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OYO reports its first-ever annual profit of Rs 229 crore in FY24

Oravel Stays Limited

Created at 14 Aug 2024 01:05

The travel technology startup OYO announced in a statement on August 14 that it has achieved its first-ever profit after tax (PAT) of Rs 229 crore for FY24.

This comes on the back of eight consecutive quarters of positive Adjusted EBITDA, which grew 215 percent to Rs 877 crore in FY24 from Rs 277 crore in the previous year.

The hotel aggregator's earnings per share (EPS) were roughly Rs 0.36 in FY24, compared to a loss per share of Rs 1.93 the previous year, it added.

The consolidated revenue remained stable at Rs 5,388 crore, compared to Rs 5,463 crore in FY23.

Total costs fell by roughly 13% to Rs 4,500 crore as a result of a tighter cost structure "by reducing general and administrative spend and optimizing marketing spends while maintaining topline growth," the company stated.

https://www.moneycontrol.com

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