Oravel subsidiary Oyo Hotels and Homes reports decline in revenue in FY24
Live MintOyo Hotels and Homes Pvt. As per information filed this week, with the Registrar of Companies, the company reported a profit of ₹11.5 crore over a loss of ₹27 crore in FY23, owing primarily to a reduction in total expenses by ₹6 crore and a positive growth in exceptional items from a loss the year before. But its operating revenue has also slipped dramatically, falling almost 80% in the last four fiscal years from FY20 when it was ₹5,538 crore to ₹1,113.8 crore in FY24. Navigating challenges Oyo Hotels—a wholly-owned subsidiary of Oravel Stays Ltd—is in the business of marketing, managing and operating hotels as well as long term and short term stay homes, guest houses and other accommodations. In the same week, Oravel's board authorised the issuance of 12,91,07,982 equity shares at a price of ₹42.6 per share, to raise ₹550 crore, as per a regulatory filing obtained from the Registrar of Companies to raise funds led by its founder Ritesh Agarwal's other business, Redsprig Innovation Partners.
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