OYO, the online travel aggregator, has reported its first profitable fiscal year in 2023-24, according to founder Ritesh Agarwal on social media platform X. The company recorded a net profit of approximately ₹100 crore, marking a significant turnaround from a loss of ₹1,286.5 crore in the previous fiscal year. While the figures are provisional, the final audited numbers are expected to be similar.
Agarwal highlighted that OYO has maintained positive EBITDA (earnings before interest, taxes, depreciation, and amortisation) for eight consecutive quarters, with a robust cash balance of around ₹1,000 crore.
The company's improved financial health was recognized by global credit rating agency Fitch, which upgraded the long-term foreign and local currency issuer default ratings of OYO’s parent company, Oravel Stays, from ‘B-’ to ‘B’. Fitch attributed the upgrade to Oravel Stays’ strong cash flow.
Agarwal expressed optimism about future growth prospects, not only in the Indian market but also in key international regions including the Nordics, Southeast Asia, the US, and the UK.
In FY2024, OYO expanded its portfolio by adding 5,000 hotels and 6,000 homes globally. The company achieved a profit after tax (PAT) of ₹99.6 crore and an adjusted EBITDA of ₹888 crore, a substantial improvement from the previous fiscal year.
OYO, the online travel aggregator, has reported its first profitable fiscal year in 2023-24, according to founder Ritesh Agarwal on social media platform X. The company recorded a net profit of approximately ₹100 crore, marking a significant turnaround from a loss of ₹1,286.5 crore in the previous fiscal year. While the figures are provisional, the final audited numbers are expected to be similar.
Agarwal highlighted that OYO has maintained positive EBITDA (earnings before interest, taxes, depreciation, and amortisation) for eight consecutive quarters, with a robust cash balance of around ₹1,000 crore.
The company's improved financial health was recognized by global credit rating agency Fitch, which upgraded the long-term foreign and local currency issuer default ratings of OYO’s parent company, Oravel Stays, from ‘B-’ to ‘B’. Fitch attributed the upgrade to Oravel Stays’ strong cash flow.
Agarwal expressed optimism about future growth prospects, not only in the Indian market but also in key international regions including the Nordics, Southeast Asia, the US, and the UK.
In FY2024, OYO expanded its portfolio by adding 5,000 hotels and 6,000 homes globally. The company achieved a profit after tax (PAT) of ₹99.6 crore and an adjusted EBITDA of ₹888 crore, a substantial improvement from the previous fiscal year.
Disclaimer: This article is for informational purposes only and is not investment advice, nor an offer to buy or sell any security. Unlisted share prices are indicative. Please do your own research or consult a SEBI-registered advisor before investing.
