 "This Ashish Kacholia-owned stock zooms 7%; jumps 101% from listing in May")
Awfis Space Solutions share price scaled up to 7.52 per cent at Rs 824.60 a piece per share on the BSE in Wednesday’s intraday deals. This came after the flexible workspace solutions company partnered with Nyati group for an additional 0.3 million square feet of Grade-A workspace.
However, the stock price quickly pared most of its gains and was trading 0.68 per cent highest at Rs 772.10 per share as of 10:20 AM on the BSE. By comparison, the BSE Sensex was up 0.02 per cent at 81,730 levels.
Investor Ashish Kacholia held 3.35 million equity shares or 4.83 per cent stake in Awfis at the end of June 2024 quarter, the shareholding pattern data shows. Ashish Kacholia’s stake is currently valued at around Rs 310 crore.
With the new space addition, Awfis now has a total of half a million square feet of flexible workspace with the Nyati Group, a real estate developer in Pune, West India, the company said in an exchange filing on Tuesday.
“Through this partnership, Awfis will introduce premium flexible workspaces in Nyati Group's prime commercial properties of Nyati Empress in Viman Nagar and Nyati Enthral in Kharadi. This successful collaboration will add 1,67,206 sq. ft built up of highly sought-after offices in these two thriving business districts,” the company said in an exchange filing.
Last week the company had also announced the launch of two new centres at Mantri Commerce and Vista Pixel in Bengaluru. The centres offer 39,000 sq ft and 27,846 sq ft built-up areas respectively.
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Meanwhile, in the April to June quarter of financial year 2024-25 (Q1FY25), Awfis had posted a strong operational performance with revenue growing 37 per cent year-on-year (Y-o-Y) at Rs 258 crore.
Operating earnings before interest, tax, depreciation and amortisation (Ebitda) grew at 55 per cent Y-o-Y at Rs 79 crore and operating Ebitda margin improved by 360 basis points Y-o-Y to 30.7 per cent from 27.1 per cent in Q1FY24.
Operating earnings before interest, tax, depreciation and amortisation (Ebitda) grew at 55 per cent Y-o-Y at Rs 79 crore and operating Ebitda margin improved by 360 basis points Y-o-Y to 30.7 per cent from 27.1 per cent in Q1FY24.
The company has a total market capitalisation of Rs 5,356.77 crore. The company debuted on the bourses in late May this year and has zoomed 101.2 per cent from its issue price of Rs 383.
Awfis offers a variety of flexible workspace solutions, from individual desks to customise office spaces, tailored for startups, SMEs, large corporations, and multinational companies.