OYO Annual Report

Oravel Stays Limited (OYO Rooms) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Oravel Stays Limited

Oravel Stays Limited Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Assets
Non-current assets
Property, plant and equipment	522.95	551.8
Capital work-in-progress	11.09	-
Right of use assets	1,794.58	946.25
Goodwill	27,704.83	24,238.38
Other intangible assets	14,376.31	15,267.77
Intangible assets underdevelopment	1.37	3.74
Investment in joint ventures	2,958.13	3,477.48
Investments	14.09	750.96
Other financial assets	746.61	9,285.60
Non-current tax assets (net)	1,030.36	1,261.04
Other non- current assets	714.19	596.94
Deferred tax assets (net)	342.57	-
Current assets
Financial assets
Investments	1,581.17	872.78
Trade receivables	2,029.54	1,582.66
Cash and cash equivalents	4,058.47	7,267.59
Bank balances other than cash and cash equivalents	3,039.60	9,503.35
Other financial assets	1,516.38	1,498.78
Other current assets	1,992.49	2,219.20
Total assets	64,434.73	79,324.32
EQUITY AND LIABILITIES
Equity Share capital	1,338.76	1,328.12
Instruments entirely equity in nature	11.12	11.12
Securities premium	1,67,133.01	1,67,120.03
Retained earnings	-1,85,728.65	-1,87,135.41
Other reserves	35,853.89	34,597.93
Non-Controlling interests	-9,600.82	-10,096.05
Non-current liabilities
Borrowings	35,567.90	50,050.46
Lease liabilities	1,625.58	1,069.54
Other financial liabilities	143.47	225.42
Provisions	106.56	89.02
Deferred tax liabilities(net)	2,767.68	2,839.24
Other non-current liabilities	34.65	29.81
Current liabilities
Financial liabilities
Borrowings	461.82	664.46
Lease liabilities	785.97	1,561.60
Trade payables:
total outstanding dues of micro and small enterprises	22.61	37.57
total outstanding dues of creditor other than micro and small enterprises	9,610.24	9,313.02
Other financial liabilities	1,349.79	4,384.09
Provisions	67.01	82.27
Current tax liabilities(net)	311.29	162.86
Other current liabilities	2,572.85	2,989.22
Total equity and liabilities	64,434.73	79,324.32

Oravel Stays Limited Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Revenue from contracts with customers	53,887.89	54,639.45
Other income	1,527.96	1,377.59
Total income	55,415.85	56,017.04
Operating expenses	28,854.41	31,372.76
Employee benefits expense	7,443.82	15,488.40
Finance cost	8,438.18	6,815.80
Depreciation and amortization expense	2,003.46	2,802.85
Other expenses	10,517.95	11,517.14
Total expenses	57,257.82	67,996.95
Profit/(loss) before share of profit in joint ventures, exceptional items and tax	-1,841.97	-11,979.91
Share of profit after tax in joint ventures(net)	101.4	171.17
Profit/(loss) before exceptional items and tax	-1,740.57	-11,808.74
Exceptional items	-4,098.77	1,054.05
Profit/(loss) before tax	2,358.20	-12,862.79
Current tax	575	383.55
Deferred tax	-512.59	-381.16
Profit/(loss) for the year	2,295.79	-12,865.18
Other comprehensive income, net of tax
Net gain/(loss) on equity instruments through Other Comprehensive Income	-174.12	-84.76
Re-measurement gain on defined benefit plans	-19.95	35.78
Net other comprehensive income/(expense) not to be reclassified to profit or loss in subsequent periods	-194.07	-48.98
Other comprehensive income/(expense) to be reclassified to profit or loss in subsequent periods
Exchange differences on translation of financial statements of foreign operations (net)	523.39	404.58
Exchange difference on net investment in foreign operation(net)	-1,213.30	-1,131.45
Net other comprehensive income/(expense) not to be reclassified to profit or loss in subsequent periods	-689.91	-726.87
Total other comprehensive income/(loss),net of tax	-883.98	-775.85
Total comprehensive income/(loss)for the year, net of tax	1,411.81	-13,641.03
Profit/(Loss) for the year attributable to:
Equity holders of the Parent	2,195.28	-11,718.63
Non-controlling interest	100.51	-1,146.55
Other comprehensive income/(loss) for the year attributable to:
Equity holders of the Parent	-788.52	-1,086.89
Non-controlling interest	-95.46	311.04
Total comprehensive income/(loss)for the year attributable to:
Equity holders of the Parent	1,406.76	-12,805.52
Non-controlling interest	5.05	-835.51
Earning per share(in INR)
Basic	0.36	-1.93
Diluted	0.36	-1.93

