Now Reading: DevX Profit Jumps 10X, IndiQube Loss Shrinks 35% In Q1
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DevX Profit Jumps 10X, IndiQube Loss Shrinks 35% In Q1
DevX's net profit jumped tenfold year-on-year to Rs 1.5 Crore in Q1 FY27, but operating revenue slipped 3.2% to Rs 53.8 Crore, Inc42 reports. IndiQube trimmed its net loss by 35% YoY…
The Story in Brief
DevX's net profit jumped tenfold year-on-year to Rs 1.5 Crore in Q1 FY27, but operating revenue slipped 3.2% to Rs 53.8 Crore, Inc42 reports. IndiQube trimmed its net loss by 35% YoY to Rs 23.9 Crore, while revenue rose 37% to Rs 422.6 Crore. DevX's profit fell 81% sequentially from Rs 8 Crore in Q4 FY26.
DevX's board approved raising up to Rs 100 Crore via non-convertible debentures and expanding into property management. IndiQube's total expenses stood at Rs 479.3 Crore, with a tax gain of Rs 6.6 Crore. Both companies compete with Awfis, WeWork and Smartworks in India's flexible workspace market.
The Indian Opinion
The coworking sector is often painted as either booming or busting, but these results show a more nuanced picture. DevX's profit surge hides a revenue dip, while IndiQube's shrinking loss still leaves it deep in the red. Neither narrative of unbridled growth nor collapse holds fully. The real test: can IndiQube turn its revenue growth into operating profit, and can DevX reverse its revenue decline without sacrificing margins?
Sources (2): inc42.com, inc42.com (2)
This story was synthesised by AI from the 2 sources linked above.
