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ICICI Securities Report
In its maiden quarter post listing on the stock exchanges, Awfis Space Solutions Ltd. has delivered on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP Ebitda margin between 11.5- 12%.
Awfis reported Q1 FY25 consolidated revenue of Rs 2.6 billion, up 37% YoY and 11% QoQ with overall occupancy at 71% and mature centre occupancy (greater then 12 months) at 84%.
With an overall operational plus committed pipeline of 127,726 seats (over 100,000 operational), we expect continued growth going ahead.
We estimate 35% operational seat compound annual growth rate, 31% revenue CAGR and 48% IGAAP Ebitda CAGR (Ebitda post lease payments) over FY24- 27E.
We retain 'Add' and target price of Rs 757 based on 25 times June 26E IGAAP Ebitda.
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Talbros Automotive Q1 – Ebitda Margin Is Expected To Be Sustainable At 16.5% In Coming Quarters: Anand Rathi
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