Awfis Space Solutions, the flexible workspace provider founded by Amit Ramani, reported a 92.8% YoY increase in consolidated net profit to Rs 30.8 crore for the September quarter of FY27, compared with ₹16 crore in the corresponding period last year.
Revenue from operations rose 19.6% to Rs 438.7 crore from Rs 366.9 crore in Q2 FY26. The results reflect continued expansion in the company's coworking business, which remained its largest revenue contributor during the quarter.
Coworking Business Drives Revenue Growth
Revenue from Awfis' coworking space and allied services segment increased 22% YoY to Rs 363.6 crore from Rs 297.4 crore. The segment accounted for more than 83% of the company's operating revenue in Q2 FY27.
Its construction and fit-out projects business contributed Rs 75.2 crore during the quarter, compared with Rs 69.5 crore in Q2 FY26.
For the first half of FY27, Awfis reported revenue from operations of Rs 863.6 crore, up 23% from Rs 701.6 crore in the corresponding period last year.
Expenses Increase 15% as Profit Nearly Doubles
Total expenses rose approximately 15% YoY to Rs 433 crore from Rs 376.6 Cr. Depreciation on leases remained the largest cost component, increasing 25% to Rs 119 crore.
Subcontracting costs stood at ₹59.7 crore, while employee benefit expenses remained broadly flat at ₹32.7 crore.
The company reported other income of Rs 25.6 crore, taking total income to Rs 464.3 crore. Profit before tax stood at approximately Rs 31.2 crore, while the tax expense was around Rs 44.2 lakh. Net profit for the quarter reached Rs 30.8 crore.
Sequential Revenue Growth Remains Modest
On a QoQ basis, revenue from operations increased 3.2% from ₹424.9 crore in Q1 FY27 to ₹438.7 crore in Q2. Net profit, however, grew 28.5% from ₹24 crore in the preceding quarter.
The sequential numbers show that profit improved at a faster pace than revenue during the quarter. For a workspace operator, the ability to improve occupancy, renewals and revenue generated from existing centres remains important alongside adding new capacity.
Amit Ramani Founded Awfis in 2015
Founded in 2015 by Amit Ramani, Awfis has developed into a technology-enabled flexible workspace platform offering coworking spaces, managed offices and design-and-build services.
The company operates across India's flexible office market, serving businesses ranging from startups and small enterprises to large corporate clients. Its latest results underline the importance of its core coworking segment, which continues to generate the bulk of its operating revenue.
The next performance indicators to watch will be occupancy, centre-level profitability and the pace of revenue growth across its workspace and project businesses.
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