OYO’s Q3 FY24 profit doubles to INR 30 Cr: CEO Agarwal

• ByStartup Story Team     |    February 9, 2024

Hospitality and travel-tech company Oyo, under the leadership of Founder & CEO Ritesh Agarwal, anticipates a steady increase in its Profit After Tax (PAT) following a twofold surge to Rs 30 crore in Q3 FY24, as disclosed during an employee town hall. This notable achievement comes after Oyo’s maiden profitable quarter in Q2 FY24, where it recorded a PAT of Rs 16 crore.

Agarwal conveyed, “In the upcoming quarters, we anticipate a consistent rise in PAT, driven by enhanced patron confidence, improved customer experience, and favorable market conditions conducive to sustained growth.” This statement reflects the company’s optimism about its future financial performance.

Moreover, Agarwal shared insights with the employees regarding Oyo’s financial milestones, revealing that the company achieved adjusted EBITDA of Rs 750 crore in FY23. Looking ahead, Oyo aims to surpass its earlier projection of Rs 800 crore for FY24, targeting an adjusted EBITDA of Rs 1,000 crore.

As Oyo continues to navigate the hospitality and travel-tech landscape, it aims to capitalize on factors such as increasing customer trust, enhanced service quality, and favorable market dynamics to drive its financial growth.

The company’s strategic focus on improving customer satisfaction and optimizing operational efficiency has positioned it for sustained success in the competitive hospitality sector.

Oyo’s commitment to innovation and excellence underscores its determination to deliver value to stakeholders and maintain its growth trajectory in the evolving market landscape.

The positive outlook expressed by Agarwal reflects Oyo’s confidence in its ability to capitalize on emerging opportunities and overcome challenges to achieve its financial goals.

By leveraging its technological prowess and customer-centric approach, Oyo aims to reinforce its position as a leader in the hospitality and travel-tech industry.

The company’s ambitious targets and strategic initiatives underscore its resilience and determination to drive sustainable growth in the ever-changing business environment.

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