The hospitality giant Oyo, which is planning to go public soon, reported a profit after taxes (PAT) of Rs 132 crore for the first quarter (Q1) of the financial year 2024-25 (FY25). This is up from a loss of Rs 108 crore in the same time last year, CEO and founder Ritesh Agarwal said at an employee town hall on Wednesday.
Agarwal said that the company thinks its PAT will triple to Rs 700 crore for the whole FY25.
Oyo’s Q1 FY25 Results
Oyo, the global hotel chain, has reported a significant turnaround in its financial performance for the first quarter of the financial year 2024-25 (FY25).
Key Highlights
- Profit After Tax (PAT): Oyo achieved a net profit of approximately Rs 132 crore in Q1 FY25, a substantial improvement from the Rs 108 crore loss reported in the corresponding period of the previous fiscal year.
- Revenue Growth: As a result of rising demand for its services in important markets, the company’s revenue increased significantly.
- Strategic Expansion: Oyo continues to expand its operations both domestically and internationally, focusing on markets with high growth potential.
- Technology Investments: The company remains committed to investing in technology to enhance its offerings and improve operational efficiency.
This good financial success shows that Oyo is following its strategic plans and can adjust to changing market conditions. Focusing on making money and long-term progress has been a big part of the company’s recovery.
While the Q1 results are good, it’s important to remember that the company’s long-term success will depend on how well it can keep this progress going and deal with future problems.
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OYO Plans to Achieve INR 700 Crore Net Profit by FY25
The goal for OYO for the financial year 2024-25 (FY25) is to make a lot more money. It is a big goal for the company to triple its net profit to an amazing INR 700 crore. This is a sign of its big growth plans. Ritesh Agarwal, the founder and CEO of OYO, told his workers about this goal during a town hall meeting.
OYO projects a three-fold increase in FY25 PAT, reaching Rs 700 crore📈💼#OYO #FinancialGrowth #PAT #BusinessNewshttps://t.co/Ox1Wkd4zxX
— Zee Business (@ZeeBusiness) August 28, 2024
Agarwal was sure that the company would be able to reach its goal, listing strategic initiatives and good performance as important reasons. He said that OYO’s focus on operational efficiency, strategic relationships, and growing its global reach were what made this goal possible.
