NEW DELHI: WeWork India Management Ltd has reported a significant decrease in consolidated net profit to Rs 6.4 crore for the quarter ending in September, mainly due to a high base effect. In the same quarter last year, net profit was Rs 203.74 crore, boosted by a deferred tax credit.
Total income climbed to Rs 585.54 crore for the July-September period this fiscal, up from Rs 499.47 crore during the same timeframe last year, as per a regulatory filing.
Since its inception in 2017, WeWork India has provided flexible workspace solutions to corporations and operates in eight major cities with 70 centers covering 7.8 million square feet.
WeWork India plans to expand its portfolio in the latter half of this fiscal year, adding approximately 11,000 desks currently under development, with an additional 3,000 desks pending landlord handover and 15,000 desks under Letter of Intent. This expansion is expected to increase its total portfolio to 10 million square feet.
“Our second-quarter results mark a pivotal point in WeWork India’s trajectory. With record revenue and expanding margins, along with our first IndAS profit-after-tax-positive quarter, we’ve shown that flexibility and profitability can coexist on a large scale,” stated Karan Virwani, CEO and Managing Director.
Virwani emphasized the company’s evolution beyond just physical spaces to encompass a comprehensive ecosystem of workspace solutions, services, and technology. “WeWork India is fostering sustainable environments that empower organizations and positively influence communities to achieve their best work. We are not just expanding rapidly; we are doing so intelligently, achieving record revenues and enhancing margins while providing long-term value. This showcases that a sustainable, tech-driven workspace model can shape the future of work in India,” he explained.
WeWork India was recently listed on the stock exchanges.