Oravel Stays Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Cash flow from operating activities
Profit/ (loss) for the year	2358.20	-12862.79
Adjustment to reconcile loss before tax to net cash flows
Depreciation and amortization expenses	2,003.46	2,802.85
(Profit)/loss on sale of property, plant and equipment(net)	-18.76	-26.19
Gain on lease modifications/termination of lease contracts(net)	-	-26.44
Allowance/(Reversal) for expected credit loss	184.61	-166.31
Fair value loss/(gain) on financial instruments at fair value through profit or loss	-10.02	34.83
Interest income on security deposits	-7.69	-36.54
Profit on sale of current investments	-50.04	-106.09
Interest income	-727.24	-500.83
Employee stock option compensation	1,276.50	5,021.02
Interest expense	8,364.97	6,733.07
Share of profit in joint venture	-101.4	-171.17
Provision/liabilities no longer required written back	-181.85	-44.67
Interest on lease receivable	-18.37	-23.18
Exchange difference (net)	-389.92	-256.2
Reversal of impairment of right of use assets	-	-66.72
Exceptional items	-4,533.07	2,338.84
Cash flow before working capital changes	8,149.38	2,643.48
Movements in working capital:
Increase/(decrease)in trade payables	55.52	-3,305.12
Decrease in other non-financial liabilities	-457.16	-252.29
Decrease in provisions	-17.97	-67.61
Decrease in other financial liabilities	-434.16	-1,530.91
Decrease in other financial assets	105.99	1,196.08
(Increase)/Decrease in other non-financial assets	-474.75	1,153.25
(Increase)/Decrease in trade receivables	-748.94	1,916.10
Cash flows from operations	6,177.91	1,752.97
Taxes paid (net of refund)	-195.66	-334.62
Net cash flows from operating activities	5,982.25	1,418.35
Investing activities
Purchase of property, plant and equipment (including intangibles, capital advance, and CWIP) (net)	-360.25	-810.04
Proceeds from sale of property, plant and equipment	21.5	64.76
Purchase of investments	-5,775.41	-6,821.88
Proceed from sale of investments	5,697.25	7,974.22
Acquisition of subsidiaries, net of cash acquired	-210.66	-982.26
Interest received	840.9	356.08
Receipt on transaction with shareholders of joint venture	148.39	-
Redemption/(Investment) in fixed deposit (having maturity more than 3 and 12 months)	14,039.49	-653.35
Foreign exchange movement in investing activities(net)	-152.18	-215.78
Net cash flows from/ (used in) investing activities	14,249.02	-1,088.25
Financing activities
Proceeds from issuance of equity share capital	1.97	9.77
Interest paid	-6,732.59	-5,880.45
Repayment of long-term borrowings	-16,608.61	-529.46
Principal repayment of lease liabilities	-748.16	-691.3
Interest on lease liabilities	-207.45	-166.79
Repayment of short-term borrowings	-	-7.75
Foreign exchange movement in financing activities (net)	162.98	218.76
Net cash flows used in financing activities	-24,131.87	-7,047.22
Net(decrease) in cash and cash equivalents	-3,900.60	-6,717.11
Cash and cash equivalents at the beginning of the year	7,964.88	14,304.13
Effect of exchange rate on cash and cash equivalents	17.91	377.87
Cash and cash equivalents at the end of the year	4,082.19	7,964.88
Components of cash and cash equivalents
Cash on hand	0.49	0.15
Fund in transit	4.35	-
With banks:
On current accounts	2,602.14	5,150.43
On deposits accounts	1,451.49	2,117.01
Balance in restricted account	23.72	697.29
Total cash and cash equivalents	4,082.19	7,964.88

