Travel tech platform OYO reported financial year 2023-24 as the maiden profitable fiscal year with net earnings of nearly ₹100 crore, founder Ritesh Agarwal said on Thursday.
In a post on social media platform X, Agarwal said he sees growth ahead "not just in India" but also in OYO's other key markets of the Nordics, Southeast Asia, the US and the UK.
"While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," Agarwal shared.
"We had our maiden net profitable financial year at nearly ₹100 crore. This was our eighth consecutive quarter of positive EBITDA and we also have a cash balance of around ₹1,000 crore," he added.
He further highlighted that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, upgrading its credit rating.
"I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel and conferences, and destination weddings, but also in our other key markets of the Nordics, Southeast Asia, US and UK. FY25 will clearly be even more exciting," Agarwal stated.
He added that these are provisional numbers, but the audited financials will likely be close to these.
Earlier this week, Fitch Ratings announced an upgrade to the rating of OYO’s parent firm, Oravel Stays, citing the hospitality company’s enhanced financial profile.
Fitch upgraded Oravel Stay's long-term foreign and local currency issuer default ratings to 'B' from 'B-' with a 'Stable' outlook, according to a statement.
It also upgraded the rating on the company's $660 million senior secured term loan facility due 2026 to 'B' from 'B-'.
In FY24, OYO added about 5,000 hotels and 6,000 homes globally.
It also reported a PAT (Profit after Tax) of ₹99.6 crore ( $12 million) and an adjusted EBITDA of ₹888 crore ( $107 million) for the whole fiscal year, up from ₹274 crore ( $33 million) in FY23.