WeWork India's Turnaround: Profit Reports Spark Investor Interest

Realty firm WeWork India reported a significant shift to profitability in the recent quarter, posting a net profit of Rs 16.78 crore, compared to a Rs 83.11 crore loss last year. With increasing revenue and a strategic focus on growth and technology, the company aims for long-term success.

In a notable turnaround, realty firm WeWork India has reported a consolidated net profit of Rs 16.78 crore for the third quarter of this fiscal year, buoyed by increased revenue. This financial recovery stands in stark contrast to the Rs 83.11 crore net loss reported for the same period last year.

According to the company's regulatory filing, the total income for the October-December quarter rose to Rs 643.81 crore, compared to Rs 508.37 crore in the year-ago period. Despite a net profit dip to Rs 9.04 crore during the first nine months of this fiscal from Rs 91.45 crore last year, annual revenue continues to grow, reaching Rs 1,775.07 crore.

Established in 2017 and operating in eight cities, including major hubs like Mumbai and Bengaluru, WeWork India prides itself on a tech-driven strategy and diverse client base, according to CEO Karan Virwani. The Bengaluru-based Embassy Group promotes the firm, whose shares began trading after a successful IPO last year.

(With inputs from agencies.)