The Executive Centre (TEC), the leading premium workspace provider with presence in 15 markets, has announced its annual results for 2023. The company has achieved a record-breaking revenue of USD 315 million (INR 2,603 Crore) representing a 11.2% YoY growth, globally. TEC India delivered 31% growth in revenue over last year and contributed 26% to the overall adjusted EBITDA.
These exceptional results are an outcome of a series of strategic expansions and TEC’s consistency in delivering unparalleled workspace solutions to its members.The total adjusted EBITDA for 2023 was USD 19 million (INR 159 Crore) with India market contributing 26% to global adjusted EBITDA. Indian market recorded a 31% growth in revenue over last year backed by the opening of 8 new centers across the country.
Average occupancy of TEC’s flexible workspaces stood at 92%, reflecting strong customer satisfaction and the growing trend towards flexible workspaces.
TEC India aims to achieve 10-15% YoY growth in revenue in FY 2024-25. Commenting on TEC’s performance for 2023, TEC Founder and CEO, Paul Salnikow, said, “Our unwavering commitment to service excellence and our ability to anticipate market trends have allowed us to not only meet but exceed our goals amidst a rapidly changing global business environment. India continues to be one of the biggest and fastest-growing markets for us with 35% growth in EBITDA over last year. We are excited to continue on this trajectory, fostering innovation and expanding our presence strategically to support our members growth and success. Our aim is to enhance our India presence further by offering premium flexible workspaces equipped with state-of-the-art amenities, personalised services, at grade-A locations, to remain at the forefront of India's dynamic workspace landscape.”
In 2023, TEC expanded its footprint exponentially with an addition of 26 new Centres across its network globally. Driven by strong client demand, South Asia and the Middle East saw the most significant growth with 12 new Centre openings, effectively doubling TEC's footprint in the region since the pre-pandemic period. There were also new Centres opening in Mainland China, North Asia, Southeast Asia, and Australia, spearheaded by high demand and TEC's commitment to understanding and servicing the unique needs of local businesses.
With its strong financial results and a proven business model, The Executive Centre is poised to maintain its leadership in the premium workspace sector as it celebrates 30 years of excellence this year. TEC remains committed to its mission of providing exceptional service and facilities to its global members as it looks to the future with a clear vision for continued expansion and success.