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Top of Form

Bottom of Form

Cash Flow from Operating Activities

Profit/(Loss) for the Year:

31-03-2024: 2358.20

31-03-2023: -12862.79

The company experienced a significant turnaround in profitability in 2024, moving from a substantial loss in 2023 to a positive profit in 2024. This indicates a marked improvement in operational performance.

Adjustments to Reconcile Profit Before Tax to Net Cash Flows:

Depreciation and Amortization Expenses:

31-03-2024: 2,003.46

31-03-2023: 2,802.85

Depreciation and amortization are non-cash expenses added back to the profit. The decrease from 2023 to 2024 reflects lower charges, possibly due to fewer assets being depreciated or changes in asset lifespans.

Profit/Loss on Sale of Property, Plant, and Equipment (Net):

31-03-2024: -18.76

31-03-2023: -26.19

The loss on the sale of property, plant, and equipment decreased, indicating better outcomes from asset sales or fewer asset disposals.

Gain on Lease Modifications/Termination of Lease Contracts (Net):

31-03-2024: -

31-03-2023: -26.44

No gains or losses from lease modifications or terminations were recorded in 2024.

Allowance/Reversal for Expected Credit Loss:

31-03-2024: 184.61

31-03-2023: -166.31

A reversal of expected credit losses in 2024 compared to an allowance in 2023 indicates an improvement in the quality of receivables or better debt recovery.

Fair Value Loss/Gain on Financial Instruments at Fair Value Through Profit or Loss:

31-03-2024: -10.02

31-03-2023: 34.83

The fair value loss in 2024 contrasts with a gain in 2023, reflecting changes in the value of financial instruments.

Interest Income on Security Deposits:

31-03-2024: -7.69

31-03-2023: -36.54

The reduction in interest income from security deposits indicates lower returns on these investments.

Profit on Sale of Current Investments:

31-03-2024: -50.04

31-03-2023: -106.09

The reduced loss on the sale of current investments shows improved performance or fewer sales of investments.

Interest Income:

31-03-2024: -727.24

31-03-2023: -500.83

Increased interest income in 2024 reflects higher earnings from financial assets or investments.

Employee Stock Option Compensation:

31-03-2024: 1,276.50

31-03-2023: 5,021.02

The significant decrease in stock option compensation reflects reduced equity compensation expenses.

Interest Expense:

31-03-2024: 8,364.97

31-03-2023: 6,733.07

Higher interest expenses in 2024 indicate increased borrowing costs or higher debt levels.

Share of Profit in Joint Venture:

31-03-2024: -101.4

31-03-2023: -171.17

Reduced losses from joint ventures suggest improved performance of these investments.

Provision/Liabilities No Longer Required Written Back:

31-03-2024: -181.85

31-03-2023: -44.67

The increase in write-backs of unused provisions indicates adjustments for previously overestimated liabilities.

Interest on Lease Receivable:

31-03-2024: -18.37

31-03-2023: -23.18

The decrease in interest income from lease receivables reflects changes in lease agreements or reduced receivables.

Exchange Difference (Net):

31-03-2024: -389.92

31-03-2023: -256.2

Higher exchange losses in 2024 indicate adverse currency fluctuations affecting cash flows.

Reversal of Impairment of Right of Use Assets:

31-03-2024: -

31-03-2023: -66.72

No reversal of impairment was recorded in 2024.

Exceptional Items:

31-03-2024: -4,533.07

31-03-2023: 2,338.84

The exceptional loss in 2024 reflects significant one-off expenses or losses, whereas 2023 had exceptional gains.

