Our market leadership backed by scale and steady growth.
Our ability to lease and transform entire / large properties across India's key office clusters into amenities
rich `Smartworks' branded Campuses.
Our focus on acquiring Enterprise Clients with higher Seat requirements as well as emerging mid to large
Enterprises and grow with them.
Our execution capabilities backed by cost efficiencies, effective processes and technology infrastructure.
Our financial acumen and strategic execution abilities make us capital efficient, resulting in saving our
equity on capital expenditure and working capital.
Our risk mitigating strategy allows us to build a financially stable business model.
During Fiscal 2025, we derived 75.19% of our Rental Revenue from our Centres located in Pune,
Bengaluru, Hyderabad and Mumbai. Any adverse developments affecting such locations and Centres
could have an adverse effect on our business, results of operations and financial condition.
Our business is focused on Clients who typically require over 300 Seats across multiple Centres and
cities. We may not have equal negotiating power with such Clients and it may be difficult for us to find
suitable replacements upon termination of agreements with such Clients, which could adversely affect
our business, cash flows, results of operation and financial performance.
Our success largely depends on our ability to identify the right buildings/ properties in right locations
and sourcing such Centres at the right rate of rental and other commercial terms. Any failure to do so
will adversely affect our business, cash flows, results of operations and profitability.
Our Company and certain of our Subsidiaries have incurred losses and we have experienced negative
cash flows in the past. We cannot assure you that we will achieve or sustain profitability and not
continue to incur losses going forward.
Our Landlords may not renew leases of existing Centres with us or renegotiate terms of our leases which
could adversely affect our business, cash flows, results of operation and financial performance.
We have entered into long-term fixed cost lease agreements with our Landlords, for super built-up area
of 8.99 million square feet across 50 Centres across 15 cities, as of March 31, 2025. If we are unable to
pay the lease rentals to our Landlords on account of failure to source Clients for workspaces within our
Centres, our business, results of operations, cash flows and profitability may be adversely impacted.
We may not be able to continue to retain existing Clients, our existing Clients may prematurely terminate
their agreements with us and we may not be able to attract new Clients in sufficient numbers, which
could adversely affect our business, results of operations, cash flows and financial condition.
Our revenue from operations have grown at a CAGR of 38.98% from Rs. 7,113.92 million in Fiscal 2023
to Rs. 13,740.56 million in Fiscal 2025. We may not be successful in managing our growth effectively.
Our Statutory Auditors had provided a qualified opinion in our consolidated audit report on internal
financial controls for Fiscal 2023. If we fail to maintain an effective system of internal controls, we may
not be able to successfully manage, or accurately report, our financial risks. Despite our internal control
systems, we may be exposed to operational risks, which may adversely affect our reputation, business,
financial condition, results of operations and cash flows.
Our growth may be negatively impacted by macroeconomic factors, such as level of economic activity in the
regions and cities in which we operate, interest rate fluctuations and emergence of alternative destinations.
Additionally, a significant portion of our Rental Revenue can be attributed to Clients in the information
technology industry. Any adverse change in the aforementioned macroeconomic factors or any adverse
impact on the information technology industry may impact our business, results of operations and financial
condition.