OYO's income up 14% to Rs 5,601 Cr in FY23 as losses shrink 34%
As per the financial statement filed by its parent Oravel Stays Ltd, OYO's loss stood at Rs 1,286.5 crore in FY23—a considerable 34% decline from the Rs 1,941.5 crore loss incurred in the previous fiscal year.
SoftBank-backed hospitality technology platform's revenue from operation grew 14.2% to Rs 5,463.9 crore in FY23 from Rs 4,781.3 crore earned in the preceding financial year. Its total income stood at Rs 5,601 crore.
As per the financial statement filed by its parent Oravel Stays Ltd, the company's loss stood at Rs 1,286.5 crore in the financial year ended March 2023—a considerable 33.7% decline from Rs 1,941.5 crore loss incurred in FY22.
The Guguram-headquartered company's expenses declined marginally and totalled Rs 6,799.6 crore in FY23. While unspecified expenses comprised the major portion of OYO's expenses at Rs 4,288.9 crore, employee benefit expenses stood at Rs 1,548.8 crore—down nearly 17% from Rs 1,861.7 crore in FY22.
The company reported an adjusted EBITDA of Rs 63 crore in the first half of FY23 in its filing with the Securities and Exchange Board of India (SEBI) in an update to its Draft Red Herring Prospectus (DRHP).
Earlier, OYO Founder and CEO Ritesh Agarwal told the company's top management in an email sent that the hospitality unicorn is set to report its first-ever profit after tax of over Rs 16 crore in the quarter ended September 30, 2023.
"This year marks the 10th year of OYO, making it momentous and special. I have news to share befitting this occasion. As per the current trajectory in this quarter, Q2 FY24 will mark our maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore," Agarwal said in an email to the company's leadership, according to PTI.
Further, Oravel Stays Ltd had clocked an adjusted EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) of Rs 175 crore in the first quarter of the financial year 2023-24 (Q1 FY24) between April-June, Agarwal had told employees in a townhall recently.
Edited by Kanishk Singh