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…
DevX, a flexible workspace provider founded in 2017, reported a dramatic Q1 FY27 profit surge to ₹1.5 Cr despite a 3.3% year-over-year revenue decline. The company's total income for the quarter reached ₹56.7 Cr, including other income of ₹3 Cr. Operating expenses were slightly lower than the previous year at ₹55.2 Cr, while tax expenses amounted to ₹7 Cr.
Comprehensive income jumped to ₹1.5 Cr from ₹6 Lakh in the prior quarter, but fell more than 81% sequentially from ₹8 Cr in Q4 FY26. Board members approved reappointing Jaimin Shah, modifying the memorandum of association for diversification into co-working and allied services, and raising up to ₹100 Cr through non-convertible debentures.
DevX competes with major players like Awfis, WeWork, Smartworks, and IndiQube, with majority revenue generated from Ahmedabad and additional cities.
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