Bengaluru — OYO, the hospitality unicorn, has reported that its adjusted EBITDA grew 25x to Rs 175 crore in the first quarter of financial year 2024 (Q1 FY24). The company’s revenue also grew by 60% to Rs 3,100 crore in Q1 FY24.
Ritesh Agarwal, CEO and co-founder of OYO said that the company’s strong performance in Q1 FY24 is a testament to its focus on operational efficiency and cost optimization. He added that OYO is well-positioned to continue its growth momentum in the coming quarters.
“We are very pleased with our performance in Q1 FY24,” said Agarwal. “Our focus on operational efficiency and cost optimization has helped us to deliver strong growth in revenue and adjusted Ebitda. We are confident that we will continue to grow our business in the coming quarters.”
OYO’s adjusted EBITDA margin in Q1 FY24 was 5.6%, up from 0.2% in the same quarter last year. The company’s revenue per available room (RevPAR) grew by 20% in Q1 FY24.
OYO’s strong performance in Q1 FY24 is a sign that the company is on track to achieve its target of becoming profitable by the end of financial year 2025. The company is also planning to expand its presence in international markets, and it is targeting to reach 1 million rooms by the end of the financial year 2024.
Here are some of the factors that contributed to OYO’s strong performance in Q1 FY24:
- Strong demand: The hospitality industry is recovering from the pandemic, and there is strong demand for hotel rooms.
- Cost optimization: OYO has been able to optimize its costs, which has helped to improve its margins.
- International expansion: OYO has been expanding its presence in international markets, which has helped to boost its revenue.
OYO’s strong performance in Q1 FY24 is a positive sign for the company. The company is well-positioned to continue its growth momentum in the coming quarters.