Realty firm WeWork India Management Ltd on Monday reported a sharp plunge in consolidated net profit to Rs 6.4 crore in the latest quarter ended September, on a higher base effect.
Its net profit stood at Rs 203.74 crore in the year-ago period, driven by a deferred tax credit.
Total income, however, rose to Rs 585.54 crore during the July-September period of this fiscal, from Rs 499.47 crore in the corresponding period of the preceding year, according to a regulatory filing.
Launched in 2017, WeWork India, which provides flexible workspaces to corporates, has presence in eight major cities with 70 operational centres spanning 7.8 million square feet.
WeWork India said its portfolio would expand in the second half of this fiscal with about 11,000 desks under fitout, a further 3,000 desks awaiting landlord handover, and 15,000 desks under LOI. This will help in increasing the portfolio to 10 million sq ft.
“Our Q2 results signify a defining moment in WeWork India’s journey. With rec
