- Thursday, October 24, 2024
This brings the company’s H1 FY25 net profit to ₹2.9 billion, marking a turnaround from the ₹910 million net loss reported in the same period of the previous fiscal
By: Shajil Kumar
TRAVEL tech platform OYO achieved a profit after tax of ₹1.58 billion (£14.49 million) in the second quarter of the current fiscal ended September, Founder Ritesh Agarwal told employees in a town hall on Thursday, sources said.
Oravel Stays Ltd, the parent company of OYO, had posted a loss of ₹500 million (£4.58m) in the same period of the previous year.
During the first quarter, OYO’s profit after tax stood at ₹1.32 billion (£12.10m).
This brings the company’s H1 FY25 net profit to ₹2.9 billion (£26.59m), marking a turnaround from the ₹910 million (£8.34m) net loss reported in the same period of the previous fiscal, the sources said.
In Q2 FY25, OYO’s revenue surged to ₹15.78 billion (£144.68m), from ₹14.13 billion (£129.55m) in Q1.
OYO recently announced its acquisition of G6 Hospitality, a US-based economy lodging franchisor and parent company of the iconic Motel 6 and Studio 6 brands, from Blackstone. (PTI)
