Introduction
In a surprising twist, OYO, the travel tech firm that disrupted the hospitality industry, has achieved its first-ever profit after tax (PAT) of Rs 229 crore for FY24. This significant milestone marks a remarkable turnaround from the Rs 1,286 crore loss it reported in the previous fiscal year. Let’s explore the details and implications of this financial feat.
Key Highlights
Profit After Tax (PAT):
OYO’s PAT for FY24 stands at Rs 229 crore, signaling a positive shift in its financial trajectory.
This achievement comes after eight consecutive quarters of positive Adjusted EBITDA, which grew by an impressive 215 percent to Rs 877 crore in FY24.
Cost Optimization and Exceptional Items:
OYO’s success story owes much to stringent cost-cutting measures. The company streamlined its cost structure by reducing general and administrative expenses.
Exceptional items, including a Rs 240 crore fair value gain from acquiring Oyo Hotels Cayman and a Rs 249 crore reversal of financial liability, bolstered the bottom line.
Earnings Per Share (EPS):
OYO’s EPS rose to Rs 0.36 in FY24, a significant improvement from the loss per share of Rs 1.93 in the previous year.
Consolidated Revenue:
While the consolidated revenue remained stable at Rs 5,388 crore (slightly down from Rs 5,463 crore in FY23), the focus on profitability is evident.
Employee Costs and Interest Payments:
OYO reduced spending on salaries and employee benefits by nearly 52 percent, bringing it down to Rs 744 crore in FY24.
The company paid Rs 844 crore (approximately $100 million) in interest during FY24 on the $660 million term loan secured in FY22.
OYO’s Expansion Plans
OYO isn’t resting on its laurels. Founder Ritesh Agarwal recently invested Rs 830 crore in the company, demonstrating his confidence in its growth prospects. Additionally, OYO aims to expand its presence globally, with key markets in mind, including the Nordics, South East Asia, the US, and the UK.
Where to Invest in OYO Shares
If you’re intrigued by OYO’s success and want to explore investing in its shares, consider WWIPL. They offer opportunities to invest in unlisted shares, allowing you to be part of OYO’s journey.
Ready to invest in Oyo Share Price? Visit WWIPL and seize the opportunity!
Feel free to reach out if you have any more questions or need further assistance. Happy investing! 😊📈
Disclaimer: The information provided here is for general understanding and should not be considered financial advice. Always consult a professional before making investment decisions.
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