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Awfis Space Solutions Limited (Awfis) a leading flexible workspace solutions company, has released its audited financial results for the quarter and full year ended 31st March 2024.
Highlights for the Quarter ended March 31, 2024:
Q4FY24 reported strong Operating Revenue of Rs. 232 crores, a growth of 45% y - o - y
In Q4FY24, PBT has turned positive at Rs. 1.4 crores vs loss of Rs. 14 crores in Q4FY23
Q4FY24 Cash EBIT stood at Rs. 30 crores vs Rs. 12 crores in Q4FY23, a growth of 150%
Q4FY24 ROCE on annualised basis at 53%
On Ind AS 116 Adjusted basis:
EBITDA improved to 11.7% in Q4FY24 against 3.2% in Q4FY23 on the back of strong revenue growth and operating efficiencies
PBT has turned positive at Rs. 1.4 crores vs loss of Rs. 14 crores in Q4FY23. PBT margins improved to 3.3% in Q4FY24 against (8.5)% in Q4FY23
Highlights for full year ended March 31, 2024
FY24 reported strong Operating Revenue of Rs. 849 crores, a growth of 56% y - o - y
PBT for FY24 has shown improvement from Rs. (47) crores in FY23 to Rs. (18) crores in FY24
FY24 Cash EBIT stood at Rs. 97 crores vs Rs. 36 crores in FY23, a growth of 168%
FY24 ROCE at 43% against 25% in FY23
On Ind AS 116 Adjusted basis:
EBITDA improved to 10.4% in FY24 against 4.3% in FY23 on the back of strong revenue growth and operating efficiencies
PBT margin improved to 2.3% in FY24 against (3.9)% in FY23
OPERATIONAL HIGHLIGHTS:
FY23 | FY24 | FY24 | |||||||
Operational | Additions | Operational (A) | Under fit-out (B) | Total (A+B) | Signed LOI^ | Total Supply (A+B+C) | |||
Centers | 119 | 43 | 160* | 21 | 181 | 21 | 202 | ||
Seats | 68,203 | 27,490 | 95,030* | 15,510 | 1,10,540 | 16,522 | 1,27,062 | ||
*Two centers with 663 seats closed in FY24
^LOI refers to Letters of Intent signed with space owners
Expansion:
Overall, Operational Centres and Seats grew by 35% and 39% respectively from FY23 to FY24
Expanded to 8 Tier 2 cities
Clients and Churn:
36,857 new seats sold in FY24, with 8,923 seats sold in Q4 FY24
Marquee customer base of 2,459 unique clients
Low Avg. Monthly Net Churn rate of 1.2% for FY24
Exit Month Occupancy for FY24 stood at 71%
Managed Aggregation Model:
MA Model agreements are structured on profit or revenue sharing model making it risk averse. Fit-outs capital is largely borne by the space owner, making it capital light
66% seatsin MA model driving capital efficiencies for the business
Center Openings - Q4FY24
22 new centers launched
15,084 new seats added
73% centers and 69% seats in MA model
Center Openings - FY24
43 new centers launched
27,490 new seats added
79% centers and seats in MA model
86% of supply addition in Tier 1 cities
CONSOLIDATED FINANCIAL HIGHLIGHTS:
Q4FY24 | Q4FY23 | ||||||
Profit and Loss (in Rs. Crs) | Reported Ind-AS | Ind-AS 116 Impact | Ind-AS 116 Adjusted | Reported Ind-AS | Ind-AS 116 Impact | Ind-AS 116 Adjusted | |
Revenue from Operations | 232 | 0 | 232 | 160 | 5 | 155 | |
Other Income | 9 | 2 | 7 | 5 | 2 | 3 | |
Total income (I + II) | 241 | 2 | 239 | 165 | 7 | 158 | |
EBITDA | 76 | 48 | 28 | 53 | 48 | 5 | |
EBITDA Margin | 31.5% | 11.7% | 32.1% | 3.2% | |||
EBIT | 25 | 13 | 13 | 7 | 17 | -9 | |
EBIT Margin | 10.4% | 5.3% | 4.4% | -5.9% | |||
Profit before Tax | 1 | -6 | 8 | -14 | -1 | -13 | |
Profit before Tax Margin | 0.6% | 3.3% | -8.7% | -8.5% | |||
Profit After Tax | 1 | -6 | 8 | -14 | -1 | -13 | |
Profit After Tax Margin | 0.6% | 3.3% | -8.7% | -8.5% | |||
Cash EBIT* | 30 | 12 | |||||
FY24 | FY23 | ||||||
Profit and Loss (in Rs. Crs) | Reported Ind-AS | Ind-AS 116 Impact | Ind-AS 116 Adjusted | Reported Ind-AS | Ind-AS 116 Impact | Ind-AS 116 Adjusted | |
Revenue from Operations | 849 | 4 | 845 | 545 | 5 | 540 | |
Other Income | 26 | 2 | 24 | 21 | 6 | 14 | |
Total income (I + II) | 875 | 6 | 869 | 566 | 11 | 555 | |
EBITDA | 271 | 181 | 91 | 176 | 152 | 24 | |
EBITDA Margin | 31.0% | 10.4% | 31.1% | 4.3% | |||
EBIT | 75 | 40 | 35 | 26 | 38 | -12 | |
EBIT Margin | 8.6% | 4.1% | 4.6% | -2.1% | |||
Profit before Tax | -18 | -37 | 19 | -47 | -25 | -21 | |
Profit before Tax Margin | -2.1% | 2.3% | -8.6% | -3.9% | |||
Profit After Tax | -18 | -37 | 19 | -47 | -25 | -21 | |
Profit After Tax Margin | -2.1% | 2.3% | -8.6% | -3.9% | |||
Cash EBIT* | 97 | 36 | |||||
* Cash EBIT is EBITDA minus actual lease payments during the period
+ Ebitda and Ebitda Margin includes other income
Commenting on the Performance, Mr. Amit Ramani, Chairman and Managing Director, said:
“On 30th May, 2024, Awfis Space Solutions made its debut on NSE and BSE. We are proud that within 9 years of operations, we have been able to create the largest flexible co-working company in India and thefirst one to go public in the Flexible Space industry.
We are pleased to report our Q4 FY24 performance and some key metrics:
We are the largest operator in India with 181 centers, ~1.1 lakh seats and ~5.6 Mn sq.ft. Chargeable area*
Our Revenue from operations grew at 45% YoY
Our EBITDA+ grew at 43% YoY and the margin stood at 31.5%
We are PAT positive in this quarter
Average occupancy stood at 71% overall, and 84% for >12 months vintage centers
Our Managed aggregation supply portfolio remained strong at 66% of seats under this model
Annualized ROCE for the quarter stood at 53%#
One of our key strategies and differentiators is an asset-light, low risk Managed Aggregation supply model. This model works on a revenue/profit share partnership with space owners instead of straight lease, reducing our fixed rental obligations andcapital expenditure.
We strongly believe the co-working industry is at an interesting junction. With increased investments in India by MNCs, continuous growth of the Large Corporate, SME and start up ecosystem we are confident to strengthen our leadership position in the Flexible workspace segment in India.”