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regular-article-logo Friday, 22 November 2024

OYO earns its first profit of Rs 229 crore in FY24

Ritesh Agarwal, OYO founder, acknowledged on X (formerly Twitter) on Wednesday that the numbers have exceeded his earlier estimate of ₹100 crore for the 2023-24 fiscal year

PTI New Delhi Published 15.08.24, 11:05 AM
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IPO-bound unicorn OYO reported its first-ever net profit at 229 crore during the financial year ended March.

Ritesh Agarwal, OYO founder, acknowledged on X (formerly Twitter) on Wednesday that the numbers have exceeded his earlier estimate of 100 crore for the 2023-24 fiscal year.

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“One big learning for me over the years is under-promise and over-deliver. Our audited results are published post-adoption by the board. The effort of OYOpreneurs has delivered 229 crore net profit, exceeding my earlier estimate of 100 crore,” Agarwal tweeted.

In a statement, OYO informed that the first-ever net profit comes on the back of eight consecutive quarters of positive adjusted EBITDA.

“OYO’s Adjusted EBITDA grew by 215 per cent to reach nearly 877 crore in FY24, up from about 277 crore in FY23,” the travel tech platform reported in its annual report.

Aiming for global expansion, the company said it has acquired K&J Consulting, which operates the premium rental homes company Checkmyguest Group, based in Paris, France, through a share swap arrangement.

To capitalise on this global growth, the company is issuing 7,92,84,312 “Series G Fully and Compulsory Convertible Cumulative Preference Shares” for the acquisition.

OYO’s earnings per share (EPS) stood at nearly 0.36 in FY24, a significant turnaround from the loss per share of about 1.93 reported in FY23, the company said.

“As a result, its inventory grew from 12,938 at the end of FY23 to 18,103 by the end of FY24 ... Hence, the company’s consolidated revenue from operations remained stable at nearly 5,388 crore against around 5,463 crore in FY23,” the report stated.

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