NEW DELHI: IPO-bound hospitality firm OYO claims to have turned cash flow positive in the fourth quarter of financial year 2022-2023, which according to the company is the next important step towards becoming a profitable company.
The company said that it witnessed its first financial year of adjusted EBITDA profitability in FY2023 and going forward they expect to clock adjusted EBITDA of nearly Rs 800 crore in FY2024. These updates about the company’s financial health were shared by Ritesh Agarwal, founder & Group CEO of OYO in a recently held employee town hall.
The company ended Q4FY23 with Rs 90 crore in cash flow surplus. The company’s last reported treasury or cash corpus on the balance sheet is Rs2700 crore. According to a source, the improvement in financial metrics can be attributed to an increase in bookings across all key geographies, especially in the Europe homes business.