Oyo posts first full-year profit in FY24 at Rs 100 crore

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MUMBAI: Oyo Hotels & Homes has recorded its first worthwhile 12 months in FY24, posting a web profit of almost Rs 100 crore, founder Ritesh Agarwal mentioned on Thursday.
“This (Jan-March quarter) was our eighth consecutive quarter of a positive ebitda (earnings before interest, taxes, depreciation and amortisation) and we also have a cash balance of about Rs 1,000 crore,” Agarwal mentioned in a publish on X, including that the numbers are provisional.Ebitda is a metric of operational profitability.
Oyo is amongst a batch of late-stage startups which have been working in the direction of decreasing money burn, constructing in operational efficiencies and attaining profitability. A world tech downturn and reset in startup valuations nudged firms to set their funds in order and chase prudent development. Investors have been sustaining a cautious stance and solely slicing cheques for firms which have at least been in a position to reveal a path to profitability.
Oyo not too long ago withdrew its draft IPO papers for the second time and is negotiating with buyers for a fundraise at a decrease valuation. The contemporary funding could possibly be at a 70% drop from its peak valuation of $10 billion, TOI reported final week. Insiders declare that Oyo plans to refile IPO papers after refinancing its $450-million mortgage.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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