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OYO Logs First-Ever Profit Of INR 229 Cr In FY24

Inc42 · 11m ago

OYO Logs First-Ever Profit Of INR 229 Cr In FY24

OYO reported a profit after tax (PAT) of INR 229.57 Cr for the fiscal year, a significant improvement from the INR 1,286.51 Cr loss in the previous year. The company's revenue from operations declined slightly by 1.3% to INR 5,388.78 Cr. However, it managed to reduce expenses by 13.5% to INR 4,500.97 Cr.

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Oyo reports first-ever PAT of Rs 229 crore

Economic Times

Economic Times · 11m ago

Oyo reports first-ever PAT of Rs 229 crore

Hospitality company Oyo has reported its first-ever profit after tax of INR 229 crore ($31 million) for the financial year 2023-24. Oyo also saw a 215% growth in adjusted EBITDA, reaching INR 877 crore ($118 million) during the same period. The company highlighted its global expansion efforts, particularly in Europe, the US, Southeast Asia, and the Middle East. Oyo plans to acquire Checkmyguest group, a premium rental homes company in Paris, as part of its growth strategy. Despite the pandemic, Oyo added new hotels to its inventory, leading to stable consolidated revenue for the year.

Oyo completes G6 Hospitality acquisition from Blackstone Real Estate for $525 million

Economic Times

Economic Times · 7m ago

Oyo completes G6 Hospitality acquisition from Blackstone Real Estate for $525 million

Hospitality startup Oyo has acquired G6 Hospitality, the parent company of Motel 6 and Studio 6 brands, for $525 million. This acquisition is expected to boost Oyo's earnings and significantly enhance its presence in North America. The transaction adds approximately 1,500 franchised hotels to Oyo's portfolio and is projected to generate a gross booking value of around $3 billion. Oyo's founder, Ritesh Agarwal, is also planning to increase his stake in the company by buying additional shares worth Rs 550 crore. Oyo reported its first-ever profit after tax of approximately Rs 229 crore in FY24.

Oyo posts Rs 5,464 Cr income in FY23, loses 1287 Cr

Entrackr

Entrackr · 1y ago

Oyo posts Rs 5,464 Cr income in FY23, loses 1287 Cr

Oyo reported a revenue of Rs 5,464 crore in FY23, growing at a rate of 14.3% compared to the previous fiscal year. The company has narrowed down its losses by 33.7% to Rs 1,287 crore. A significant portion of Oyo's revenue (75%) comes from outside India, while domestic income accounts for 25%. The firm aims to achieve its first-ever profit in the second quarter of FY24. Oyo has raised over $3.4 billion in funding and its largest stakeholder is SoftBank with a 42.62% stake.

OYO Turns Profitable With INR 229 Cr PAT In FY24 As Employee Costs Halve

Inc42 · 11m ago

OYO Turns Profitable With INR 229 Cr PAT In FY24 As Employee Costs Halve

OYO reported a net profit of INR 229.5 Cr in FY24, a significant improvement from the net loss of INR 1,286.5 Cr in the previous fiscal year. This profitability was mainly due to reduced expenses. However, the company's revenue from operations saw a slight decline of 1.3% to INR 5,388.7 Cr in FY24 compared to INR 5,463.9 Cr in the previous year. OYO also managed to cut down its total expenditure by 16% to INR 5,725.7 Cr in FY24.

OYO Looking To Triple PAT To INR 700 Cr In FY25: Ritesh Agarwal

Inc42 · 11m ago

OYO Looking To Triple PAT To INR 700 Cr In FY25: Ritesh Agarwal

OYO founder and CEO, Ritesh Agarwal, announced during a town hall meeting that the company's profit after tax for Q1 FY25 reached INR 132 Cr. Agarwal highlighted the rapid growth of OYO in international markets, with the opening of a new property every three days. In the previous fiscal year, OYO reported a net loss of INR 1,286.51 Cr, but in FY24, it achieved a profit after tax of INR 229.57 Cr.

Oyo to report maiden net profit of Rs 16 crore in ongoing quarter

Economic Times

Economic Times · 1y ago

Oyo to report maiden net profit of Rs 16 crore in ongoing quarter

Hospitality company Oyo's parent firm, Oravel Stays, claims to be on the brink of reporting its first-ever profit after tax (PAT) in the current quarter. Founder Ritesh Agarwal, in an email to top management, stated that Q2 FY24 is projected to be Oyo's maiden profitable quarter with a PAT of over INR 16 crore. The company achieved operational profitability in FY23, with an adjusted EBITDA of INR 277 crore. Oyo plans to expand its hotel network after pruning incompatible properties and aims to become an experience-focused offering.

Yudiz Posts INR 2.9 Cr Loss In FY24, Revenue Tanks In H2

Inc42 · 1y ago

Yudiz Posts INR 2.9 Cr Loss In FY24, Revenue Tanks In H2

Yudiz Solutions reported a net profit of INR 1.33 crore in the first half of FY24, but recorded a loss of INR 4.2 crore in the second half. The company's operating revenue declined to INR 10.3 crore in H2 FY24 from INR 15.9 crore in H1 FY24, representing a year-on-year decrease of 37.2%. In FY23, Yudiz achieved a net profit of INR 2.7 crore on an operating revenue of INR 27.3 crore.

IPO-bound OYO’s profit doubles QoQ to INR 30 Cr in Q3 FY24: CEO Ritesh Agarwal

Inc42 · 1y ago

IPO-bound OYO’s profit doubles QoQ to INR 30 Cr in Q3 FY24: CEO Ritesh Agarwal

IPO-bound hospitality unicorn OYO doubled its profit after tax to INR 30 Cr in Q3 FY24, according to CEO Ritesh Agarwal. This marks the startup's second consecutive profitable quarter and is attributed to enhanced customer experience, increased patron confidence, and favorable market conditions. OYO also reported a nearly 10% YoY revenue growth in the same period, alongside a 15% reduction in operating costs compared to the previous year. The platform's number of hotels increased by 27% to 17,000 over the past year. OYO has also repaid INR 1,620 Cr of its outstanding term loan.

Nykaa to pump in INR 150 Cr in its fashion vertical amid rising competition

Inc42 · 1y ago

Nykaa to pump in INR 150 Cr in its fashion vertical amid rising competition

Beauty and fashion e-commerce major Nykaa is planning to invest an additional INR 150 Cr in its fashion vertical, Nykaa Fashion Ltd. This strategic investment aims to provide long-term funds to Nykaa Fashion. Along with this, Nykaa will also acquire the lingerie and athleisure business from Nykaa Fashion for INR 229 Cr. The company reported a more than doubled net profit of INR 17.4 Cr in Q3 FY24, while its fashion vertical saw a 40% year-on-year growth in gross merchandise value. Nykaa faces competition from Myntra, Ajio, and Tata CliQ in the fashion e-commerce market.

Oyo posted Rs 229 crore net profit in FY24, claims founder Ritesh Agarwal

Economic Times

Economic Times · 11m ago

Oyo posted Rs 229 crore net profit in FY24, claims founder Ritesh Agarwal

Hospitality startup Oyo announced a net profit of Rs 229 crore for the fiscal year 2023-24, exceeding the founder's earlier estimate of Rs 100 crore. The audited results have been published after adoption by its board, but the financial statements for FY24 were not available with the Registrar of Companies. Oyo recently raised Rs 1,457 crore in funding at a valuation of about $2.5 billion. The company has rebounded from the pandemic and restructured its business, focusing on core growth markets. It also operates a premium brand of hotels called 'Sunday'.

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