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OYO reports its first-ever annual profit of Rs 229 crore in FY24, a significant turnaround from the previous year’s loss of Rs 1,286 crore.
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The profit is attributed to cost cuts and a boost from exceptional items, including a fair value gain from acquiring Oyo Hotels Cayman.
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OYO’s earnings per share rose to Rs 0.36 in FY24, against a loss per share of Rs 1.93 in the previous year.
OYO, a travel tech company, has reported its first-ever annual profit of Rs 229 crore for the financial year 2024. This is a significant turnaround from the previous year’s loss of Rs 1,286 crore. The company’s profit was driven by cost cuts and a boost from exceptional items, including a fair value gain from acquiring Oyo Hotels Cayman.
OYO’s earnings per share rose to Rs 0.36 in FY24, against a loss per share of Rs 1.93 in the previous year. The company’s total costs decreased by about 13% to Rs 4,500 crore, due to a leaner cost structure and optimized marketing spends. OYO’s inventory grew from 12,938 in FY23 to 18,103 in FY24.
The company has also announced its plans to expand its presence in Europe by acquiring a French vacation rental company. OYO’s founder, Ritesh Agarwal, has invested Rs 830 crore in the company through his wholly-owned entity, Patient Capital. This investment brings the total funding for the latest Series G round to Rs 1,457 crore.
