EFC (I) Ltd, a premier provider of integrated serviced offices and managed office spaces, reported consolidated profit after tax for the first quarter ending April to June 2024 of Rs. 15.77 crore, marking a substantial increase of 395.91% compared to Rs. 3.18 crore reported in the corresponding quarter of the previous year.
During the quarter under review, the company reported a growth of 84.57% in consolidated sales to Rs. 105.28 crore from Rs. 57.04 crore during the same period last year. The company reported EBITDA of Rs. 49.62 crore in Q1FY25, up from Rs. 29.75 crore in Q1FY24.
EFC Limited reported Rs. 66.79 crores from its real estate leasing business vertical and Rs. 35.30 crores from its fit-outs for the commercial properties segment for the quarter ending June 2024.
Commenting on the performance, Umesh Sahay, Founder & CEO, EFC (I) Limited, said, “This robust growth is a testament to the increasing demand for EFC’s high-quality office solutions and its ability to attract and retain a diverse clientele both institutional and retail. During Q1FY25, the Company invested in acquiring, developing and operationalising various sites, which would come up for occupation over the subsequent quarters of the Financial Year.”
“The company’s initiatives, such as adding 1.95 lakh sq. ft to its managed office portfolio by expanding capacities evenly across the major cities in India, are also greatly helping with the quarterly numbers. Such strategic initiatives have evidently paid off, contributing to this exceptional sales performance”, added Sahay.
Sahay further added, “As part of a synergic business diversification plan, the company is also foraying into the modular furniture business for office spaces. This would be predominantly B2B focused; however, we are open to the idea of entering the B2C space as well.”
With a presence in seven cities and 57 centres, EFC manages assets encompassing more than 2.25 million square feet. The company's infrastructure supports a total seating capacity of 47,000, with an average rental rate of Rs. 6,250 per seat. Unlike other industry players, EFC provides comprehensive, end-to-end solutions for office space management. This includes assisting customers in identifying suitable properties, negotiating with property owners, furnishing and designing the premises to client specifications, and undertaking ongoing management and maintenance on behalf of the client.
