Space Matrix eyes Rs 560 cr revenue from India biz this fiscal

However, we have since then seen a very healthy bounce back in Q4, 2020 and Q1 of 2021.Client demand in most of the countries that we operate in are now back to within a 90-110 per cent range of pre-COVID levels, he noted.According to property consultants, net office space leasing across seven cities in India fell by around 40 per cent in 2020 calendar year due to the pandemic.Space Matrix has completed 20 years of its operations and during this time, it executed 2,500 projects measuring a total of 50 million sq ft for over 1,000 clients.

Singapore-based Space Matrix expects its revenue from India business to bounce back to pre-COVID level and grow by over 70 per cent to around Rs 560 crore in the current fiscal.

A workplace design and build consulting firm, it was founded in 2001. It has presence across seven locations in India -- Bengaluru, Gurugram, Noida, Mumbai, Pune, Chennai and Hyderabad -- with an employee base of 255.

For its India operation, Space Matrix is estimated to have clocked a turnover of Rs 326 crore during 2020-21, a 42 per cent decline compared to Rs 561 crore achieved in the previous fiscal year.

The company said that its operations were affected due to the lockdown imposed last year to control the COVID pandemic.

''Our forecast for FY21-22 is to reach FY19-20 pre-COVID mark of Rs 560 crore,'' Space Matrix CEO Arsh Chaudhry told PTI.

On the impact of slowdown in the office market on the company's business, he said, ''the summer of 2020 were the toughest months as COVID raged through most of Asia Pacific. However, we have since (then) seen a very healthy bounce back in Q4, 2020 and Q1 of 2021''.

Client demand in most of the countries that we operate in are now back to within a 90-110 per cent range of pre-COVID levels, he noted.

According to property consultants, net office space leasing across seven cities in India fell by around 40 per cent in 2020 calendar year due to the pandemic.

Space Matrix has completed 20 years of its operations and during this time, it executed 2,500 projects measuring a total of 50 million sq ft for over 1,000 clients. Its clientele includes multinational companies such as BCG, AirBnB, LinkedIn, Northern Trust Bank, Gartner and Hilton.

About new trends in design of office spaces in the wake of the pandemic, Chaudhry said, ''the workplace will evolve post COVID on various fronts -- the need for sustainability, data & technology, well-being and culture, and smart adaptable design are the future''.

With flexible work becoming the norm, the very role of the physical workplace will need to be redefined and rebalanced for newer priorities, he added.

''In order to help clients navigate these changes and plan out a futuristic strategy, Space Matrix has developed a five-point path design solution for the new normal, which looks at a long-term workplace strategy comprising space planning, materiality, technology and systems, culture and behaviour, and wellbeing,'' Chaudhry said.

The past 12 months have accelerated the pace of digitisation, redefined what the office stands for, put a focus on diversity and inclusion and brought sustainability to the centre of every conversation, he said, adding that the company's global strategy aligns very well with all of these trends.

''We will continue to focus on partnering with our clients to provide meaningful solutions, creating a great place to work and enabling everything we do by driving a digital culture,'' Chaudhry said.

Last year, Space Matrix did a strategic partnership with IA, Interior Architects, the second largest workplace firm in the US focused on workplace design. The partnership will provide access to a large pool of major US corporates.

Recently, the company launched a first of its kind experiential facility in India for its clients and staff, called [β] Lab. It is an amalgamation of multiple work environments offering clients a real-time experience of possible workspace design solutions and alternatives to figure out the most appropriate solution for their future workplaces.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)