OYO Turns Profitable With INR 229 Cr PAT In FY24 As Employee Costs Halve

IPO-bound OYO turned profitable in the financial year 2023-24 (FY24) as it managed to control its expenses by trimming its employee costs 👇

The unicorn posted a net profit of INR 229.5 Cr during the year as against a net loss of INR 1,286.5 Cr in the previous financial year. OYO announced last month that it became profitable in FY24.

However, its operating revenue remained almost flat during the year under review. Revenue from operations stood at INR 5,388.7 Cr in FY24, a decline of 1.3% from INR 5,463.9 Cr in the previous fiscal year, as per its filings with the Ministry of Corporate Affairs.

Including other income, OYO’s total revenue declined 1% to INR 5,541.5 Cr from INR 5,601.7 Cr in FY23.

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Credit - Inc42 Media