New Delhi, Aug 14 (IANS) Travel tech firm Oyo on Wednesday reported its first-ever profit after tax (PAT) of Rs 229 crore for FY24, as adjusted EBITDA grew by 215 per cent to reach Rs 877 crore, up from Rs 277 crore in FY23.
The hospitality major reported earnings per share (EPS) at approximately Rs 0.36 in FY24, a turnaround from the loss per share of Rs 1.93 in FY23.
“One big learning for me over the years is under promise and over deliver. Lots of improvements still left to do. Proud of what we are building together,” Ritesh Agarwal, Founder and Group CEO, posted on X social media platform.
Among other geographies, “the company has seen growth across Europe, the US, Southeast Asia and the Middle East.” Europe, being the largest market for vacation rentals, presents a significant opportunity for Oyo’s homes business, OVH.
The company said it is issuing 7,92,84,312 “Series G fully and compulsory convertible cumulative preference shares” for the acquisition of K&J Consulting, which operates premium rental homes company Checkmyguest group from Paris.
A company spokesperson said that Checkmyguest has a dense presence in Paris for instance, which is one of the most-visited cities in the world.
“Oyo gets to acquire premium homes inventory primarily through a share swap over a period of time, in addition to some cash outgo for the acquisition, which gets quickly offset since it’s a cash generating business,” said the company.
In FY24, the company saw an increase in demand and improved market sentiment, added several new hotels. As a result, its inventory grew from 12,938 as on FY23 to 18,103 as on FY24.
“The new additions will require time to achieve full revenue potential, with financial returns expected to become evident going forward. Hence, the company’s consolidated revenue from operations remained stable at Rs 5,388 crore,” the company informed.
Oyo’s total costs decreased by about 13 per cent to Rs 4,500 crore in FY24 from Rs 5,207 crore in the previous year.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
