Indian market contributed US$15 million to the global EBITDA, recording a 31% YoY increase from last year’s EBITDA of US$11.2 million and TEC also saw a renewal price hike of 5-8% on average.
The company feels the talk of global slowdown might actually help India and flexible space provider.
“Decision making is under a little bit of stress, which actually works for us because that means that the organizations are ready to look at a three-year horizon. Q1 was a little slow and Q2 is also going to be a little more of careful decision making, a lot of deliberation,” Marwah said.
The executive feels Q3 and Q4 are gonna be robust again.
Globally, the company added close to 4000 workstations across 17 new centres in 14 cities.
“South Asia and Middle East accounted for about 30% of the group EBITDA with Dubai, Bangalore, Hyderabad and Gurgaon leading the way again. So our focus remains on the Middle East but also within India, it remains in Hyderabad, Bangalore, besides Delhi,” she said.The company invested close to Rs 50 crore in expansion in India during 2023 and plans to invest similar amount in 2023.
The executive said that India cannot remain in a silo when the rest of the world is undergoing such a chaos and turmoil.
“India is one of the most highest opportunity market be it talent pool, be it the kind of space you can get, the kind of technology you can get and the ease of the reforms that you have. You cannot take that away, the stability and the resilience of this market is has proven itself over and over again,” said Marwah.
The Executive Centre (TEC) operates more than 180 centres in 33 cities and 15 markets
“Our strong 2022 performance demonstrates that global businesses are looking for flexibility to address critical issues amid unprecedented disruption. Looking ahead, we have officially entered the post-pandemic era and many of our members are rethinking how they interact with their employees across the region,” said TEC Founder and CEO, Paul Salnikow.
With organisations looking to optimise their capex and mitigate risks, flexible workspaces have gained a lot of traction as they help organisations to provide hybrid working models for their evolving workforce in a post-pandemic environment.
The Executive Centre operates over 1 million sq ft of office space spread across Mumbai, Bengaluru, Gurgaon, Pune, Hyderabad and Chennai.
