Oyo Reports First Profit of Rs 229 Crore

Oyo has reported its first-ever profit after tax of Rs 229 crore for the fiscal year 2023-24, a significant turnaround from a loss of Rs 1,286 crore the previous year. The company's adjusted EBITDA surged by 215% to Rs 877 crore, and earnings per share improved to Rs 0.36. Despite these gains, Oyo's revenue from operations declined slightly by 1.3% to Rs 5,388 crore, attributed to the addition of new hotels, which increased its inventory from 12,938 to 18,103 properties. Oyo is expanding its global footprint by acquiring K&J Consulting, which operates the premium rental homes company Checkmyguest Group in Paris. CEO Ritesh Agarwal emphasized the importance of under-promising and over-delivering, noting that the profit exceeded his earlier estimate of Rs 100 crore. Overall, the company is focusing on improving its offerings amidst an increased demand in the hospitality sector.