DevX Reports Q1 Profit of ₹1.5 Crore Amidst Revenue Dip
Office space provider DevX posted a Q1 FY27 net profit of ₹1.5 Crore, a significant jump from the previous year, despite a 3.3% year-on-year decline in operating revenue. The company also announced strategic expansion plans and a proposal for debt issuance.
Office space provider DevX announced a consolidated net profit of ₹1.5 Crore for the first quarter of FY27. This represents a more than tenfold increase compared to the ₹14 Lakh profit recorded in the same period last year. However, the company's operating revenue saw a 3.2% year-on-year decrease, falling to ₹53.8 Crore.
While the year-over-year profit surged, the net profit experienced an 81% sequential decline from ₹8 Crore in the previous quarter. Total income, including ₹3 Crore in other income, stood at ₹56.7 Crore, with total expenses amounting to ₹55.2 Crore.
The company's board has proposed several strategic initiatives, pending shareholder approval. These include diversifying into co-working, managed, and serviced office spaces, along with property and facilities management. DevX also plans to raise up to ₹100 Crore through the issuance of listed, secured, rated non-convertible debentures (NCDs).
Founded in 2017, DevX offers flexible workspace solutions and competes with companies like Awfis and WeWork. The company's primary market is Ahmedabad, supplemented by operations in Vadodara, Pune, Hyderabad, and Noida. DevX shares closed 1.85% lower at ₹35.02 on the BSE.