OYO posts maiden annual net profit of ₹100 crore: What Ritesh Agarwal said
Fitch Ratings upgraded the rating of OYO parent firm Oravel Stays citing improved financial profile.
OYO reported financial year 2023-24 as the maiden profitable fiscal with a net earning of nearly ₹100 crore, its founder Ritesh Agarwal said. On X (formerly Twitter), he said that the company sees growth ahead "not just in India" but also in other key markets of Nordics, South East Asia, the US and UK.
"While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," he said.
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"We had our maiden net profitable financial year at nearly ₹100 crore. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of around ₹1,000 crore," he added.
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Highlighting that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, the OYO founder said, “I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK. FY25 will clearly be even more exciting.”
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This comes after Fitch Ratings upgraded the rating of OYO parent firm Oravel Stays citing improved financial profile to 'B' from 'B-' with a 'Stable' outlook.
In FY24, OYO added about 5,000 hotels and 6,000 homes globally and reported a PAT (Profit after Tax) of ₹99.6 crore and an adjusted EBITDA of ₹888 crore (USD 107 million) which was up from ₹274 crore (USD 33 million) in FY23.