OYO, the IPO-bound travel tech unicorn, has reported its first-ever net profit of ₹229 crore for the financial year ending March 2024, according to its latest annual report.

Ritesh Agarwal, the founder of OYO, took to X (formerly Twitter) on Wednesday to celebrate the milestone. He acknowledged that the results surpassed his earlier projection of ₹100 crore for the fiscal year 2023-24. “One big learning for me over the years is under-promise and over-deliver. Our audited results are published post-adoption by the board. The effort of OYOpreneurs has delivered ₹229 crore net profit, exceeding my earlier estimate of ₹100 crore,” Agarwal tweeted.

The company also reported that this achievement follows eight consecutive quarters of positive Adjusted EBITDA, which grew by 215% to nearly ₹877 crore in FY24, up from around ₹277 crore in FY23.

OYO is also focused on global expansion and has recently acquired K&J Consulting, the parent company of the premium rental homes brand Checkmyguest Group based in Paris. This acquisition was made through a share swap arrangement involving 7,92,84,312 “Series G Fully and Compulsory Convertible Cumulative Preference Shares.”

OYO’s Earnings Per Share (EPS) for FY24 reached ₹0.36, marking a significant improvement from the loss per share of approximately ₹1.93 reported in FY23. The company’s inventory grew from 12,938 hotels at the end of FY23 to 18,103 by the end of FY24, reflecting strong business performance and increased demand.

Despite the growth in inventory, OYO’s consolidated revenue from operations remained stable at about ₹5,388 crore, compared to approximately ₹5,463 crore in FY23. The company’s total costs decreased by about 13% to ₹4,500 crore in FY24 from around ₹5,207 crore in the previous year, thanks to a more efficient cost structure, reduced general and administrative expenses, and optimized marketing spends.

OYO’s annual report highlighted that the reduction in costs contributed to its profitability, demonstrating the company’s ability to maintain topline growth while managing expenses effectively.