Oravel Stays Ltd, which operates travel tech brand Oyo, had its maiden profitable quarter in Q2 FY24 with a PAT of Rs 16 crore.
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“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.
He also informed the staff that the company clocked adjusted EBITDA of Rs 750 crore in FY23 and expects to clock adjusted EBITDA of Rs 1,000 crore in FY24, surpassing its earlier projection of Rs 800 crore for FY24.
When contacted, Oyo spokesperson declined to comment.
Last year Oyo had prepaid Rs 1,620 crore debt through a buyback process that involved the repurchase of 30 per cent of the company’s outstanding Term Loan B (TLB).
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The IPO-bound firm, in its last public filing, had disclosed that it achieved operational profitability in FY23, clocking an adjusted EBITDA of Rs 277 crore.
Earlier, Agarwal had shared with employees that the company had turned cash flow positive in the fourth quarter of FY23.