OYO Results: Hotels chain operator earned ₹114.64 crore net profit in FY2024; Revenue drop 15% | Company Business News-OxBig News Network

OYO Results: OYO Hotels and Homes Pvt. Ltd., a leading operator in the hotels and hospitality sector, reported a net profit of ₹114.64 crore for the financial year 2023-24, marking a turnaround from the net loss recorded in 2022-23.

However, the company’s operational revenue declined by 15 per cent, falling to ₹1,112.83 crore as of March 2024, compared to ₹1,312.61 crore in the previous year, as per its official financial statements.

The company reported an EBITDA of ₹153 crore as of March 2024, compared to a loss of ₹204 crore during the same period last year. Notably, this marks the first time since 2020 that the company has achieved a positive EBITDA.

The company’s total revenue for March 2024 was ₹1,179 crore, compared to ₹1,400 crore during the same period last year.

In an earlier report, the hospitality major posted its first-ever post-tax profit (PAT) of ₹229 crore, as stated in the company’s annual report, in the financial year 2023-24 (FY24).

This follows eight consecutive quarters of positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The company’s adjusted EBITDA surged by 215 per cent during the year, reaching ₹877 crore, up from ₹277 crore in FY23.

Revenue for FY24 stood at ₹5,388 crore, reflecting a 1.37 per cent decline from ₹5,463 crore in FY23. Additionally, the company’s reported profits for FY24 significantly exceeded CEO Ritesh Agarwal’s earlier projection of ₹100 crore.

Oyo reported an earnings per share (EPS) of approximately ₹0.36 for FY24, a significant improvement compared to a loss of ₹1.93 per share in FY23. The company’s total expenses declined by around 13 per cent, dropping to ₹4,500 crore in FY24 from ₹5,207 crore in FY23.

Oyo expanded its hotel portfolio significantly in FY24, driven by strong business performance, rising demand, and improved market sentiment. Consequently, its inventory increased from 12,938 in FY23 to 18,103 in FY24.