The improvement in the company’s profit after tax is due to Oyo’s premiumization approach with the company’s launch of serviced hotels under its Townhouse brand and other hotel brands, Agarwal told employees, one of the people said. .
Also in the first quarter of this fiscal, Oyo reported a net profit of Rs 132 crore, taking the company’s total profit for the first six months of FY24 to Rs 291 crore. In comparison, Oyo had reported a net loss of Rs 91 crore during the same period last year.
These are unaudited figures. The company is yet to file audited financial statements for FY24 with the Registrar of Companies (RoC).
The SoftBank-backed company reported gross booking value of Rs 3,243 crore during the September quarter, up 17% from the same period last year. It recorded Rs 1,578 crore in revenue during the three months.
Queries sent to Oyo remained unanswered.
Discover the stories of your interest
Oyo is expected to cross Rs 2,000 crore in Ebitda in FY26, Agarwal told company employees. Earlier this year, the company raised Rs 1,457 crore, or around $175 million, in fresh capital, from domestic family offices, corporate executives and prominent stock exchanges. investors.
This round had a valuation of around $2.5 billion (a 72% cut from its peak valuation of $9 billion in 2021), marking the deal as a significant downside round.
The round was led by an entity set up by Agarwal, which pumped Rs 830 crore into the company. The rest of the capital was invested by the family office of Pharmacy of humanity promoters: Ramesh and Rajeev Juneja, ASK Financial Holdings and J&A Partners.
In September, Oyo announced its acquisition of G6 Hospitalitya US-based budget lodging franchise and parent company of the iconic Motel 6 and Studio 6 brands, from Blackstone for $525 million in an all-cash deal.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.