In a recent town hall meeting, OYO's Founder & CEO, Ritesh Agarwal, shared positive updates regarding the company's financial performance. He revealed that OYO achieved a twofold sequential growth in Profit After Tax (PAT) to ₹30 crore in Q3 FY24, indicating a promising trend for future profitability. Agarwal attributed this growth to various factors, including increased patron confidence, improved customer experience, and favorable market conditions conducive to sustained expansion.

Agarwal also highlighted OYO's strong financial achievements, such as reaching an adjusted EBITDA of ₹750 crore in FY23. He further announced the company's ambitious target to surpass ₹1,000 crore in adjusted EBITDA for FY24, surpassing the earlier projection of ₹800 crore. Additionally, OYO successfully prepaid ₹1,620 crore in debt through a buyback process, signaling its commitment to financial stability and prudent management of its obligations.

Moreover, Agarwal emphasized OYO's operational profitability in FY23, underscoring the company's ability to generate sustainable earnings. He also mentioned strategic initiatives aimed at optimizing operating costs, reflecting OYO's focus on efficiency and profitability enhancement. Furthermore, Agarwal highlighted the company's efforts to expand its hotel network, with a notable 27% increase in the number of hotels on its platform over the past year.

Overall, Agarwal's updates during the town hall meeting paint a picture of OYO as a resilient and growth-oriented company, with a clear strategy for achieving continued success in the hospitality and travel-tech industry.