ABOUT THE COMPANY
(OYO) ORAVEL STAYS LIMITED – The Company OYO Rooms was incorporated on 21 February 2012 and is an unlisted public limited company. OYO Rooms Founded by Ritesh Agarwal who is also the Chief Executive Officer is an online global platform that strengthens and empowers entrepreneurs and small businesses with Hotels and Accommodation facilities by providing full Technological support. Thereby increasing earning potentials and revenue and bringing ease in operations. The main motive of OYO Rooms is to render Accommodation services to its users which are trustworthy and affordable, instantly throughout the world.
OYO (ORAVEL STAYS LIMITED) Q3 FINANCIAL RESULTS
OYO Rooms reported an increase in the net profit of about Rupees 30 crores in the Q3 of FY 2024, which is 87.5% higher than its Q2 profit earnings standing at Rupees 16 crores. This was OYO Rooms’ first profitable quarter. The company has also reduced its cost of operations by 15% in Q3 as compared to Q3 FY 23. There is also a significant increase in the revenue growth of OYO Rooms by 10% in the December quarter on a YOY basis.OYO Rooms revenue from operations has also shown a significant upward trend with an increase of 14% standing at 5,463 crore Rupees. Going ahead with the growth momentum, OYO Rooms is now expecting to achieve a higher adjusted EBITDA of Rupees 1000 crores in FY 24 than its earlier estimation of Rupees 800 crores. In the previous year FY 23, the adjusted EBITDA was around rupees 275 crores.
The company is confident it to achieve a consistent increase in PAT (PROFIT AFTER TAX) due to favorable market conditions and improved customer experience. The total number of hotels working under the OYO network has also increased by 27% and crossed the 17000 mark over the previous year.OYO Rooms has also accomplished a Debt buyback of 1620 crore rupees which includes the repurchase of 30% of the company’s total outstanding term loan due on June 2026. The company is also planning to launch 400 properties in cultural and heritage cities of importance in India by the year-end 2024. Some of them are Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra – Vaishno devi, and the Char Dham route.