Oyo posts maiden profitable year with Rs 100 cr PAT in FY24: Ritesh Agarwal

Oravel Stays, the parent company of hospitality major Oyo, became profitable for the first time in a financial year, posting a profit-after-tax (PAT) of Rs 99.6 crore ($12 million) in 2023-24, said Founder and Chief Executive Officer Ritesh Agarwal.

Agarwal, in a post on X, said he expects growth in not just India, but other key markets like Nordics, South East Asia, the US and the UK.

“We had our maiden net profitable financial year at nearly Rs 100 crore. This was our eighth consecutive quarter of positive earnings before interest, taxes, depreciation, and amortisation (Ebitda), and we also have a cash balance of about Rs 1,000 crore,” his post read.