Awfis Space Soln jumps after reporting turnaround Q4 perfromance

Awfis Space Solutions rallied 5.45% to Rs 527.15 after the company reported consolidated net profit of Rs 1.37 crore in Q4 FY24 as compared with net loss of Rs 13.85 crore posted in corresponding quarter last year.

Revenue from operations jumped 45.2% to Rs 232.32 crore in Q4 FY24 as compared with Rs 160 crore in Q4 FY23.

The firm reported pre-tax profit of Rs 1.37 crore during the quarter as against pre-tax loss of Rs 13.8 crore in Q4 FY23.

EBITDA stood at Rs 76 crore, registering the growth of 43.4% as compared with Rs 53 crore posted in same quarter last year. EBITDA margin contracted to 31.5% in Q4 FY24 as against 32.1% in Q4 FY23.

Revenue from co-working space on rent and allied services jumped 27.15% to Rs 167.81 crore in Q4 FY24 from Rs 131.98 crore in Q4 FY23. While revenue from construction and fit-out projects surged to Rs 57.62 crore in Q4 FY24 as compared with Rs 23.05 crore posted in Q4 FY23.

On full year basis, the company reported consolidated net loss of Rs 17.56 crore in FY24 as compared with net loss of Rs 46.63 crore in FY23. Revenue from operations increased 55.66% YoY to Rs 848.81 crore in FY24.

The counter entered into stock market on 30 May 2024. The scrip was listed at Rs 432.25, exhibiting a premium of 12.86% to the issue price of 383 per share.

Awfis Space Solutions is the largest flexible workspace solutions company with presence in 53 micro markets across 17 cities in India. The company's core solution is co-working, including flexible workspaces, custom office spaces, and mobility solutions.

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