WeWork India Managed Double-Digit Growth In FY24

WeWork India’s revenue from operations grew 26.7% to Rs 1,665 crore in the fiscal year ending March 2024 as compared to Rs 1,315 crore generated in the previous fiscal year, as per the company’s consolidated financial statements filed with the Registrar of Company.

Membership revenue for the company was the main source and contributed 84% of the total operating revenue in FY24. These collections inclined 48.9% to Rs 1,402.5 crore in the fiscal year. Revenue from providing additional services (mentioned above) declined 31.7% during the period. At the same time, the remaining sum of the operating revenue came from the sale of products and other operating activities.

The company also earned Rs 72 crore over financial assets as interest and gains. Considering this non-operating income, the overall revenue of WeWork reached Rs 1,737 crore during FY24.

As per filings, the non-cash element, depreciation and amortization accounted for the largest expense forming around 40% of the total costs. This cost increased 16.9% to Rs 744 crore. Finance cost was another major expense which went up 22.6% to Rs 507.7 crore during the year. 

Housekeeping, maintenance, employee benefits, information technology also contributed significantly to the total cost.

WeWork India’s total expenses rose 19.1% to Rs 1,870 crore in FY24 from Rs 1,569.6 crore in FY23. At the end, the firm managed to control its losses by 7.6% to Rs 135.7 crore in FY24 against Rs 146.8 crore in FY23.

Despite losses, WeWork remains one of the few cash-rich companies with Rs 1,160 crore operating cash flows in FY24. Importantly, the company reported an EBITDA of Rs 1,119 crore during the year.

The improved operational efficiency can also be seen via ratios as the company’s EBITDA Margin and ROCE bettered to 64.42% and 11.73%, respectively. On a unit level, WeWork spent Rs 1.12 to earn a rupee of operating revenue in FY24.