Global travel tech brand OYO is set to report its first-ever profit after tax at Rs 16 crore in the second quarter of the FY24.
In a letter to the company’s top management, seen by IANS, OYO founder Ritesh Agarwal shared that Q2 FY2024 will mark the company’s maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore.
Congratulating his team on OYO completing 10 years, Agarwal wrote, “As per the current trajectory in this quarter, Q2 FY24 will mark our maiden profitable quarter with a projected profit after tax of over Rs 16 crore.”
He said that the revenue from operations stood at Rs 5,463 crore in FY23, up from Rs 4,781 crore in FY22, marking a 14 per cent increase.
“We also narrowed our losses to Rs 1,286 crore. Our Adjusted Gross Profit Margin rose to 43 per cent of revenue and Adjusted Gross Profit increased by 23 per cent to Rs 2,347 crore in FY23 from Rs 1,915 crore in FY22,” Agarwal wrote.
The overall Gross Booking Value (GBV) increased by 25 per cent reaching the Rs 10,000 crore milestone in FY23.
Agarwal, during an employee town-hall earlier this year, had shared that OYO expects to clock adjusted EBITDA of nearly Rs 800 crore in FY2024.
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