WeWork India Management reported a 80% year-on-year rise in fourth-quarter profit on May 21, driven by strong demand from enterprise clients and higher occupancy.


The flexible workspace provider posted a net profit of Rs 65.5 crore, up from about Rs 36.5 crore a year earlier.

Revenue from operations rose 29% year-on-year to Rs 696 crore, driven by strong demand from enterprise clients.

Earnings before interest, tax, depreciation and amortisation (EBITDA) margins expanded by 231 basis points to 23.2% from a year earlier.

Demand was further supported by expansion from existing clients, with over 50% of new desk sales during the fiscal year coming from current members, the company added.

Total expenses rose 18.3%, driven by employee benefit cost, finance costs and operating expenses.

WeWork also benefited from higher occupancy levels, with portfolio occupancy at a record high of 86.9%, including 88.9% at mature centres.