OYO clocks 1st-ever profit in FY24 at Rs 100 crore, says CEO Ritesh Agarwal

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OYO clocks 1st-ever profit in FY24 at Rs 100 crore, says CEO Ritesh Agarwal

New Delhi, May 30 (IANS) Ritesh Agarwal, Founder and CEO of global hospitality chain OYO Rooms, on Thursday said the company registered its first profitable financial year in 2023-24, with net profit at Rs 100 crore.Agarwal said in a post on social media platform X that these are provisional numbers, “but the audited financials will likely be close to these”.

He said the company’s maiden net profitable financial year was at nearly Rs 100 crore.

“This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of about Rs 1,000 crore,” Agarwal mentioned.

In his X post, Agarwal further said that the global credit rating firm Fitch has taken note of the company’s improved performance and strong cash flows, “upgrading our credit rating”.

The OYO CEO said that he sees growth ahead not just in India with emerging travel trends such as premiumisation, spiritual travel, business travel and conferences, and destination weddings but also in other key markets of Nordics, South East Asia, the US and UK.

“FY25 will clearly be even more exciting,” said Agarwal.

Meanwhile, the hospitality major will refile its IPO papers with the markets regulator Securities and Exchange Board of India (SEBI) after refinancing its existing $450 million Term Loan B (TLB) at a lower interest rate.

With this move, the company anticipates annual savings of $8-10 million in the first year and $15-17 million thereafter.

--IANS

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