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Oyo posts maiden annual net profit of Rs 100 crore in FY24: Ritesh Agarwal

Oyo, a travel technology platform, said in a post on X on Thursday that its founder and group CEO, Ritesh Agarwal, had recorded the company’s first-ever annual net profit of Rs 100 crore for FY24.

“We achieved approximately Rs 100 crore in net profit during our first-ever fiscal year. We have a cash position of approximately Rs 1,000 crore and we have our eighth straight quarter of positive Ebitda from January to March,” Agarwal stated. He clarified that the figures were provisional and that the audited financials will probably be similar.

He stated that he anticipates growth in the future not only in India but also in the US, UK, South East Asia, the Nordics, and other important Oyo markets.

“Our first cut financials of FY24 have me humbled as well, but a happy customer or a hotel partner brings the biggest smile on my face,” Agarwal stated.

He added that Oyo’s credit rating has been upgraded by international credit rating agency Fitch, which has noted the company’s improved performance and robust cash flows.

Fitch Ratings said earlier this week that it has enhanced the rating of Oravel Stays, the parent company of Oyo, citing the better financial profile of the hospitality company.

In a statement, Fitch raised Oravel Stay’s long-term foreign and local currency issuer default ratings from “B-” to “B” with a “Stable” outlook. Additionally, it raised the rating from “B-” to “B” on the $660 million senior secured term loan facility owing in 2026.

Oyo added over 6,000 residences and 5,000 hotels worldwide in FY24.

In addition, Oyo hopes to raise a minor round of funding from private investors, such as family offices, at a valuation of roughly $3–4 billion, a 60% decrease from its previously stated $10 billion valuation. With this, Oyo will become one among the unicorns that have lately raised money during a downturn, along with Pharmeasy and Udaan.

 

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