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Smartworks Q2 results: Net profit at ₹26 cr, revenue rises 37% to ₹605 cr
Sentiment: PositiveHigh Priority
What Happened?
Smartworks Coworking Spaces reported a net profit of ₹25.64 crore for Q2, up from a loss of ₹3.13 crore last year. Revenue increased by 37% to ₹605.3 crore.
Key points
- Smartworks reported a consolidated net profit of ₹25.64 crore for the quarter ended September.
- The company had a net loss of ₹3.13 crore in the same quarter last year.
- Total income rose 37% to ₹605.3 crore from ₹441.06 crore year-on-year.
- Smartworks operates 71 centres across 15 cities in India and Singapore.
- The company serves over 780 clients, including Fortune 500 companies.
- Founder Neetish Sarda noted strong demand and growth in their client portfolio.
Key insights
- The increase in revenue suggests a robust demand for managed office spaces.
- Smartworks' diversified client base may lead to further growth opportunities.
- The company's expansion plans could enhance its market position in the coworking industry.
Why it matters
The financial performance indicates strong growth in the coworking sector, which could attract more clients.
Tags
Entities
Smartworks· CompanyNeetish Sarda· PersonIndia· CountrySingapore· Country
Source
Business Standard
