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Oyo set to report its first-ever profit, here’s what CEO told senior management

oravel livesThe parent company of hospitality chain Oyo is reportedly set to report its first profit after tax (PAT) in the current quarter. oyoFounder and CEO of Ritesh Aggarwal Sent an email to the top management of the company.
“This year is the 10th year of OYO, which makes it important and special. I have news to share on this occasion. As per the current trajectory this quarter, Q2 FY24 is our first with an estimated profit after tax (PAT) Profitable quarter will be) more than Rs 16 crore,” Aggarwal said in the email seen by news agency PTI.
Talking about future growth prospects, Aggarwal said, “We see immense potential in future growth markets like the US and UK, where we look to build confidence in our patrons and meet their evolving needs. “are dedicated to using innovative technologies such as contactless check-in.” Customer needs.”
He also informed that as per the recently released annual report, the company’s operating revenue in FY2013 was Rs 5,463 crore as against Rs 4,781 crore in FY2012, showing a growth of about 14 per cent.
“We also reduced our losses to Rs 1,286 crore (FY 2022-23). ​​Our adjusted gross profit Margins expanded to 43 per cent of revenues and adjusted gross profit rose 23 per cent to Rs 2,347 crore in FY2013 from Rs 1,915 crore in FY2012. Our revenue from operations stood at approximately Rs 5,463 crore in FY2013, up from Rs 4,781 crore in FY2012, showing a growth of approximately 14 per cent, the Oyo founder and CEO said in an email.
He said the company has rationalized the number of hotels to 12,938 in FY2013 from 18,037 in FY2012.
“Our intention is to expand the hotel network again as the process of cutting off those that were inconsistent with our tech-enabled, monthly revenue optimizing operating model has begun. That being said; by June 2023, in the case of hotels We still have the largest footprint in India and SEA, compared to other full stack short-term accommodation players.
“Our total gross booking value (GBV) grew by 25% to approximately Rs 10,000 crore, of which GBV from the hotel business stood at approximately Rs 6,172 crore, showing a growth of 35 per cent year-on-year. GBV per store at hotels A record growth of 82 per cent from Rs 2,19,000 to Rs 3,99,000 in FY2013.”

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