Oyo to report maiden profit in Q2: CEO Ritesh Agarwal

Oravel Stays, which operates hotel aggregator app Oyo, is set to report its first net profit in the second quarter of the current fiscal, according to an email sent by founder and CEO Ritesh Agarwal to the company’s top management on Tuesday.

Agarwal has said that the company is expected to book a profit after tax of over 16 crore during the July-September quarter.

The company, which has been preparing for an initial public offering, is expected to end the current fiscal with an adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of Rs 800 crore, nearly three times of the Rs 277 crore it had recorded in the previous fiscal.