OYO set to report maiden profit in Q2
Oravel Stays Ltd, which operates travel tech brand OYO, is set to report its first-ever profit after tax of over Rs 16 crore in the current quarter ending September, according to an email sent by OYO’s founder and CEO Ritesh Agarwal to the company’s top management on Tuesday, sources said.
“This year marks the 10th year of OYO, making it momentous and special. I have news to share befitting this occasion. As per the current trajectory in this quarter, Q2 FY24 will mark our maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore,” Agarwal said in an email to the company’s leadership, seen by PTI.
Talking about future growth prospects, Agarwal said: “We see immense potential in future growth markets like the US & UK where we are dedicated to instilling confidence in our patrons and utilizing innovative technologies, such as contactless check-in, to cater to their evolving needs of the customer.”
He said the company rationalised the number of hotels in FY23 to 12,938 from 18,037 in FY22.
Oravel Stays Ltd had clocked an adjusted EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) of Rs 175 crore in the first quarter of financial year 2023-24 (Q1 FY24) between April-June, Agarwal had told employees in a townhall recently, sources said earlier.
https://www.moneycontrol.com/news/business/oyo-set-to-report-maiden-profit-in-q2-11435031.html
