Online travel aggregator OYO turned profitable for the first time in FY2023-24, founder Ritesh Agarwal said on social media platform X.
The company recorded a net profit of nearly ₹100 crore, a significant turnaround from a loss of ₹1,286.5 crore in FY23. Agarwal said the figures are provisional but the audited financials are expected to be close.
He added that OYO achieved its eighth consecutive quarter of positive EBITDA (earnings before interest, taxes, depreciation, and amortisation) and boasts of a cash balance of around ₹1,000 crore.
This improved performance was recognised by global credit rating agency Fitch, which upgraded OYO’s parent company Oravel Stays’ long-term foreign and local currency issuer default ratings to ‘B’ from ‘B-’. Fitch also cited Oravel Stays’ strong cash flow as a reason for the upgrade.
Agarwal expressed optimism for future growth, not only in India with emerging travel trends, but also in key international markets such as Nordics, Southeast Asia, the US, and the UK.
The company reportedly added 5,000 hotels and 6,000 homes globally in FY24. It also achieved a PAT (profit after tax) of ₹99.6 crore and an adjusted EBITDA of ₹888 crore — a significant improvement from FY23.
