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Smartworks Coworking Spaces Ltd posted a reduced net loss of INR 4.19 crore this week, compared with a loss of around INR 23 crore in the corresponding quarter last year, thanks to a revenue rise to nearly INR 388 crore. The company reported a sharp jump in both reported and normalised EBITDA, along with a turnaround to normalised PBT profit. Its leased portfolio grew beyond 10 million square feet, with further expansion underway. All of these developments follow its recent stock market debut, which was met with strong investor interest.
Smartworks Coworking Spaces Ltd recently revealed that its consolidated net loss shrank to INR 4.19 crore in the quarter that wrapped up earlier this week, a marked improvement from around INR 23 crore lost during the same period a year earlier. The company's total income rose to approximately INR 388 crore, up from nearly INR 323 crore previously. Advertisement
Digging deeper via the media release, revenue from operations stood at INR 3,792 million, and reported PBT loss narrowed to INR 56 million from INR 311 million the previous year. On a normalised basis, Smartworks posted a PBT profit of INR 168 million even as EBITDA surged by 25.5% to INR 2,410 million, and normalised EBITDA more than doubled to INR 607 million, lifting margins significantly.
On the operational front, the leased portfolio expanded to over 10 million square feet, with an additional 1.77 million square feet either under fit-out or scheduled for handover in the coming months. Including letters of intent, the total managed space stands at roughly 12 million square feet. Occupancy in operational centers remained healthy above 83%, with committed occupancy over 89%, and nearly 90.5% of clients coming from the enterprise segment.
This financial update arrived shortly after Smartworks made its public listing in mid-July. The IPO raised about INR 445 crore through new share issuance, with existing shareholders offloading roughly INR 137.6 crore via an offer-for-sale. The issue was oversubscribed nearly 14 times, and the stock began trading at a slight premium over its issue price.
Source PTI
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