Integrated office infrastructure and design company, EFC (I) Limited, has registered 391% per cent rise in consolidated net profit at Rs 36.56 crore for the second quarter ended September 30, 2024, as compared with Rs. 7.4 crores same period last year.
Consolidated revenues grew by 63% at Rs. 166.44 crore during the quarter under review as compared with Rs 105.28 crore during same period last year. The company’s consolidated EBITDA surged by 49% at Rs. 83.97 crore, up from Rs. 41.27 crore same period last year.
Rental income accounted for 54% of the company’s consolidated revenues in Q2FY25 at Rs 89.19 crore; fit-out contracts at Rs 77.23 crore comprised 46%.
For the half year ended September 30, 2024, the company’s consolidated net profit grew by 267 per cent at Rs 5233.53 crore, as against Rs 1425.17 crore same period last year. Consolidated revenues increased by 77 per cent at Rs 27,636.35 crore.
Commenting on the results, Umesh Sahay, Founder & CEO, EFC (I) Limited, said, “We are living in very interesting times so far as the co-working spaces is concerned as India is witnessing an explosive growth in the segment backed by sectors such as IT& ITeS, BFSI, new-age start-ups, e-commerce, consulting and the global captive centres. The co-working space has more than doubled from 29.3 million sq. ft in 2019 to 61 million sq. ft in 2023. A recent report by Avendus Capital estimates that the sector will grow at a CAGR of 15 per cent to touch 126 million sq. ft and address approximately $9 billion market by 2028. This surge in demand has augured well for our company and contributed to 131% growth in net profit and 63% surge in revenues. Moving forward, we expect the demand momentum to continue thereby driving our revenues. Besides, our high-margin furniture business will further help shore up our profitability going forward.”
The company, which has been witnessing a strong demand for co-working space, particularly from the institutional segment, has expanded its capacity by over 22.5 per cent in the last 6-7 months at close to 50,000+ seats at present as compared to 41,139 seats at the beginning of this fiscal.
