Awfis Space Solutions posts net profit of Rs 27.8 Mn

14 Aug 2024 CW Team

Awfis Space Solutions, a flexible workspace solutions provider, has reported net consolidated profit after tax of Rs 27.8 million during the quarter ended June 30, 2024. The company's net consolidated total income stood at Rs 267.87 million in Q1 FY25, it said in a BSE filing.

During the quarter ended June 30, 2024, the company has completed its initial public offer (IPO) of 15,639,638 equity shares of face value Rs 10 each at an issue price of Rs 383 per share. The issue comprised of 21.38% fresh issue aggregating to Rs 1,280 million and 78.62% offer for sale aggregating to Rs 4,709.3 million pursuant to IPO.

The total offer expenses are estimated to be Rs 509.83 million (inclusive of taxes), out of the total estimated expenses Rs 400.22 million (inclusive of taxes) is to be borne by selling shareholders.

As of June 30, 2024, the company has surpassed 100,000 operational seats and 169 operational centers. In Q1 FY25, it witnessed net addition of 5,368 seats and nine centers.

It achieved an exit month occupancy rate of 71%, with 84% occupancy at centers with over 12 months vintage. It continues its focus on maintaining an asset-light and risk-averse managed aggregation (MA) model, with maintaining a 64% concentration of centers and 67% of seats in the MA model.

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