25% growth forecast on OYO PAT

New Delhi: Hospitality and travel-tech firm OYO expects a consistent rise in its Profit After Tax (PAT) after doubling it sequentially in Q3 FY24 to Rs30 crore, according to company Founder & CEO Ritesh Agarwal. He also informed the staff that the company clocked adjusted EBITDA of Rs750 crore in FY23 and expects to clock adjusted EBITDA of Rs1,000 crore in FY24, surpassing its earlier projection of Rs800 crore for FY24.

Agarwal shared the update about the two-fold increase in the company’s profit during an employee town hall on Friday. Oravel Stays Ltd, which operates travel tech brand OYO, had its maiden profitable quarter in Q2 FY24 with a PAT of Rs16 crore.

“In the upcoming quarters, we anticipate a consistent rise in PAT, driven by enhanced patron confidence, improved customer experience , and favourable market conditions conducive to sustained growth,” Agarwal told the employees.