Oyo, a hotel and room services company in the country, has published its results report. The owner of the company himself has tweeted this information. Oyo made a net profit of around Rs 100 crore in the financial year 2023-24. The company has declared this as its first profitable year. Oyo owner Ritesh Aggarwal wrote on the social media platform
The owner of the company gave information.
Aggarwal said a satisfied guest or hotel partner makes me smile more. For the first time in the financial year 2023-24, we became profitable and earned a net income of approximately Rs 100 crore. Fitch Ratings had earlier this week downgraded the rating of Oyo’s parent company Oravel Stays to B from B. In fiscal 2023-24, Oyo added around five thousand hotels and six thousand houses to its platform.
While a delighted customer or hotel partner makes me smile more, our first financial cut of FY24 has also humbled me.
We had our first net profitable financial year of almost Rs 100 crore. This was our eighth consecutive quarter with positive EBITDA and
—Ritesh Agarwal (@riteshagar) May 30, 2024
The company is going to hold an initial public offering.
In March it was reported that the company planned to resubmit documents for the IPO. The reason behind this was the order given by SEBI. SEBI had recently asked some companies to resubmit IPO documents with new updates. It was then said that SEBI has now started showing a strict stance before approving any IPO. Because, according to experts, investors who invested money in the IPO of some companies suffered huge losses. After which SEBI returned the documents of many companies, including Oyo, and asked them to submit them again.
