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WeWork India posted a sharp decline in net profit to INR 6.4 crore for the latest quarter, down from INR 203.74 crore in the same period last year, mainly due to a high base effect from deferred tax credit. However, total income rose to INR 585.54 crore. The firm operates 70 centres in eight cities and plans to expand its portfolio to 10 million sq ft with new desks under fitout, handover, and LOI. CEO Karan Virwani highlighted record revenue, improving margins, and a move toward a technology-driven, sustainable workspace ecosystem.
WeWork India Management Ltd reported a significant fall in its consolidated net profit for the latest quarter, reaching INR 6.4 crore, compared with INR 203.74 crore in the same period last year. The previous year's high profit had been supported by a deferred tax credit. Advertisement
Despite the profit drop, the company's total income increased to INR 585.54 crore during the July-September quarter, up from INR 499.47 crore in the corresponding period of the previous fiscal.
Since its launch in 2017, WeWork India has established a presence in eight major cities with 70 operational centres covering 7.8 million square feet, offering flexible workspaces to corporates. The company is planning further growth in the second half of the fiscal year, with around 11,000 desks currently under fitout, an additional 3,000 desks pending landlord handover, and 15,000 desks under letters of intent (LOI). This expansion is expected to increase the portfolio to 10 million square feet.
Karan Virwani, CEO and Managing Director of WeWork India, said the results marked a significant phase in the company's journey. He highlighted that the firm achieved record revenue, expanding margins, and its first IndAS PAT-positive quarter, showing that flexibility and profitability can coexist at scale.
Virwani added that the company is transforming beyond physical workspaces into a full-stack ecosystem of workspace solutions, technology, and services. He emphasized that WeWork India is focused on creating sustainable environments that enable organisations and communities to perform at their best. According to him, the company is not only growing faster but also smarter, delivering record revenue, improving margins, and ensuring long-term value. He said this demonstrates that a tech-enabled, sustainable workspace model can shape the future of work in India.
The company was recently listed on the stock exchanges, further strengthening its presence in the Indian real estate and flexible workspace market.
Source PTI
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