OYO, the hospitality company, has achieved its first net profitable financial year, recording nearly Rs 100 crore in net profit for FY24, CEO, Ritesh Agarwal reveals. This performance has been supported by eight consecutive quarters of positive EBITDA and a cash balance of approximately Rs 1,000 crore.
Expressing his satisfaction, Ritesh Agarwal, CEO of OYO, said, "While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well."
The company's financial success has been acknowledged globally. The credit rating firm Fitch has recognised OYO's improved performance and strong cash flows, upgrading its credit rating. This reflects OYO's solid financial health and effective management.
Agarwal highlighted the growth opportunities ahead for OYO, focusing on emerging travel trends the company plans to address. "I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK."
Looking forward, OYO is likely to expand its footprint and enhance its service offerings to meet these market demands. The company aims to use its strong financial position to invest in these promising segments and regions, aiming for sustained growth and innovation.
As OYO moves into FY25, the company is optimistic about its future prospects. "FY25 will clearly be even more exciting," Agarwal concluded, indicating ambitious plans and new initiatives.
