India, Sept. 26 -- Managed workspaces provider Innov8, erstwhile OYO Workspaces India Pvt Ltd, saw its bottom line take a hit in FY25 on the back of surging expenses. The company's profit after tax (PAT) for the year slumped 97% to INR 1.2 Cr from INR 37.7 Cr in FY24.

The company would have slipped into loss if not for a deferred tax gain of INR 4.3 Cr. It posted a loss before tax of INR 3.2 Cr during the year. It is pertinent to mention that Innov8 had a deferred tax gain of INR 27.1 Cr in FY24. It had posted a profit before tax of INR 10.6 Cr.

The decline in profit came despite Innov8's operating revenue surging 117% to INR 114.5 Cr in FY25 from INR 52.7 Cr in the previous fiscal year.

Rental income contributed the highest INR 109 Cr...