OYO posts Rs 158 Cr profit in Q2, revenue at Rs 1,578 Cr: Ritesh Agarwal
OYO recently announced its acquisition of G6 Hospitality, a US-based economy lodging franchiser and parent company of the iconic Motel 6 and Studio 6 brands, from Blackstone.
Travel tech platform achieved a profit after tax of Rs 158 crore in the second quarter of the current fiscal ended September, Founder Ritesh Agarwal told employees in a townhall meeting on Thursday, according to sources.
Oravel Stays Ltd, the parent company of OYO, had posted a loss of Rs 50 crore in the same period of the previous year.
During the first quarter, OYO's profit after tax stood at Rs 132 crore.
This brings the company's H1 FY25 net profit to Rs 290 crore ($35 million), marking a turnaround from the Rs 91 crore net loss reported in the same period of the previous fiscal, the sources said.
In Q2 FY25, OYO's revenue surged to Rs 1,578 crore, from Rs 1,413 crore 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 for $525 million, in an all-cash transaction.
G6 Hospitality has nearly 1,500 economy lodging locations under the Motel 6 brand and the Studio 6 extended stay brand in the United States and Canada.
OYO plans to use its comprehensive technology suite, global distribution network, and marketing expertise to elevate the Motel 6 and Studio 6 brands. The aim is to drive sustained financial growth and expand their market presence.
Edited by Jyoti Narayan