New Delhi, Aug 14 (IANS): Travel tech firm Oyo on Wednesday reported its first-ever profit after tax (PAT) of Rs 229 crore for FY24, as adjusted EBITDA grew by 215 per cent to reach Rs 877 crore, up from Rs 277 crore in FY23.

The hospitality major reported earnings per share (EPS) at approximately Rs 0.36 in FY24, a turnaround from the loss per share of Rs 1.93 in FY23.

“One big learning for me over the years is under promise and over deliver. Lots of improvements still left to do. Proud of what we are building together,” Ritesh Agarwal, Founder and Group CEO, posted on X social media platform.

Among other geographies, “the company has seen growth across Europe, the US, Southeast Asia and the Middle East." Europe, being the largest market for vacation rentals, presents a significant opportunity for Oyo’s homes business, OVH.

The company said it is issuing 7,92,84,312 "Series G fully and compulsory convertible cumulative preference shares” for the acquisition of K&J Consulting, which operates premium rental homes company Checkmyguest group from Paris.

A company spokesperson said that Checkmyguest has a dense presence in Paris for instance, which is one of the most-visited cities in the world.

“Oyo gets to acquire premium homes inventory primarily through a share swap over a period of time, in addition to some cash outgo for the acquisition, which gets quickly offset since it's a cash generating business,” said the company.

In FY24, the company saw an increase in demand and improved market sentiment, added several new hotels. As a result, its inventory grew from 12,938 as on FY23 to 18,103 as on FY24.

“The new additions will require time to achieve full revenue potential, with financial returns expected to become evident going forward. Hence, the company’s consolidated revenue from operations remained stable at Rs 5,388 crore,” the company informed.

Oyo’s total costs decreased by about 13 per cent to Rs 4,500 crore in FY24 from Rs 5,207 crore in the previous year.