Awfis swings into black in Q4 FY24; posts Rs 1.3 crore profit versus Rs 13 crore loss YoY
Awfis, which went public last month, reported a net profit of Rs 1.3 crore for the January-March quarter (Q4 FY24), against a loss of Rs 13.8 crore a year ago.
The Peak XV Partners-backed company saw its operating revenue grow by 45% year-on-year (YoY) to Rs 232.3 crore for the quarter.
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Offering CollegeCourseWebsiteMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitIn the March quarter, total expenses rose YoY to Rs 239.7 crore from Rs 178.7 crore. A significant amount of the expenditure was attributed to subcontracting costs and other expenses.
In FY24, Awfis witnessed a significant increase in operating revenue, which jumped by 55.7% to Rs 848.8 crore from Rs 545.2 crore in FY23.
The company also reduced its losses substantially, by 62.4% to Rs 17.5 crore in FY24 compared to Rs 46.6 crore in the previous fiscal year.
Awfis listed on the exchanges on May 30 after concluding a Rs 599-crore initial public offering (IPO), through which it raised Rs 128 crore in fresh capital and saw its investors, Peak XV Partners and ChrysCapital sell 6.6 million and 5.6 million shares, respectively.
The company’s stock listed at Rs 435, a premium of 13.58% over its issue price of Rs 383. It closed on Wednesday up 2.89% at Rs 499.90 on the BSE. The results were declared post-market hours.
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