WeWork India Reports Record Revenue but Profit Slumps Amid Tax Credit Absence
Flexible workspace provider WeWork India Management Ltd reported a sharp decline in quarterly profit despite achieving record revenue, as last year’s earnings were bolstered by significant deferred tax benefits. The company’s profit dropped to ₹62.91 million in the latest quarter, compared to the prior year’s figure that included a ₹2.35 billion tax credit.
In its first quarterly results since going public last month, WeWork India’s consolidated revenue from operations rose 22.4% to ₹5.75 billion ($65.42 million), driven by growing demand from large enterprise clients with over 1,000 employees. The company continues to benefit from India’s appeal as a cost-efficient, English-speaking, and tech-savvy hub for global firms seeking flexible workspace solutions.
A majority-owned subsidiary of Bengaluru-based Embassy Group, WeWork India operates 70 centers with 114,500 desks across eight major cities. The company offers a range of membership options, including day passes and monthly subscriptions up to ₹15,000. Meanwhile, listed rival Smartworks Coworking Spaces (SMAW.NS) reported a narrower quarterly loss, while IndiQube Spaces and Awfis Space Solutions are set to release their results later this week. WeWork India’s stock has slipped 0.6% since debut, closing 1.2% lower at ₹623.70 on Monday.
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