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Awfis, the office space-sharing company that went public in May 2024, reported a net profit of INR 1.3 crore for Q4 FY24, a significant turnaround from a INR 13.8 crore loss in the same quarter last year. The company's operating revenue for Q4 FY24 increased by 45% YoY to INR 232.3 crore. Despite total expenses rising to INR 239.7 crore from INR 178.7 crore YoY, Awfis achieved a 55.7% revenue growth for FY24, reaching INR 848.8 crore, and reduced annual losses by over 60% to INR 17.5 crore. Following their public offering, Awfis expanded by opening 22 new centres, totaling 181 centres across 17 cities, covering 5.6 million square feet with over 1.1 lakh seats.
Office space-sharing company Awfis, which recently went public in May 2024, has reported positive results for the quarter ending March 2024 (Q4 FY24). This marks a significant turnaround from the previous year when they faced a loss of INR 13.8 crore. Advertisement
For Q4 FY24, Awfis recorded a net profit of INR 1.3 crore, a positive shift compared to the loss of INR 13.8 crore in the same quarter last year. This improvement comes alongside a 45% year-on-year (YoY) increase in operating revenue, reaching INR 232.3 crore. It's important to note that total expenses for the quarter also rose YoY to INR 239.7 crore from INR 178.7 crore.
Awfis has seen consistent growth throughout the year. Their total operating revenue for FY24 jumped by 55.7% to INR 848.8 crore compared to INR 545.2 crore in FY23. They have also significantly reduced their losses by over 60% to INR 17.5 crore in FY24.
Following a successful public offering in May, raising INR 599 crore, Awfis has focused on expansion. They opened 22 new centres in Q4 alone, bringing their total operational centres to 181 across 17 cities in India. This expansion caters to the growing demand for flexible workspace options, particularly in tier-I and tier-II cities like Guwahati, Vijayawada, and Lucknow. As of March 31, 2024, Awfis' total operational space covers a significant 5.6 million square feet and offers over 1.1 lakh seats.
The shift in work dynamics post-pandemic has benefited Awfis and other coworking space providers. With many companies encouraging a return to the office, the demand for flexible workspace solutions is increasing. While the coworking space industry faces challenges globally, Awfis is experiencing a growth revival in India.
Awfis is well-positioned to capitalise on this growing trend by expanding into new markets and offering flexible workspace options that cater to the evolving needs of businesses and employees in the post-pandemic era.
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