Oyo, preparing for its IPO, is set to achieve its maiden profitable quarter in Q2 FY24, expecting a profit after tax (PAT) of Rs 16 crore, as per CEO Ritesh Agarwal’s email to top management. Oyo had already achieved operational profitability in FY23, driven by core market focus, centralized functions, cost-efficiency, divestments, and non-core business streamlining, resulting in an Adjusted EBITDA of approximately Rs 277 crore. FY23 saw a 14% increase in revenue to around Rs 5,463 crore, and losses narrowed to Rs 1,286 crore. Oyo’s Adjusted Gross Profit Margin reached 43%, while hotels decreased to 12,938, emphasizing improved customer service. Agarwal highlighted a shift to an “experience-first” approach and potential growth in the US and the UK.
Oyo Anticipates First Profitable Quarter in Q2 FY24 with Rs 16 Crore PAT
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