Cash Flow Before Working Capital Changes:

31-03-2024: 8,149.38

31-03-2023: 2,643.48

The substantial increase in cash flow before working capital changes indicates better core operational cash generation.

Movements in Working Capital:

Increase/(Decrease) in Trade Payables:

31-03-2024: 55.52

31-03-2023: -3,305.12

An increase in trade payables in 2024 suggests better payment terms or an increase in outstanding payables.

Decrease in Other Non-Financial Liabilities:

31-03-2024: -457.16

31-03-2023: -252.29

The decrease in other non-financial liabilities indicates a reduction in such obligations.

Decrease in Provisions:

31-03-2024: -17.97

31-03-2023: -67.61

A decrease in provisions reflects either a reduction in anticipated liabilities or a release of previously made provisions.

Decrease in Other Financial Liabilities:

31-03-2024: -434.16

31-03-2023: -1,530.91

Lower decrease in other financial liabilities in 2024 suggests reduced repayments or fewer new liabilities.

Decrease in Other Financial Assets:

31-03-2024: 105.99

31-03-2023: 1,196.08

The decrease in other financial assets in 2024 indicates reduced investments or cash inflows from asset sales.

Increase/(Decrease) in Other Non-Financial Assets:

31-03-2024: -474.75

31-03-2023: 1,153.25

The shift from an increase to a decrease in non-financial assets reflects changes in asset purchases or recoveries.

Increase/(Decrease) in Trade Receivables:

31-03-2024: -748.94

31-03-2023: 1,916.10

The decrease in trade receivables indicates improved collections or reduced sales on credit.

Cash Flows from Operations:

31-03-2024: 6,177.91

31-03-2023: 1,752.97

Improved cash flows from operations in 2024 reflect a better ability to generate cash from core business activities.

Taxes Paid (Net of Refund):

31-03-2024: -195.66

31-03-2023: -334.62

The reduction in taxes paid suggests either lower tax obligations or increased tax refunds.

Net Cash Flows from Operating Activities:

31-03-2024: 5,982.25

31-03-2023: 1,418.35

The substantial increase in net cash flows from operating activities demonstrates a significant improvement in cash generation from operations.

Cash Flow from Investing Activities

Purchase of Property, Plant, and Equipment (Net):

31-03-2024: -360.25

31-03-2023: -810.04

Reduced capital expenditure in 2024 reflects fewer investments in property, plant, and equipment.

Proceeds from Sale of Property, Plant, and Equipment:

31-03-2024: 21.5

31-03-2023: 64.76

Lower proceeds from asset sales in 2024 suggest fewer disposals or lower sales values.

Purchase of Investments:

31-03-2024: -5,775.41

31-03-2023: -6,821.88

A decrease in investment purchases indicates reduced spending on new investments.

Proceeds from Sale of Investments:

31-03-2024: 5,697.25

31-03-2023: 7,974.22

The reduction in proceeds from investments indicates fewer sales or lower values realized from investments.

Acquisition of Subsidiaries, Net of Cash Acquired:

31-03-2024: -210.66

31-03-2023: -982.26

Lower expenditure on acquisitions reflects reduced or fewer new subsidiary purchases.

Interest Received:

31-03-2024: 840.9

31-03-2023: 356.08

Higher interest receipts indicate increased returns on investments or higher interest-bearing assets.

Receipt on Transaction with Shareholders of Joint Venture:

31-03-2024: 148.39

31-03-2023: -

Receipt from transactions with joint venture shareholders reflects additional cash inflows related to joint ventures.

Redemption/(Investment) in Fixed Deposits (Maturity More Than 3 and 12 Months):

31-03-2024: 14,039.49

31-03-2023: -653.35

The significant increase in fixed deposit redemptions indicates a shift in investment strategy or increased liquidity.

Foreign Exchange Movement in Investing Activities (Net):

31-03-2024: -152.18

31-03-2023: -215.78

Reduced foreign exchange losses in 2024 reflect improved currency stability or hedging practices.

