IPO-bound Oravel Stays Ltd, the parent entity of hospitality chain OYO, has added over 1,000 hotels and 3,500 homes to its network in the June ended quarter of FY24.

The company reported its maiden Ebitda-positive quarter at ₹7 crore in Q1 FY23 and marked its first full year of Ebitda profitability in the same financial year.

The company continues to be cash flow positive in FY24 with current cash on balance sheet pegged at more than ₹2,600 crore.

In a town hall in March this year, Agarwal said that the company ended the fourth quarter with surplus cash flow of nearly ₹90 crore.

“Our Q1 adjusted EBIDTA of ₹175 crore makes it an exciting start to the year. If you annualise this outcome, it sets us up for ₹700 crore adjusted Ebitda this financial year, though, in all likelihood, and we will achieve or probably surpass our previously stated target of ₹800 crore. The Q1 adjusted Ebidta of ₹175 crore is nearly same as what we achieved in Q4 last year, which is seasonally the strongest quarter,” he said.

OYO in March refiled its Draft Red Herring Prospectus (DRHP) with SEBI, using the new pre-filing route. The issue size for the company’s public listing was reduced by almost half to between $400-600 billion, all of which will be raised through a primary issuance.