EFC (I) Limited, India’s fast-growing integrated office infrastructure and design company, announced its Q1FY24 results on Saturday. During Q1FY24, the company registered total revenues of Rs. 57.04 crore for Q1FY24 and an EBITDA of Rs. 29.13 crore. The company’s PAT for Q1FY24 stood at Rs. 3.18 crore. EFC clocked in 51.6% as the EBITDA margin and 5.6% as the PAT margin. The company’s EPS stood at Rs. 4 for Q1FY24.
Rental income accounted for ~95% of the company’s consolidated revenues, while fit-out contracts comprised the remaining. EFC continued to post accelerated growth during the quarter, with Q1FY24 revenues and PAT accounting for ~55% and ~82% of the FY23 numbers on a consolidated basis.
The company prepares its financial statements under IndAS. However, under Ind GAAP, the company’s total revenues are reinstated to Rs. 56.63 crore while its PAT comes to Rs. 9.58 crore.
Commenting on the results, Umeash Sahhaaii, Founder & CEO, EFC (I) Limited, said, “Our commitment to creating stakeholder value has started translating into our growth numbers. In a short period, we, owing to our vision, team, market intelligence and pan-India presence, have built a footprint spanning 35+ centres totalling 1.5 million+ sq. ft. area and 25,000+ seats across seven Indian cities. As India is fast transforming as among the favoured office space in the world and continues to be an accelerated growth market, we at EFC expect a much larger opportunity to unfold in the next few years. We continue to take small, metered steps towards expanding scale, presence and value proposition – to serve a rapidly increasing clientele – through a robust balance sheet. Q1FY24 numbers are a powerful testament to our stated ambition.”
During the quarter, the Pune-headquartered office infra and design company raised Rs. 59 crores through Preferential Allotment. At the same time, the company’s Board announced the Equity Shares split from Face Value from Rs. 10 to Rs. 2 per share (record date on 18th August 2023). The company continued to open new centres (three during Q1FY24), adding a capacity of 3000 seats. With eyes on margins, the company continued to invest in technology and procurement management across the organisation – leading to improved cost controls and operational efficiencies.