Oravel Stays (OYO Rooms) Unlisted Shares
OYO's Milestone: First Profitable Year with Rs 100 Crore Net Income
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2 min read
OYO Reports First Profitable Year with Nearly Rs 100 Crore Earnings, Fitch Upgrades Credit Rating.
Expert Analysis:
Profitability: OYO reported its maiden profitable fiscal year (2023-24) with net earnings of nearly Rs 100 crore.
Growth Prospects: Founder Ritesh Agarwal emphasized growth in India and key international markets, including the Nordics, South East Asia, the US, and UK.
Credit Rating Upgrade:
Fitch Ratings upgraded OYO's credit rating due to improved financial performance and strong cash flows.
Fitch upgraded the rating of OYO's USD 660-million senior secured term loan facility due 2026 to 'B' from 'B-'.Fitch upgraded Oravel Stay's long-term foreign and local currency issuer default ratings to 'B' from 'B-' with a 'Stable' outlook, according to a statement.
Global Expansion: OYO added about 5,000 hotels and 6,000 homes globally in FY24.
Financial Performance: The company reported a PAT of Rs 99.6 crore (USD 12 million) and an adjusted EBITDA of Rs 888 crore (USD 107 million), up from Rs 274 crore (USD 33 million) in FY23.
Profitable Year:
OYO achieved its maiden profitable fiscal year with net earnings of nearly Rs 100 crore and an EBITDA of Rs 888 crore, indicating strong financial recovery.
Credit Rating Upgrade:
Fitch Ratings upgraded OYO's credit rating, highlighting robust cash flows and an improved financial profile.
Global Expansion:
OYO added 5,000 hotels and 6,000 homes globally, also potential strategic growth in key markets like India, the Nordics, South East Asia, the US, and UK.
Promising Future:
Driven by emerging travel trends and international expansion, OYO's future prospects appear promising.
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