WeWork India Reports Profit in Q3: A Turnaround in Revenue and Expansion

WeWork India, a prominent real estate firm, has announced a consolidated net profit of Rs 16.78 crore in the third quarter of the fiscal year, ending December 2023. This is a significant improvement from the net loss of Rs 83.11 crore reported in the same quarter of the previous year. The company's financial turnaround is attributed to a robust revenue growth, which rose to Rs 643.81 crore in the October-December period from Rs 508.37 crore in the corresponding period of the preceding year, according to a regulatory filing.

During the first nine months of the fiscal year, WeWork India's net profit fell to Rs 9.04 crore from Rs 91.45 crore in the year-ago period. However, the total income for the April-December period of this fiscal year increased to Rs 1,775.07 crore from Rs 1,469.13 crore in the same period of the previous year. These figures highlight the company's ability to navigate through challenging economic conditions and achieve positive financial outcomes.

Established in 2017, WeWork India has a significant presence across eight major cities in India, including Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad. The company currently operates 73 centers, covering a total area of 8.2 million square feet. This extensive network is a testament to WeWork India's commitment to providing flexible workspace solutions to a diverse range of clients.

Karan Virwani, Managing Director & CEO of WeWork India, emphasized the company's focus on profitable growth, technology-led differentiation, and sustainable portfolio expansion. He stated, 'With a robust supply pipeline, diversified enterprise client base, and improving unit economics, WeWork India is well-positioned to sustain growth momentum and continue delivering long-term value to its stakeholders.'

Looking ahead, WeWork India is optimistic about its financial performance. In the fiscal year 2024-25, the company posted a net profit of Rs 128.18 crore on a revenue of Rs 2,024 crore. This strong performance is a clear indication of the company's resilience and strategic approach to expansion and growth.

Bengaluru-based real estate firm Embassy Group is the promoter of WeWork India. The company successfully listed on the stock exchanges last year after a successful Initial Public Offering (IPO). This move has further solidified WeWork India's position in the market and enhanced its ability to attract investments and expand its operations.