Oyo to report maiden net profit of Rs 16 crore in ongoing quarter
economictimes.indiatimes.comOyo, has claimed it is on the verge of reporting its first-ever profit after tax (PAT) in the ongoing quarter.
In an email to the company’s top management, founder Ritesh Agarwal shared that quarter two of the financial year 2024 (FY24) will mark the company’s maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore. ET has reviewed the email.
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During an employee townhall earlier this year, he had shared that Oyo expects to clock adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of nearly Rs 800 crore in FY24. Oyo has defined adjusted Ebitda as Ebitda adjusted for transformation expenses made on assets of its hotel partners.
In his email, Agarwal said Oyo has published its annual accounts for FY23 and that it has achieved operational profitability in FY23, clocking an adjusted Ebitda of Rs 277 crore. Agarwal attributed this achievement to the company's focus on core markets, centralisation of key functions, cost optimisation initiatives, divestment, and rationalisation of non-core businesses.
The company’s revenue from operations in FY23 stood at Rs 5,463 crore, up 14% from Rs
