Oyo reports first-ever PAT of Rs 229 crore
Oyo has reported its first-ever profit after tax (PAT) of Rs 229 crore for financial year 2024, according to the company's annual report.
This comes on the back of eight consecutive quarters of positive Adjusted EBITDA, the company stated. Oyo's Adjusted EBITDA grew by 215% to reach Rs 877 crore in FY24, up from Rs 277 crore in FY23.
The annual report mentioned Oyo's global expansion efforts, noting that «Among other geographies, the company has seen growth across Europe, the US, Southeast Asia and the Middle East.» Europe, being the largest market for vacation rentals, presents a significant opportunity for Oyo's homes business, OVH, the report stated.
The company said it is issuing 7,92,84,312 «Series G Fully and Compulsory Convertible Cumulative Preference Shares» for the acquisition of K&J Consulting, which operates premium rental homes company Checkmyguest group from Paris, France.
An Oyo spokesperson said “Checkmyguest has a dense presence in Paris for instance, which is one of the most visited cities in the world. «Oyo gets to acquire premium homes inventory primarily through a share swap over a period of time, in addition to some cash outgo for the acquisition, which gets quickly offset since it's a cash generating business,» the spokesperson said. «In addition, its two affiliated companies Studio Prestige, a Paris-based luxury apartments rental service, and Helpmyguest, a property design and renovation company, which are a part of the deal, provide them with the ability of upgrading or transforming the
