NEW DELHI: Hospitality firm Oyo, operated by Oravel Stays, on Monday, filed fresh financial documents with market regulator Sebi, as it eyes a public listing later this year or early 2023.
The document shows cost cuts, reduced losses and picks up in business activity post the covid-19 to the investor community who have been avoiding loss-making technology stocks such as Paytm, Zomato and CarTrade.
In the fresh document, the Softbank-backed firm reported a loss of Rs 413.9 crore for Q1FY23 but claimed to have turned operationally profitable for the first time in the same quarter before accounting for costs related to its employee stock option grants. Oyo reported an adjusted Ebitda (earnings before interest, taxation, depreciation and amortization) of Rs 7.26 crore before ‘share-based expenses’.
Oyo’s loss for the full financial year 2022 (FY22) came in at Rs 2,139.9 crore, as against Rs 4,103.3 crore in the previous financial year (FY21). Its adjusted Ebitda loss came at Rs 471.7 crore in FY22, compared to a loss of Rs 1,744.7 crore in FY21, the filing paper said.
Oyo also highlighted that its general and administrative expenses decreased by 44.4 per cent from Rs 926 crore in FY21 to Rs 515 crore in FY22. Oyo’s revenue from contracts with customers increased by 20.7 per cent year-on-year to Rs 4,781.3 crore in FY22. Its revenue from contracts with customers for the three-month period ended June 30, 2022, was Rs 1,459.3 crore.
The company is now looking for an IPO in the third quarter of FY23 when investor sentiments are high in the backdrop of the festive season, said a source requesting anonymity. However, it may get pushed to early 2023, depending on the necessary clearance by market regulator Sebi, he added.
Oyo had first filed its draft red herring prospectus (DRHP) with Sebi last year in October and in May 2022, it had sought Sebi’s permission to include restated financial statements for the six months ending September for fiscal years 2022, 2021 and 2020.
The company, as per reports, delayed the public market debut initially planned for September 2022 at a lower valuation of around USD 7-8 billion versus the earlier planned figure of USD 11 billion.
