EFC Ltd, an integrated serviced offices and co-working spaces company said that its consolidated profit after tax for the fourth quarter ending January-March 2024 stood at Rs 27.94 crore, a 205% year-on-year jump, compared to Rs 9.15 crore reported in the corresponding quarter a year ago period.
The company's consolidated sales during the quarter under review rose 63% to Rs 99.11 crore as compared to Rs 60.75 crore a year ago. Its EBITDA in the fourth quarter of FY24 increased to Rs 58.23 crore from Rs 35.54 crore. During the fourth quarter, the only listed company in the co-working space saw its market cap cross the Rs 2,000 crore mark.
Segment-wise, the company's rental business accounted for a major share of total revenue at Rs 69.95 crore followed by Fit Out Contracts business at Rs 23.24 crore and Rs 5.92 crore from other businesses.
For the full year ending 2023-24, the Pune-headquartered company reported a sharp rise in net profit at Rs 63.17 crore as against Rs 3.86 crore reported in the year-ago period. Total sales in FY24 rose a whopping 312% to Rs 428.78 crore compared to Rs 104.06 crore registered in FY23. Similarly, the company's EBITDA for the full-year period jumped to Rs 191.92 crore from Rs 56.26 crore a year ago.
EFC, with presence in seven cities, has total assets under management of 1.9 million square feet. The company has a total seating capacity of 40,000 with an average rental per seat at Rs 6,250. The company also contracted for adding more than 4 lakh square feet of leased spaces across Pune, Noida and Hyderabad, and also closed a single largest contract with Co-Forge for developing 1 lakh square feet of commercial space.
