IPO-bound OYO reports Rs 63 crore profit in April-September with Sebi

Travel tech firm OYO shared its financials for the first half of FY23 with market regulator Sebi on Monday, reporting a profit of Rs 63 crore as against a loss of Rs 280 crore a year ago.

In an addendum to update its IPO application filed with the Securities and Exchange Board of India (Sebi), the company said its revenues in the first half of FY23 grew by 24 per cent year-on-year to Rs 2,905 crore.

The adjusted EBITDA improved from a loss of Rs 280 crore in the first half of financial year 2022 to a profit of Rs 63 crore in the latest half-year period. Apart from improving operating performance, the company has a cash corpus of Rs 2,785 crore, the filing to Sebi showed.

The market regulator had given OYO the permission to submit updated financials before it examined and processed the company's application for IPO (Initial Public Offering).

The company's adjusted EBITDA for the second quarter grew to eight times from Rs 7 crore in first quarter to Rs 56 crore, primarily driven by a 23 per cent quarter-on-quarter rise in gross booking value per hotel during second quarter to around Rs 4 lakh, the filing showed.

The uptick in EBITDA wasn't enough to make the company profitable at a net level. It logged in a net loss of Rs 333 crore in the second quarter, though registering an improvement from Rs 414 crore loss reported in the first quarter of FY23.