Travel technology company Oyo said on Wednesday it had posted its first-ever profit after tax at Rs 229 crore for the fiscal year 2024, sharply rising from the previous year. The surge in net profit was riding on a 215% surge in adjusted EBITDA to Rs 877 crore from Rs 277 crore in FY23. Earnings per share stood at around Rs 0.36 in FY24 from a loss of Rs 1.93 per share in FY23.
Founder and Group CEO Ritesh Agarwal posted his reminiscence on social media: "One big belief that I have learned over the past—under promise and over deliver. So, there's much to do, but at the very same time, I feel really proud of what we are building together."
It has forayed into multiple geographies like Europe, US, Southeast Asia, and Middle East. Of these, Europe is one of the largest vacation rental markets in the world, offering a sizeable opportunity to the homes vertical, OVH.
It said it would issue 7,92,84,312 "Series G fully and compulsory convertible cumulative preference shares" for acquiring K&J Consulting, the owner of premium rental homes company Checkmyguest group, based out of Paris.
The presence was significant to it in one of the world's most-visited cities—Paris. "Over time, Oyo will acquire premium home inventory via a share swap. This is supplemented by a cash outlay that is quickly offset as the business generates significant cash flow," said a spokesperson.
Even though FY24 was much better in terms of demand conditions and an improvement in the market, new hotels were added, thus pushing the inventory of Oyo from 12,938 at the end of FY23 to 18,103 at the end of FY24.
It said that while new additions take time to reach full potential in revenue, its consolidated revenue from operations remained consistent at Rs 5,388 crore. The total costs for Oyo fell about 13% to Rs 4,500 crore in FY24 from Rs 5,207 crore in the year-ago period.
Read also | Bharti to Secure 24.5% Stake in BT for $4 Billion, Becoming Top Shareholder
Read also | Hero MotoCorp Sees 36% Surge in Q1 Net Profit, Reaches Rs 1,123 Crore
