Shares of coworking space provider Awfis surged as much as 6.9% to reach INR 762.15 during the intraday trading on BSE on Wednesday (October 16), despite the benchmark indices ending in the red for the second consecutive session.
The stock gave up some of the gains to end the session 5.9% higher at INR 754.85.
As many as 4.38 Lakh shares of Awfis were traded during today’s session. The company’s market capitalisation stood at INR 5,299.94 Cr (around $630.7 Mn) at the end of the day.
In the broader market, Sensex fell 353 points (0.39%) to close at 81,501 and Nifty 50 dropped 98 points (0.34%) to close at 24,971.30. This was the second consecutive session of decline, as the Indian equities market continued to remain under pressure over subdued Q2 earnings and foreign institutional investors moving funds to China.
Shares of Awfis, which made their debut on the bourses in May this year at a premium of 13.5% to the issue price, ended today’s trading nearly 75% higher from their listing price of INR 435 on the BSE.
The stock ended in the green in six out of its last eight trading sessions.
Last month, ICICI Securities increased its price target (PT) for the stock by 11% to . It also upgraded Awfis’ rating to ‘Buy’ from ‘Add’ earlier.
In the same month, Nuvama also gave Awfis a ‘Buy’ rating and a PT of INR 1,013. Nuvama expects favourable market dynamics, capital-efficient expansion, improving cost management, strong balance sheet, and stable management to play out in the startup’s favour moving forward.
Citing the rationale for the increase in PT, ICICI Securities then said that the startup delivered on its two main FY25 guidance parameters – over 30% revenue growth for FY25 and expansion in IGAAP EBITDA margin between 11.5-12% in the first quarter of the ongoing fiscal year (Q1 FY25).
“With an overall operational positive committed pipeline of 1,27,726 seats (over 1,00,000 operational), we expect continued growth ahead. We estimate 35% operational seat CAGR, 30% revenue CAGR and 48% IGAAP EBITDA CAGR (EBITDA post lease payments) over FY24-27E,” it said.
On the business development front, Awfis recently announced the launch of and plans to set up an additional 3 Lakh square feet of .
Before that, the startup announced that it entered into a business transfer agreement with SMS Integrated Facility to ’.
Founded in 2015 by Amit Ramani, Awfis has evolved over the years from being a coworking network to a tech-enabled workspace solutions provider, catering to enterprises, freelancers, startups, and SMEs.
It posted a consolidated net profit o the first quarter of the financial year 2024-25 (Q1 FY25) as against a net loss of INR 8.3 Cr in the year-ago quarter, on the back of strong growth in its business. Operating revenue grew 37.2% to INR 257.7 Cr in Q1 FY25 from INR 187.7 Cr in the year-ago quarter.
The post appeared first on .
You may also like
Zelenskyy's Victory Plan Faces Key Challenge: NATO Membership for Ukraine
'All my friends have turned on me over one drunken kiss that broke a girl's heart'
Groundbreaking BBC drama with 'perfect scores' releases season 2 first-look
Francis Ngannou advised to take Renan Ferreira 'seriously' ahead of fight
Northern Ireland media agrees on 'class act' Conor Bradley after 'surreal' night for Liverpool star
Martin Lewis issues warning to anyone who has donated to charity this year
Sulabh International Social Service organises World Food Day in Delhi
Expand North Star creates impactful platform for launching innovative solutions
Prez Murmu arrives in Mauritania on second leg of her three-nation visit
How Swing States could decide result of US Election 2024 - Key battlegrounds to watch
UAE: 45kg drugs seized, 7 smuggling attempts thwarted by Sharjah Customs in Q3 2024
Zoomcar Steers Toward Success with Major Debt Restructuring Plan
EAM Jaishankar's veiled message to China, Pak, says need to introspect if 'good neighbourliness' is missing somewhere
Probe launched into unregulated private schools violating education rules, says Minister
Tuchel hopes to deliver 'missing trophies' to England
Selfridges luxury beauty advent calendar for 2024 is now on sale and saves shoppers £774
Heavy Rainfall Alert: South India braces for flooding as Bay of Bengal depression approaches
How Can CFO Courses Accelerate Your Career In Finance?
'I work 24/7 to take my wife on six holidays a year - Gen Z expect everything to be handed to them'
60-year-old hails £11 eye cream for 'brilliant results' on wrinkles - a 'miracle product'