Net Cash Flows from/ (Used in) Investing Activities:

31-03-2024: 14,249.02

31-03-2023: -1,088.25

The positive net cash flow from investing activities in 2024 indicates a strong inflow of cash from investing activities, reversing the outflow observed in 2023.

Cash Flow from Financing Activities

Proceeds from Issuance of Equity Share Capital:

31-03-2024: 1.97

31-03-2023: 9.77

Lower proceeds from issuing equity reflect fewer new share issues or reduced capital raising activities.

Interest Paid:

31-03-2024: -6,732.59

31-03-2023: -5,880.45

Increased interest payments in 2024 indicate higher debt levels or higher interest rates on borrowings.

Repayment of Long-Term Borrowings:

31-03-2024: -16,608.61

31-03-2023: -529.46

Substantial repayment of long-term borrowings in 2024 suggests significant debt reduction efforts.

Principal Repayment of Lease Liabilities:

31-03-2024: -748.16

31-03-2023: -691.3

The increase in lease repayments indicates higher lease obligations or more lease agreements coming to term.

Interest on Lease Liabilities:

31-03-2024: -207.45

31-03-2023: -166.79

Increased interest on lease liabilities reflects higher lease obligations or interest rates.

Repayment of Short-Term Borrowings:

31-03-2024: -

31-03-2023: -7.75

No repayment of short-term borrowings in 2024, compared to a small repayment in 2023.

Foreign Exchange Movement in Financing Activities (Net):

31-03-2024: 162.98

31-03-2023: 218.76

Reduced foreign exchange gains in financing activities reflect changes in currency impacts on financing.

Net Cash Flows Used in Financing Activities:

31-03-2024: -24,131.87

31-03-2023: -7,047.22

The increase in net cash outflows from financing activities reflects substantial repayments of debt and lease obligations.

Net Decrease in Cash and Cash Equivalents

31-03-2024: -3,900.60

31-03-2023: -6,717.11

The decrease in cash and cash equivalents in 2024 was less severe compared to 2023, indicating a relatively improved cash position despite significant outflows.

Cash and Cash Equivalents at the Beginning and End of the Year

Beginning Cash and Cash Equivalents:

31-03-2024: 7,964.88

31-03-2023: 14,304.13

The beginning cash balance decreased from 2023 to 2024, reflecting cash usage or investment outflows.

Effect of Exchange Rate on Cash and Cash Equivalents:

31-03-2024: 17.91

31-03-2023: 377.87

Lower impact from exchange rate fluctuations in 2024 compared to 2023 indicates less currency volatility affecting cash balances.

Ending Cash and Cash Equivalents:

31-03-2024: 4,082.19

31-03-2023: 7,964.88

The ending cash balance decreased, reflecting the net decrease in cash and cash equivalents during the year.

Components of Cash and Cash Equivalents

Cash on Hand:

31-03-2024: 0.49

31-03-2023: 0.15

A small increase in cash on hand reflects a minor rise in physical cash held.

Funds in Transit:

31-03-2024: 4.35

31-03-2023: -

New inclusion of funds in transit in 2024 suggests pending transactions affecting cash balances.

With Banks:

On Current Accounts:

31-03-2024: 2,602.14

31-03-2023: 5,150.43

Decrease in current account balances indicates reduced available funds or increased outflows.

On Deposit Accounts:

31-03-2024: 1,451.49

31-03-2023: 2,117.01

Lower deposit account balances reflect decreased short-term investments or withdrawals.

Balance in Restricted Account:

31-03-2024: 23.72

31-03-2023: 697.29

Significant reduction in restricted account balances indicates fewer funds earmarked for specific purposes.

Total Cash and Cash Equivalents:

31-03-2024: 4,082.19

31-03-2023: 7,964.88

The overall decrease in total cash and cash equivalents aligns with the net decrease in cash flows, reflecting reduced liquidity at the end of 2024 compared to 2023.