Oyo's CEO, Ritesh Agarwal, announced on X that the hospitality firm has achieved its first-ever annual profit, posting a net gain of Rs 100 crore for the fiscal year 2023-24. Agarwal highlighted that this milestone marks the company's eighth consecutive quarter of positive EBITDA and noted a cash balance of approximately Rs 1,000 crore. However, he specified that these figures are provisional.

Agarwal also mentioned that Fitch, a global credit rating agency, has upgraded Oyo's credit rating in light of the company's improved performance and robust cash flows.

Founded in 2012 and supported by SoftBank, Oyo has not yet submitted its audited financial statements for the fiscal year 2023-24. Agarwal expressed optimism about future growth, citing emerging travel trends in India and key markets such as the Nordics, Southeast Asia, the US, and the UK. These trends include premiumisation, spiritual travel, business travel, conferences, and destination weddings.

While Agarwal did not disclose the exact revenue for 2023-24, ET previously reported that Oyo's revenue for the year was approximately $700 million (around Rs 5,800 crore). In contrast, the company reported a net loss of Rs 1,287 crore for the fiscal year 2022-23, a 34% reduction from the previous year, with revenues of Rs 5,464 crore.

Recently, Oyo withdrew its draft application for an initial public offering (IPO) with the Securities and Exchange Board of India, opting instead to seek funding from investors at a lower valuation. Media reports suggest that Oyo aims to raise $70-80 million (approximately Rs 600-650 crore).

Agarwal had informed employees in February that Oyo achieved Rs 30 crore in net profit during the third quarter of 2023-24, following its first profit in the second quarter.