WeWork Records a Profit of INR 175 Crores For The Third Quarter of Fiscal Year 2023

Bengaluru:

WeWork is on track to record its most profitable and highest-grossing third quarter ever and expects fourth-quarter revenues of INR 1,500 crore, according to WeWork India CEO Karan Virwani.

The company's earnings before interest, taxes, depreciation, and amortisation (EBIDTA) increased by 250% in Q3 of FY23, reporting a profit of INR 175 crore compared to a loss of INR 120 crore in Q3 of FY22.

WeWork's revenue for the quarter between January and December was Rs 1,300 crore. It has been a prosperous year for us financially, and the firm is producing sufficient cash for expansion. We have not only seen growth in our managed office business, but also in our digital' all-access business, which grew by six times from January to December, according to Virwani.

PREDICTED Q4 SALES in FY 2023 - INR 1,500 Crores

WeWork India became profitable at the holding company level during the fourth quarter of fiscal year 2022, as a result of high demand during the preceding year.

"The need to acquire funds is limited at this time, and we are examining ways to expand our company in terms of sales and earnings, as well as a possible acquisition," Virwani said.

By March 2024, the Indian branch of the U.S.-based company wants to increase its portfolio to 95,000 workstations by adding over one million square feet of flexible office space throughout the nation. Currently, the organisation has 70,000 workstations in 41 locations.

WeWork leased 2.5 million square feet in 2022, compared to 1.7 million square feet from January to December 2021, with 90% occupancy across all of its properties.

WeWork Global, located in the United States, owns 27% of WeWork India, a subsidiary of Bengaluru-based real estate developer Embassy Group. In 2017, the two organisations formed a collaboration.