awfis' rental revenue, with over 100 GCC clients secured. The company also reappointed Protiviti India Members Pvt Ltd as its statutory auditor and proposed Abhishek Poddar as a non-executive independent director.

Awfis' shares closed 0.57% lower at ₹271.75 on the BSE. The company noted strong demand for flexible workspaces across India.