AWFIS Space Solutions Ltd

- There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript. - Ravi Dugar, the CFO, mentioned focusing on operational cash flow and improving liquidity but did not state plans for raising new capital. - No plan to launch an SM REIT for raising funds as confirmed by Sumit Lakhani. - The company is optimizing capital usage and improving financial flexibility post divestiture of Awfis Care. - The company continues to evaluate CAPEX expenditure aligned with growth but without specific mention of raising new debt or equity. - Overall, the emphasis is on organic growth, operational efficiencies, and balance sheet strength rather than fresh fundraising.

- CAPEX guidance for FY'25 is around Rs. 140 crores, with potential to exceed based on growth needs. (Page 12) - The company will continue investing in CAPEX aligned with Return on Capital (ROC) and will keep evaluating CAPEX spends. (Page 12) - Expansion plans target 135,000 operational seats by March 2025, with 10,000 to 20,000 seats under fit-out and another 10,000 to 20,000 seats with signed LOIs. (Page 13) - Focus on asset-light, risk-averse managed aggregation model with 76% of seats under this model. (Page 6) - Signed mandate for design, build, and manage over 1.65 lakh sq. ft. for National Stock Exchange at BKC, Mumbai, expanding footprint with two additional centers. (Page 5 & 4) - Strategic divestiture of Awfis Care to focus more on core flexible workspace and reinvest in growth and technology. (Page 15 & 5)

- The Indian office space market is projected to grow at 6%-8% CAGR, with the flexible office segment growing faster at 25%-27% CAGR over the next five years (Page 14). - Flexible workspace industry size is expected to treble from ~Rs.108 billion in FY'24 to Rs.380 billion by FY'28 (Page 14). - Flex workspace penetration is expected to increase from 10% currently to 20% by FY'28 (Page 14). - Awfis sold about 37,000 seats in FY'24 and already sold 25,000 seats in H1 FY'25, indicating strong sales momentum (Page 15). - By March 2025, Awfis targets ~135,000 operational seats with an additional 30,000-40,000 seats under fit-out or signed LOIs (Page 13). - Revenue growth guidance for FY'25 is about 30% year-on-year, with potential upside in the full year (Page 9-10). - Design and Build business expected to grow 30%+ year-on-year (Page 7). - Occupancy levels and seat pricing expected to improve steadily with rising demand (Pages 3, 9, 14).

- Strong business momentum in H1 FY'25 with 40%+ revenue growth and improving margins signals positive outlook. - Management expects consistent growth in upcoming quarters with upside potential to full year guidance. - FY'25 guidance set at ~30% year-on-year revenue growth with 1.5 percentage points margin improvement. - Operating EBITDA margin improved by 550 bps YoY in Q2 FY'25; continued margin expansion is anticipated due to occupancy gains and operational efficiency. - Positive trend in seat pricing driven by rising micro market rentals supports revenue growth. - Expansion plans targeting 135,000 live seats by March 2025 with additional 30,000-40,000 seats under fit-out or signed LOIs. - Diverse client base and strong long-term leases (average 33 months) provide earnings stability. - Improved ROC (from 68% to 73%) and robust cash flows to support profitable growth. - No plans for equity dilution via REITs currently, indicating focus on organic capital-efficient growth.

- Design and Build segment received orders worth approximately Rs. 175 crores in H1 FY'25. - A portion of these orders is expected to be executed in H2 FY'25; some may spill over into FY'26. - National Stock Exchange (NSE) order is separate from Design and Build; it falls under space revenues and is expected to start partial revenue flow in Q4 FY'25 and full revenue from Q1 FY'26. - Total guidance for Design and Build business growth is approximately 30% YoY. - As of September 2024, the signed Letter of Intents (LOIs) cover 19 centers, nearly 20,000 seats, and 1 million square feet of chargeable area. - By March 2025, expected operational seats target is 135,000 plus 10,000-20,000 seats under fit-out and signed LOIs.