Awfis Space Solutions shares jump over 6% on robust Q4 results

Shares of Awfis Space Solutions gained more than 6% on Thursday after the co-working space solution provider released financial results for the fourth quarter of fiscal year 2023-24.

In the morning trade, the stock was trading at ₹530.70 on the National Stock Exchange (NSE), up 6.17%. The scrip slumped 5.9% to ₹529.40 on the BSE.

The company reported a consolidated net profit of ₹1.37 crore in the latest March quarter, compared to a net loss of ₹13.8 crore in the corresponding period last year.

The consolidated revenue from operations jumped 45.2% to ₹232.3 crore for the quarter ended March 31, 2024, as against ₹159.9 crore in the year-ago period.

For the full financial year 2023-24, the Delhi-based company reported a net loss of ₹17.5 crore, compared to ₹46.6 crore in FY23.

Revenue from operations stood at ₹848.8 crore in FY24, up 55.6% from ₹545.2 crore in the previous fiscal.

Shares of Awfis Space Solutions debuted on the stock exchanges on May 30 at ₹435 per share, a premium of 13.5% to the issue price of ₹383 per equity share.

Since then, the stock has surged 22%. The company's market capitalisation stands at ₹3,684.1 crore.