Traveltech giant OYO's revenue from operations saw a 14.3% increase, reaching Rs 5,463.9 crore in FY23 from Rs 4,781.3 crore in FY22.
Despite its global presence with over 100 subsidiaries, only 25% of its FY23 revenue, Rs 1,383 crore, was domestic, with the rest from international services.
On the expenditure front, lease rentals and service components of leases constituted 42% of the total costs, which increased by 10.3% to Rs 2,843 crore in FY23.
Employee benefits, which saw a 16.8% reduction in FY23, were the second-largest expense. It's worth noting that 40% of the employee cost in the previous fiscal year was a non-cash ESOP component.
Other expenses, including advertising, commission, IT, and other operating costs, took the total expenditure to Rs 6,800 crore in FY23.
It's worth noting that OYO is not profitable but its effective cost management and a modest increase in scale led to a significant 33.7% reduction in Oyo's losses, bringing it down from Rs 1,941.5 crore in FY22 to Rs 1,286.5 crore in FY23.
As of March 2023, the startup reported trade receivables of Rs 158 crore and cash and bank balances of Rs 1,677 crore.
For the ongoing fiscal year, It claims to have registered an adjusted EBITDA of Rs 175 crore in Q1 FY24 and anticipates reporting its first-ever profit of Rs 16 crore in Q2 FY24.
Softbank remains the largest external stakeholder with a 42.62% share, followed by Peak XV (Sequoia) and Lightspeed. Ritesh Agarwal, Oyo's founder and CEO Ritesh Agarwal, holds a 33.15% stake in the hospitality giant.
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