EFC (I) Net Profit Soars 5x to Rs 16 Cr in June Quarter

New Delhi, Aug 14 (PTI) Co-working firm EFC (1) Ltd has clocked a nearly 5-fold jump in its consolidated net profit to Rs 15.77 crore in the June 2024 quarter on higher income.

Its net profit stood at Rs 3.17 crore in the year-ago period.

Total income rose to Rs 105.28 crore in the April-June quarter of this fiscal year from Rs 57.04 crore in the corresponding period of the previous year.

The company reported Rs 66.79 crore in revenue from its real estate leasing business vertical and Rs 35.30 crore in revenue from its fit-outs for the commercial properties segment for the quarter ended June 2024, the company said in a statement.

Umesh Sahay, Founder & CEO of EFC (I) Ltd, said, "This robust growth is a testament to the increasing demand for EFC's high-quality office solutions and its ability to attract and retain a diverse clientele both institutional and retail."

During the June quarter, he said, the company has invested in acquiring, developing and operationalising various sites, which would come up for occupation over the subsequent quarters of the current financial year.

"The company's initiatives, such as adding 1.95 lakh sq. ft. to its managed office portfolio by expanding capacities evenly across the major cities in India, are also greatly helping with the quarterly numbers. Such strategic initiatives have evidently paid off, contributing to this exceptional sales performance," Sahay said,

With a presence in seven cities and 57 centres, EFC manages assets encompassing more than 2.25 million square feet. The company's infrastructure supports a total seating capacity of 47,000, with an average rental rate of Rs 6,250 per seat.

EFC provides comprehensive, end-to-end solutions for office space management. This includes assisting customers in identifying suitable properties, negotiating with property owners, furnishing and designing the premises to client specifications, and undertaking ongoing management and maintenance on behalf of the client.