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Business Standard
4 days ago
- Business
- Business Standard
Smartworks eyes 35% annual growth post-IPO amid rising office demand
Gurugram-based shared office space provider and D-Street debutant Smartworks Coworking Spaces aims to maintain an annual growth rate of 35 per cent, having added 1.5 million square feet to its overall portfolio within the January–March 2025 period, versus an average of 1.3 million for each year since 2022. 'Over the past three years, we have expanded to 10 million from 6 million square feet. In the first three months of 2025 alone, we added another 1.5 million square feet, bringing our total to over 11.5 million square feet,' said Neetish Sarda, managing director, Smartworks. 'Given the strong potential of the Indian market, we are confident in our ability to scale further. Despite operating on a high base, we have maintained a 35 per cent growth rate over the last couple of years, and we expect this momentum to continue.' The company's oversubscribed IPO, which listed at Rs 445.1 — a near 10 per cent premium to its issue price — taking its market cap to Rs 5,067 crore, follows Awfis Space Solutions, which listed last year and now has a market cap of over Rs 4,662 crore. A slew of public listings by co-working space providers including WeWork India, Indiqube and DevX are in the works, largely driven by the increasing demand for co-working office spaces across markets and sectors. According to Anarock, co-working spaces were the second-highest demand-generating segment for leasing office spaces in the January–June period, during which net office space absorption rose to 26.8 million sq ft, up 40 per cent from the same period a year earlier. Smartworks is aiming for a self-sustaining growth cycle, driven by strong cash inflows on the back of rising demand for new and Grade A office spaces, alongside co-working and flex spaces. In FY25, the company reported Rs 250 crore in rental revenue. While overall revenue grew sevenfold and cash profits tripled, adjustments under Deloitte's audit process impacted the reported financials, resulting in a net loss of Rs 63 crore for the fiscal year, the company said. Harsh Binani, executive director, said the company is expanding into high-performing cities beyond the top seven and scaling up its presence with larger buildings and increased capacity, which will add to its current portfolio of 54 offices across 14–17 cities in India, as well as in Singapore. 'In the new cities we're entering, we typically launch with one or two centres.' Smartworks has a client base of around 728 companies, including prominent names such as Google, Larsen & Toubro, Nothing, Groww and Ernst & Young. The shared office space provider currently offers a total seat capacity of over 2.3 lakh across its centres. Binani noted that the company has increased its profits 3.5 times and doubled its revenue over the past two years — a momentum it intends to continue. 'We're currently growing 1.5 times faster than any other player in the market, and we expect this momentum to continue.' With the IPO, the total offer size comprises a fresh issue of equity shares aggregating up to Rs 445 crore and an offer for sale of up to 3,379,740 equity shares by certain existing shareholders. Smartworks has allocated Rs 114 crore from the proceeds for debt reduction and Rs 226 crore for fit-outs. On Thursday, co-working space provider Smartworks made its stock market debut on the NSE and BSE, following the successful completion of its initial public offering (IPO). The company's shares listed at Rs 436.10 on the BSE, marking a premium of Rs 29.10. On the NSE, the stock opened slightly lower at Rs 435, reflecting a premium of Rs 28 per share.
Economic Times
27-05-2025
- Business
- Economic Times
Awfis Space Solutions shares in focus after nine-fold jump in Q4 profit; revenue up 46%
Live Events Awfis Space Solutions share price target (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of shared workspace provider Awfis Space Solutions will be in focus on Tuesday after the company reported a sharp rise in quarterly profit and strong revenue growth, supported by operational efficiency and the performance of its coworking and allied services the quarter ended 31 March, operating revenue rose 46% year-on-year (YoY) to Rs 339 crore, the Delhi-based firm said on Monday. Net profit surged over nine-fold to Rs 11.3 crore, compared with Rs 1.2 crore in the same quarter last on a sequential basis, net profit declined 27% from Rs 15 crore in the December expenses in Q4FY25 rose to Rs 347 crore from Rs 239 crore a year ago. The increase was largely driven by depreciation and amortisation expenses of Rs 81 crore, subcontracting costs of Rs 58 crore, and other expenses of Rs 128 company's Chairman and Managing Director, Amit Ramani, said the coworking and allied services segment delivered strong growth, with revenue rising 48% YoY to Rs 916 crore. This segment contributed 76% of the company's total revenue for the year.'This performance was primarily driven by a successful phase of newly added seats, sustained improvements in occupancy across our established centres, and strong momentum in our food and beverage business,' Ramani told analysts during a post-earnings of 31 March, Awfis operated in 18 cities with 208 active centres, hosting over 134,000 seats and covering a chargeable area of 7.8 million sq FY25, Awfis reported a 42% increase in revenue to Rs 1,207 crore, compared with Rs 849 crore in FY24. Net profit stood at Rs 68 crore for the year, a turnaround from a Rs 17 crore loss in the previous ahead to FY26, Ramani said the company will focus on execution in the first half, aiming to drive occupancy across existing centres. In the second half, it plans to resume capacity expansion by targeting high-potential locations to meet emerging demand and optimise company also announced the elevation of Deputy CEO Sumit Lakhani to Chief Executive Officer. In his new role, Lakhani will be responsible for profit and loss, daily operations, customer engagement, and also lead sales, marketing, and supply acquisition to Lakhani, approximately 66% of the company's occupied seats are used by large corporations and multinational firms, 20% by small and medium enterprises, 13% by startups, and the remainder by to Trendlyne, the average target price for Awfis Space Solutions stands at Rs 967, suggesting an upside of nearly 46% from current levels. Of the five analysts tracking the stock, the consensus rating is 'Strong Buy'.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
