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Oravel Stays which operates the hospitality chain OYO, has posted a profit after tax (PAT) of nearly Rs 100 crore in FY24, marking the eighth consecutive EBITDA positive quarter for the company.

In a post on social media platform X, OYO‘s founder Ritesh Agarwal said, “While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well. We had our maiden net profitable financial year at nearly Rs 100 crores. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of about Rs 1000 crores.”

Agarwal, had, in a townhall, announced OYO’s maiden net profitable year, posting a PAT of Rs 99.6 crore ($12M) in FY24, sources familiar to the matter told YourStory.

However, Oyo declined to comment on the matter.

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OYO may raise equity funds from institutional investors at $3-4B valuation: Ritesh Agarwal

Earlier this week, global rating agency Fitch upgraded OYO’s long-term foreign- and local currency issuer default rating to ‘B’ from ‘B-‘. The rating agency has also upgraded OYO’s senior secured term loan facility to ‘B’ from ‘B-‘, citing the company’s improving financial profile, driven by sustained EBITDA growth and a recent $195-million debt buyback.

“The global credit rating firm Fitch has also taken note of our improved performance and strong cash flows, upgrading our credit rating. I see growth ahead not just in India with emerging travel trends such as premiumisation, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK. FY25 will clearly be even more exciting,” the OYO founder said in the tweet.

In the company’s recent townhall, Agarwal mentioned that, OYO clocked an adjusted EBITDA of Rs 888 crore ($107 million) for the full fiscal year, up from Rs 274 crore ($ 33 million) in FY23. In FY24, the company added about 5,000 hotels and 6,000 homes globally.

The gross booking value (GBV) per storefront per month for hotels stood at Rs 3.32 lakh ($4,000). The travel tech platform’s gross margins improved in FY24, reaching Rs 2,508 crore ($302 million), up from Rs 2,350 crore ($ 283 million) in FY23. Operating costs also improved, decreasing from 19% of GBV in FY23 to 14% of GBV in FY24.