Awfis Space Solutions Triples Net Profit as It Ventures into New Office Furniture Business

Awfis Space Solutions Ltd reported a significant increase in net profit, reaching Rs 9.97 crore in the June quarter, a sharp rise from Rs 2.78 crore the previous year. The company is expanding its services by entering the office furniture sector, investing up to Rs 10 crore initially.

Co-working centre operator Awfis Space Solutions Ltd has announced a remarkable 3.5-fold increase in its consolidated net profit for the June quarter, posting Rs 9.97 crore compared to Rs 2.78 crore in the same period last year. This impressive growth comes amid a broader rise in total income, which surged from Rs 267.87 crore to Rs 353.04 crore.

In a bold strategic move, Awfis's board has given the green light to diversify into the office furniture and furnishing industry. The company plans to invest between Rs 8 crore and Rs 10 crore in this new venture as it seeks to broaden its business portfolio.

Awfis currently operates 220 co-working centres across 18 cities, offering over 1.4 lakh seats and covering an area of 7.1 million sq ft. Its business model involves leasing office spaces from real estate developers and property owners, providing managed office solutions to corporate clients and professionals alike.

(With inputs from agencies.)