OYO reports ₹1.58bn net profit in Q2: Founder Ritesh Agarwal

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

• Shajil Kumar
• 24 October, 2024

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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)