Hospitality company OYO (Oravel Stays) has created a new record. For the first time, the company has earned a profit of Rs 100 crore in a year i.e. in FY24. OYO CEO Ritesh Agarwal has given this information through social media.
He wrote on the social media platform X that the company’s financial position is strong, including positive EBITDA for eight consecutive quarters and cash of about Rs 1,000 crore in the company’s balance sheet.
‘FY25 will be even more exciting’
OYO CEO Ritesh Agarwal said that global credit rating firm Fitch has also taken note of OYO’s excellent performance and excellent profits.
Aggarwal said, I see development not only in India with emerging trending travel such as premiumization, spiritual travel, business travel and conferences, destination weddings, but also in Nordic, Southeast Asia, US and UK markets. He also said that FY25 will definitely be even more exciting.
Fitch Ratings has also upgraded the credit rating of hospitality company OYO citing its strong financial profile. Fitch Ratings has raised the credit rating from ‘B-‘ to ‘B’ stable.
OYO CEO Ritesh Agarwal had said in the town hall that the company has recorded EBITDA of Rs 888 crore in the year 2024, which is more than three times the Rs 274 crore from FY23.
