DevX Q1 Profit Jumps To ₹1.5 Cr Despite A 3.3% YoY Dip In Revenue

Office space provider DevX (Dev Accelerator) reported a consolidated net profit of ₹1.50 Cr in Q1 FY27, more than 10X of the ₹14 Lakh profit it registered in the year-ago period. However, on a sequential basis, net profit slipped by 81% from ₹8 Cr. 

Operating revenue in the quarter under review decreased 3.2% YoY and 9.2% QoQ to ₹53.8 Cr. Including other income of ₹3.0 Cr, the company’s total income stood at ₹56.7 Cr. 

Total expenses amounted to ₹55.2 Cr, a marginal decrease compared to ₹56 Cr in the year-ago period and 6.8% higher from ₹51.7 Cr in the previous quarter. 

DevX reported a profit of ₹1.6 Lakh from an associate in the quarter, while its tax expenses stood at ₹7 Lakh. 

The company’s total comprehensive income surged to ₹1.5 Cr, up from ₹6 Lakh reported in the year-ago quarter. However, this figure plunged more than 81% sequentially from ₹8 Cr in Q4 FY26. 

Besides reporting its financial results, the company’s board also approved the following moves, subject to stakeholder approval: 

• Reappointing Jaimin Shah as a nominee director on behalf of promoter firm Dev Information Technology Ltd.
• Modifying the memorandum of association to diversify into co-working, managed and serviced office spaces. The proposed expansion also covers property and facilities management, workplace services, recruitment, IT-enabled services and other allied business services. 
• The company has approved raising up to ₹100 Cr via listed, secured, rated non-convertible debentures (NCDs) via private placement. It will also amend its Articles of Association to allow debenture trustees to appoint nominee directors to its board for as long as the debt remains outstanding, subject to shareholder approval.

Founded in 2017 by Parth Shah, Rushit Shah, and Umesh Uttamchandani, DevX is a flexible workspace provider that offers managed office spaces, individual coworking spaces, office designing solutions, and facility management services. It competes with the likes of Awfis, WeWork, Smartworks and IndiQube, which are also listed on the bourses. 

DevX earns the majority of its revenue from its home base, Ahmedabad, followed by other cities like Vadodara, Pune, Hyderabad, and Noida. 

Shares of DevX ended today’s trading session 1.85% lower at ₹35.02 apiece on BSE.

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