WeWork India's Profitable Transformation: Achieving Flexibility at Scale

WeWork India reported a sharp decrease in net profit to Rs 6.4 crore, influenced by a previous year's high base from a tax credit. Despite this, total income rose to Rs 585.54 crore. The company plans to expand its workspace portfolio and emphasizes creating sustainable, tech-enabled environments across India.

Realty firm WeWork India Management Ltd has reported a significant drop in consolidated net profit to Rs 6.4 crore for the quarter ended September, a sharp decline from the Rs 203.74 crore profit during the same period last year, largely due to a deferred tax credit.

Despite the dip in profits, WeWork India saw a rise in total income to Rs 585.54 crore for the July-September period, up from Rs 499.47 crore in the previous year. The company launched in 2017, offers flexible workspaces across eight major cities through 70 centers, covering 7.8 million square feet.

WeWork India plans further growth, with expansion efforts poised to extend their portfolio to 10 million square feet. CEO Karan Virwani stresses the importance of sustainability and innovation in the company's approach, supporting a tech-enabled ecosystem for workspaces that contributes positively to communities and organizations alike.

(With inputs from agencies.)