Hospitality unicorn Oyo, operated by Oravel Stays Limited, reported a loss of Rs 413.9 crore for Q1FY23, as it prepares internally for a public listing this year.
The company said it is has turned operationally profitable for the first time in the quarter-ended June before accounting for costs related to its employee stock option grants.
The company is now looking for an IPO in the third quarter of FY23 -- or before December 2022 -- provided market conditions remain conducive, people familiar with the matter said.
According to documents filed with markets regulator Sebi, Oyo's loss for FY22 came in at Rs 2,139.9 crore versus Rs 4,103.3 crore in the previous fiscal.
The SoftBank-backed firm reported its FY22 Ebitda loss at Rs 471.7 crore in FY22 versus a loss of Rs 1,744.7 crore in FY21.
With the additional filing, OYO is seeking to revive its plans for an initial public offering (IPO) in tough economic conditions. It had filed its draft red herring prospectus (DRHP) with Sebi last year in October. Earlier 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.
Source :- https://www.vccircle.com/oyoturns-operationally-profitable-in-q1fy23