Hotel Chain Unicorn, OYO, said that it made ₹229 crore in its first-ever net profit for the fiscal year that concluded in March.
The founder of OYO, Ritesh Agarwal, admitted on X (formerly Twitter) on Wednesday that the figures for the 2023–24 fiscal year have surpassed his initial projection of ₹100 crore.
One big learning for me over the years is under promise and over deliver.
Our audited results are published post adoption by board. The effort of OYOpreneurs has delivered INR 229 cr net profit, exceeding my earlier estimate of INR 100cr. Now with Rs 0.36 EPS done, now to Rs 1… https://t.co/xoLO8Ir01n
— Ritesh Agarwal (@riteshagar) August 14, 2024
Agarwal tweeted, “One big learning for me over the years is under-promise and over-deliver. Our audited results are published post-adoption by the board. The effort of OYOpreneurs has delivered ₹229 crore net profit, exceeding my earlier estimate of ₹100 crore.”
OYO said in a statement that the first-ever net profit was the result of eight straight quarters with positive adjusted EBITDA.
The firm announced that it has purchased K&J Consulting, which runs the high-end rental housing company Checkmyguest Group, located in Paris, France, through a share swap agreement, to expand globally.
The firm is issuing 7,92,84,312 “Series G Fully and Compulsory Convertible Cumulative Preference Shares” for the purchase to take advantage of this worldwide expansion.
According to the firm, OYO’s earnings per share (EPS) in FY24 was over ₹0.36, a considerable improvement over the almost ₹1.93 loss per share recorded in FY23.
Thus, at the end of FY24, its inventory had increased from 12,938 at the end of FY23 to 18,103. As a result, the company’s overall operating revenue was consistent at around ₹5,388 crore as opposed to approximately ₹5,463 crore in FY23, according to the report.