EFC (I) Profit Soars 10-Fold in Dec Quarter

Feb 12, 2024 15:59

EFC (I) Ltd's consolidated net profit jumped to Rs 21.17 crore in the December quarter, driven by strong revenue growth. The co-working firm witnessed a surge in demand for its flexible workspace solutions.

New Delhi, Feb 12 (PTI) Co-working firm EFC (I) Ltd's consolidated net profit jumped nearly 10-fold to Rs 21.17 crore for the quarter ended December.

Its net profit stood at Rs 2.14 crore in the year-ago period.

The consolidated revenues grew to Rs 173.69 crore during the October-December period of this fiscal as against Rs 26.38 crore in the corresponding period of this fiscal year, EFC (I) said in a statement on Monday.

In the first nine months of this fiscal, the company's net profit jumped to Rs 35.37 crore from Rs 3.80 crore in the same period of the previous fiscal.

The total income rose sharply to Rs 329.66 crore during the April-December period of this fiscal as against Rs 41.43 crore in the year-ago period.

Umeash Sahhaaii, Founder and CEO of EFC (I) Ltd, said, "India is witnessing exponential growth in co-working spaces with it becoming a preferred choice among freelancers, SMEs, startups, and even MNCs for its flexibility and networking benefits."

Pune-headquartered EFC has a presence in seven states spanning 35+ centres totalling 1.5 million square feet area. It has expanded its capacity by over 50 per cent in the last 8-9 months to 35,000 seats from 23,000 seats at the beginning of this fiscal.