• Portfolio expansion: Smartworks reached 10 million square feet in operational space—bolstered by its Intelion tech park in Mumbai—with signed and committed properties set to expand total footprint beyond 15 million square feet.
• Enterprise demand: Growth is centered on Global Capability Centers (GCCs) and large corporate clients, with 1,000-plus seater deals contributing approximately 35% of revenue at pricing of roughly ₹7,500 per seat monthly.
• Occupancy and tenures: Large enterprises are signing average lease tenures of 49 to 50 months, supporting committed occupancy of 93% in mature centers (88% overall) and long-term target occupancy between 90% and 95%.
• EBITDA margin trajectory: EBITDA margins expanded from 13.5%–14% in the previous year's first quarter to nearly 18% in the latest quarter, driven by operational leverage and stable SG&A costs.