Awfis Space Solutions shares rally 13% on strong Q2 results
The flexible workspace provider reported a 94 per cent year-on-year jump in net profit for the September quarter.
Awfis Space Solutions shares rose as much as 13.15 per cent to Rs 272.90 during Wednesday's trading session, according to reports by Mint and The Economic Times. The rally followed the company's announcement of strong financial results for the July-September quarter.
The flexible workspace provider reported a net profit of Rs 31 crore for the September quarter, marking a 94 per cent increase from the Rs 16 crore recorded in the same quarter of the previous financial year. Revenue from operations rose 20 per cent year-on-year to Rs 439 crore, up from Rs 367 crore in the corresponding period last year.
During the September quarter, the company added six new centres, bringing its total network to 254 centres across 18 cities. This network includes approximately 1.74 lakh seats and serves more than 3,700 companies.
Awfis Space Solutions Chairman and Managing Director Amit Ramani said the steady performance was supported by continued demand from large enterprises and GCCs, alongside a focus on premiumisation and operational efficiency. He noted that normalised revenue for the quarter stood at Rs 451 crore, growing 26 per cent year-on-year.
The company also reported selling more than 25,000 seats during the first half of the financial year. Overall portfolio occupancy was 76.2 per cent, while centres operational for more than 12 months reported an occupancy rate of 84.1 per cent.