Awfis Reports ₹10 Crore Profit in Q1

Co-working centre operators Awfis Space Solutions Ltd on Monday reported a 3.5 times increase in consolidated net profit to Rs 9.97 crore in the June quarter.

Its net profit stood at ₹2.78 crore in the year-ago period.

Total income rose to Rs 353.04 crore during the April-June period of this fiscal year from ₹267.87 crore in the corresponding period of the preceding year, according to a regulatory filing on Monday.

Awfis said the board has approved entering into a new line of business, which falls under the office furniture and furnishing industry.

The company will initially invest ₹8-10 crore in this new vertical.

Awfis has 220 operational co-working centres with more than 1.4 lakh seats covering 7.1 million (71 lakh) sq ft area. It has a presence in 18 cities.

The company takes on lease office space from real estate developers and individual property owners to establish its co-working centres. It provides managed office spaces to corporates of all sizes as well as professionals.