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Awfis Space Solutions Limited (Awfis) a leading flexible workspace solutions provider company in India has released its unaudited financial results for the quarter and nine months ended 31st December 2024
Commenting on the results, Mr. Amit Ramani, Chairman and Managing Director, Awfis Space Solutions Limited, said:
“I am pleased to report that we continue to deliver strong performance, with a 44% y-o-y revenue growth, reaching Rs. 318 crores for the quarter. Operational EBITDA increased by 59% during the same period to Rs. 107 crores, resulting in an EBITDA margin of 33.8%, reflecting a ~320 bps improvement from the previous year.
Since March’24, we added ~27K seats and 33 centers to reach 120K seats and 193 operational centers. Including fit-outs and LOIs, we now have over 160K seats covering 8.0 mn sqft. We remain confident in reaching our target of 135K operational seats by March 2025.
Our strategy continues to focus on asset-light growth with 73% of new seat additions signed under the Managed Office (MA) model. This approach allows us to maximize return on investment while scaling efficiently.
I am excited to announce that, as of today, we have surpassed the milestone of 200 operational centers. This achievement reflects our continued growth and commitment to delivering exceptional service.
In line with our expansion strategy, we are excited to announce the opening of our first centre in Lucknow, a city with significant growth, innovation, and investment potential. This center will serve as a catalyst for startups and businesses looking to capitalize on the city’s thriving market.”
Operational Highlights:
|
|
Dec’23 |
Mar’24 |
Dec'23-Dec'24 |
Mar'24-Dec'24 |
As on Dec’24 |
|||||||
|
|
Operational |
Operational |
Net Additions |
Operational (A) |
Under fit-out (B) |
Total (A+B) |
Signed LOI^ (C) |
Total Supply (A+B+C) |
||||
|
Centers (Nos.) |
138 |
193 |
55 |
33 |
193 |
21 |
214 |
23 |
237 |
|||
|
Seats (Nos.) |
79,946 |
95,030 |
41,786 |
26,702 |
1,21,732 |
20,965 |
1,42,697 |
17,968 |
1,60,665 |
|||
|
Chargeable Area (Mn Sq Ft) |
4.1 |
4.8 |
2.0 |
1.3 |
6.1 |
1.1 |
7.2 |
0.8 |
8.0 |
|||
^LOI refers to Letters of Intent signed with space owners
Consolidated Financial Highlights:
+ Adjusted for Ind-AS 109 - Financial Instruments & Ind-AS 102 –Share based payments
9MFY25 Consolidated Financial Highlights
-
On Reported basis:
-
9MFY25 reported strong Operating Revenue of Rs. 868 Crs, growth of 41% YoY
-
Operating EBITDA margin for 9MFY25 is 33%, improved by 410 bps on YoY basis, on back of strong revenue growth, occupancy improvement, Enterprise clients, Allied services and operating efficiencies
-
In 9MFY25, reported PAT (excl. Exceptional Items) is Rs. 32 Crs vs loss of Rs. 19 Crs in 9MFY24
-
Exceptional Item includes sale of Facility Management business (“Awfis Care”)
-
On IGAAP Equivalent basis:
-
Operating EBITDA margin improved to 13.8% in 9MFY25 against 7.6% in 9MFY24
-
9MFY25 PAT (excl. Exceptional Items) was Rs. 70 crores against PAT of Rs 7 Crs in 9MFY24
Q3FY25 Consolidated Financial Highlights
-
On Reported basis:
-
Q3FY25 reported strong Operating Revenue of Rs.318 Crs, growth of 44% YoY
-
Operating EBITDA margin for Q3FY25 is 33.8%, improved by 320 bps on YoY basis, on back of strong revenue growth, Enterprise clients, Allied services and operating efficiencies
-
In Q3FY25, reported PAT (excl. Exceptional Items) is Rs. 14 Crs vs loss of Rs. 6 Crs in Q3FY24
-
On IGAAP Equivalent basis:
-
Operating EBITDA margin improved to 14.7% in Q3FY25 against 9.9% in Q3FY24
-
Q3FY25 PAT (excl. Exceptional Items) was Rs. 28 crores against PAT of Rs 7 Crs in Q3FY24