Realty Firm WeWork India Management Reports Sharp Plunge In Net Profit To ₹6.4 Crore

New Delhi: Realty firm WeWork India Management Ltd on Monday reported a sharp plunge in consolidated net profit to Rs 6.4 crore in the latest quarter ended September, on a higher base effect.Its net profit stood at Rs 203.74 crore in the year-ago period, driven by a deferred tax credit.Total income, however, rose to Rs 585.54 crore during the July-September period of this fiscal, from Rs 499.47 crore in the corresponding period of the preceding year, according to a regulatory filing.

Launched in 2017, WeWork India, which provides flexible workspaces to corporates, has presence in eight major cities with 70 operational centres spanning 7.8 million square feet.

WeWork India said its portfolio would expand in the second half of this fiscal with about 11,000 desks under fitout, a further 3,000 desks awaiting landlord handover, and 15,000 desks under LOI. This will help in increasing the portfolio to 10 million sq ft.

"Our Q2 results signify a defining moment in WeWork India's journey. With record revenue, expanding margins, and our first IndAS PAT-positive quarter, we have demonstrated that flexibility and profitability can coexist at scale," Karan Virwani, the company's Chief Executive Officer and Managing Director, said.He noted that the company is evolving beyond physical spaces into a full-stack ecosystem of workspace solutions, services, and technology.

"WeWork India is creating sustainable environments that empower organisations and impact communities to do their best work. We are not just growing faster; we are growing smarter, driving record revenues and expanding margins while delivering long-term value. This is proof that a sustainable, tech-enabled workspace model can power the future of work in India," Virwani said.WeWork India was recently listed on the stock exchanges. 

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