The co-working space solutions provider, Table Space, exhibited robust financial performance in the previous fiscal year, with its operational scale increasing by over 97%, nearly reaching the Rs 680 crore revenue milestone. The Bengaluru-based company also maintained profitability during FY23.
According to its consolidated financial statements filed with the RoC, Table Space witnessed a surge in revenue from operations to Rs 678.5 crore in the fiscal year ending March 2023, up from Rs 344 crore in FY22.
Established by Amit Banerji in 2017, Table Space offers tailored co-working spaces and boasts a capacity of over 10 million square feet across 75 centers in more than seven cities, including Bengaluru.
Rental and lease income accounted for 75% of the total operating revenue, experiencing a 69% growth to Rs 512 crore in FY23 from Rs 303 crore in FY22. Other revenue drivers for the company included facility management, common area maintenance, and the sale of food and beverages.
In addition to operating revenue, Table Space earned Rs 90 crore from non-operating activities, bringing its total income to Rs 768.5 crore during FY23.
The company’s expenditure increased significantly in FY23, with finance and depreciation costs related to the lease constituting 59% of the overall expenditure, which surged to Rs 414 crore, doubling from Rs 207 crore in FY22. Expenses related to employee benefits, repair cum maintenance, advertising, legal professional fees, rent, and other overheads also contributed to the overall expense, rising by 118% to Rs 703.8 crore in FY23 from Rs 321.6 crore in FY22.
Despite the substantial increase in expenses, Table Space managed to marginally increase its profits to Rs 45.9 crore in FY23 from Rs 44.5 crore in FY22. Its ROCE and EBITDA margin stood at 9% and 62.3%, respectively, with the company spending Rs 1.04 to earn a rupee in FY23.
Table Space has raised approximately $330 million across various funding rounds, including a $300 million round from Hillhouse. According to data from TheKredible, Hillhouse holds the largest stake in Table Space at 31.49%. The core team, including Amit Banerji, Karan Chopra, Srinivas Prasad, and Narendra Kumar Kamaraju, commands 56.48% of the company. Competitors of Table Space include Smartworks, Awfis, IndiQube, WeWork, among others.
Despite the shrinking margins, Table Space, like other co-working platforms, continues to demonstrate strong growth, benefiting from its profitability. However, the sustainability of high income from non-operating activities may pose challenges for its bottom line in the future. Nonetheless, the company’s focus on growth presents promising prospects amidst these considerations.
