Oyo Posts First Full Profitable Year In Fiscal 2024, Says Ritesh Agarwal
Hospitality major Oyo, registered as Oravel Stays Ltd., has posted its first-ever full profitable year, posting nearly Rs 100 crore in profit in the financial year 2023-2024, according to Founder and Chief Executive Officer Ritesh Agarwal.
"This was our eighth consecutive quarter of a positive Ebitda and we also have a cash balance of about Rs 1,000 crore," Agarwal said, commenting on the Gurugram-based unicorn's performance as it finally recovers from the lows it faced due to the Covid-19 pandemic.
He added that credit rating firm Fitch has upgraded Oyo's credit rating, taking note of "improved performance and strong cash flows."
"I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel, conferences, and destination weddings, but also in our other key markets of the Nordics, South East Asia, the US, and the UK. Fiscal 2025 will clearly be even more exciting," Agarwal said.
Fitch had upgraded Oyo's long-term default rating to 'B' from 'B-'. It had also upgraded Oyo's senior secured term loan facility to 'B' from 'B-', citing the company's improving financial profile driven by sustained Ebitda growth and a recent $195 million debt buyback.
At a recent town hall, Agarwal told employees that Oyo posted an adjusted Ebitda of Rs 888 crore for fiscal 2024, up from Rs 274 crore in last financial year.
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