27-05-2025
- Business
- Time of India
Awfis Space Solutions shares in focus after nine-fold jump in Q4 profit; revenue up 46%
Shares of shared workspace provider Awfis Space Solutions will be in focus on Tuesday after the company reported a sharp rise in quarterly profit and strong revenue growth, supported by operational efficiency and the performance of its coworking and allied services business. For the quarter ended 31 March, operating revenue rose 46% year-on-year (YoY) to Rs 339 crore, the Delhi-based firm said on Monday. Net profit surged over nine-fold to Rs 11.3 crore, compared with Rs 1.2 crore in the same quarter last year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo However, on a sequential basis, net profit declined 27% from Rs 15 crore in the December quarter. Total expenses in Q4FY25 rose to Rs 347 crore from Rs 239 crore a year ago. The increase was largely driven by depreciation and amortisation expenses of Rs 81 crore, subcontracting costs of Rs 58 crore, and other expenses of Rs 128 crore. The company's Chairman and Managing Director, Amit Ramani, said the coworking and allied services segment delivered strong growth, with revenue rising 48% YoY to Rs 916 crore. This segment contributed 76% of the company's total revenue for the year. Live Events 'This performance was primarily driven by a successful phase of newly added seats, sustained improvements in occupancy across our established centres, and strong momentum in our food and beverage business,' Ramani told analysts during a post-earnings call. Also Read : High conviction picks! ICICI Bank, HAL among 10 large-cap stock ideas from PL Capital As of 31 March, Awfis operated in 18 cities with 208 active centres, hosting over 134,000 seats and covering a chargeable area of 7.8 million sq ft. For FY25, Awfis reported a 42% increase in revenue to Rs 1,207 crore, compared with Rs 849 crore in FY24. Net profit stood at Rs 68 crore for the year, a turnaround from a Rs 17 crore loss in the previous year. Looking ahead to FY26, Ramani said the company will focus on execution in the first half, aiming to drive occupancy across existing centres. In the second half, it plans to resume capacity expansion by targeting high-potential locations to meet emerging demand and optimise returns. The company also announced the elevation of Deputy CEO Sumit Lakhani to Chief Executive Officer. In his new role, Lakhani will be responsible for profit and loss, daily operations, customer engagement, and also lead sales, marketing, and supply acquisition efforts. According to Lakhani, approximately 66% of the company's occupied seats are used by large corporations and multinational firms, 20% by small and medium enterprises, 13% by startups, and the remainder by freelancers. Awfis Space Solutions share price target According to Trendlyne, the average target price for Awfis Space Solutions stands at Rs 967, suggesting an upside of nearly 46% from current levels. Of the five analysts tracking the stock, the consensus rating is 'Strong Buy'. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
26-05-2025
- Business
- Time of India
Awfis posts net profit of 11.23 crore in Q4 FY25, elevates Sumit Lakhani as CEO
NEW DELHI: Awfis Space Solutions , a flexible workspace solutions provider, has reported net consolidated profit of ₹11.23 crore during the quarter ended March 31, 2025. Its profit after tax stood at ₹1.37 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at ₹359.45 crore in Q4 FY25, a growth of 49.09 per cent from ₹241.10 crore it recorded in the similar quarter last year. Amit Ramani , chairman and managing director of the company said, "Our revenue rose by 42% year-on-year, reaching ₹1,208 crore in FY25. Additionally, operational EBITDA grew by 64% during this period to ₹402 crore, resulting in an EBITDA margin of 33.3%. This represents an expansion of over ~440 bps compared to FY24, exceeding our initial expectations." The company reached the targeted 1,35,000 operational seats by March 2025. Since March 2024, it has added over 39,000 seats and 48 centers, bringing its total to over 1,34,000 seats across 208 operational centers. Including fit-outs and LOIs, the company now has around 1,64,000 seats covering 8.4 million sq ft. It reported operating revenue of ₹1,208 crore in FY25, registering a growth of 42% year-on-year. Operating EBITDA margin for FY25 was at 33.3%, improved by 440 bps year-on-year basis. The company also elevated Sumit Lakhani as chief executive officer (CEO) of the company. He will focus on P&L, daily operations, and customer-centric initiatives along with sales, marketing, and supply acquisition. Ramani will focus on company growth, new business initiatives, Awfis Transform (Design and Build), as well as overseeing core enabling functions such as Finance, HR, Legal, and Administration.
Business Standard
26-05-2025
- Business
- Business Standard
Awfis elevates Sumit Lakhani as CEO
Awfis Space Solutions announced the elevation of Sumit Lakhani as Chief Executive Officer (CEO). This strategic leadership transition marks a significant milestone in the company's growth journey and is designed to further strengthen its operational focus and execution capabilities. As CEO, Sumit will focus on P&L, daily operations, and customer-centric initiatives along with sales, marketing, and supply acquisition. Amit Ramani as Founder and Chairman & Managing Director, will continue to be at the helm, provide overarching strategic direction, ensuring Awfis stays at the forefront of innovation and long-term value creation. His focus will be on company growth, new business initiatives, Awfis Transform (Design and Build), as well as overseeing core enabling functions such as Finance, HR, Legal, and Administration. Amit's leadership will guide the next phase of expansion, capital efficiency, and multi-line diversification, anchoring Awfis as a future-ready enterprise.
