New Delhi: OYO, a travel technology platform preparing for an IPO, is expecting its post-tax profit to triple to over Rs 700 crore this fiscal year, as announced by Founder and CEO Ritesh Agarwal to employees in a recent town hall meeting.
OYO recorded its inaugural post-tax profit of around Rs 229 crore for the financial year 2024 earlier this year. Sources told PTI that Agarwal revealed the company's preliminary net profit figures for Q1 and FY25 during the employee town hall meeting. Agarwal stated that OYO recorded a net profit of approximately Rs 132 crore in the first quarter of FY 2025, marking a recovery from the Rs 108 crore loss in the corresponding quarter of the previous fiscal year. He additionally mentioned that the company expects its profit after tax (PAT) to increase three times to more than Rs 700 crore in the ongoing financial year.
The firm's expected net profit of more than Rs 700 crore, driven by improved profitability in FY24, growth in important markets, and lower interest expenses, is likely to triple the Earnings Per Share (EPS) from 36 paise to around Rs 1, as outlined in a presentation at the town hall, boosting confidence in their goals.
During this quarter (Q1 FY 2025), our company generated an almost Rs 132 crore net profit (PAT). In this quarter, we observed that our hotel business is flourishing in important markets like India and South East Asia, and we are witnessing continuous expansion in the United States. We are thrilled to be leading the way in this promising travel revival. Agarwal was reported as saying that this paints a positive picture for the upcoming quarters.
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