Awfis Space Solutions Reports Q4 FY24 Net Profit of Rs 1.38 crore

Speaking about the co-working space industry in India, Amit Ramani, Chairman and Managing Director of the company, said, “We strongly believe the co-working industry is at an interesting junction. With increased investments in India by MNCs and the continuous growth of the large corporate, SME, and start-up ecosystems, we are confident of strengthening our leadership position in the flexible workspace segment in India.” He further added that one of their main strategies for space procurement was shifting from a straight-lease model to an asset-light, low-risk managed aggregate model. This transition helped them lower fixed rental commitments and reduce capital expenditure, he mentioned. Recently, Awfis also came up with its IPO. This was the first co-working space in India that went public. The company has finished its initial public offering by selling 15,637,736 equity shares. The issue price for each share was Rs 383 per share. Additionally, in the January–March period, Awfis has opened 22 new centers, as per an earnings presentation. The company had 160 operational centers as of March 31, 2024, while it had 119 as of March 21, 2023. 

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