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 Oravel Stays Limited - Annual Report 2022-23

  1. Oravel Stays Limited: Financial Snapshot and Performance Analysis (Standalone)

    Balance Sheet as of March 31, 2023

    Assets:

    1. Non-current assets:

      • Property, plant, and equipment: ₹5.33 million
      • Goodwill: ₹306.90 million
      • Other intangible assets: ₹289.76 million
      • Investment in subsidiaries, joint ventures, and LLPs: ₹1,42,859.07 million
      • Financial assets and non-current tax assets: ₹2,538.92 million
      • Other non-current assets: ₹558.05 million
      • Total Non-current assets: ₹1,46,560.72 million

    2. Current assets:

      • Investments, trade receivables, cash and equivalents, and other financial assets: ₹7,205.92 million
      • Other current assets: ₹384.89 million
      • Total current assets: ₹8,324.81 million

    Total assets: ₹1,54,885.53 million

    Equity and Liabilities:

    Equity:

    • Equity share capital: ₹1,328.12 million
    • Securities premium: ₹1,67,120.39 million
    • Retained earnings: (₹19,072.23) million
    • Other reserves: ₹4,691.14 million
    • Total equity: ₹1,54,078.56 million

    Liabilities:

    • Non-current liabilities: ₹31.63 million
    • Current liabilities: ₹775.34 million
    • Total liabilities: ₹806.97 million

    Total equity and liabilities: ₹1,54,885.53 million

    Profit and Loss Statement for the Year Ended March 31, 2023

    Income:

    • Revenue from contracts with customers: ₹254.47 million
    • Other income: ₹886.48 million
    • Total income: ₹1,140.95 million

    Expenses:

    • Employee benefits, finance cost, depreciation, and other expenses: ₹5,577.25 million

    Loss before exceptional items and tax: (₹4,436.29) million

    Exceptional items: ₹209.94 million

    Loss for the year: (₹4,646.23) million

    Comprehensive loss for the year: (₹4,634.12) million

    Loss per equity share:

    • Basic loss per share: (₹0.77)
    • Diluted loss per share: (₹0.77)

    Conclusion:

    Oravel Stays Limited faced a loss for the fiscal year 2022-23, influenced by significant expenses. The balance sheet indicates a substantial investment in subsidiaries and joint ventures, while the income statement reflects efforts to diversify revenue sources. The company's financial health should be closely monitored, considering the comprehensive loss and its impact on various financial metrics.

  2. Oravel Stays Limited: Statement of Changes in Equity (Standalone) - Year Ended March 31, 2023

    A. Equity Share Capital

    No. of SharesAmount (INR Million)
    As at April 1, 202127,674
    Issued during the year9,797
    Adjustment for sub-division2,49,759
    Bonus shares issued1,32,19,57,848
    Conversion of series F1 preference shares50,00,000
    As at March 31, 20221,32,72,45,078
    Issued during the year219
    Bonus shares issued8,78,670
    As at March 31, 20231,32,81,23,967

    B. Instruments Entirely Equity in Nature

    No. of SharesAmount (INR Million)
    As at April 1, 20211,18,313
    Shares issued during the year80
    Adjustment for sub-division10,65,537
    Conversion of series F1 preference shares(1,250)
    As at March 31, 202211,82,680
    As at March 31, 202311,82,680

    C. Other Equity

    ParticularsSecurities PremiumEquity-Settled Employee Benefit ReserveCapital Redemption ReserveCapital ReserveRetained Earnings (including OCI)Total
    As at April 1, 20211,67,642.942,140.980.02(8,457.92)(7,756.87)1,53,589.88
    Loss for the year----(6,681.24)(6,681.24)
    Total Comprehensive Income----(6,681.24)(6,681.24)
    Shares issued, stock options, etc.-6,479.44---6,479.44
    Addition on issue of equity shares----21.4921.49
    Addition on issue of preference shares----343.77343.77
    Addition on exercise of stock options----202.14202.14
    Transfer from ESOP reserve----481.08481.08
    Transfer to securities premium(481.08)----(481.08)
    Issue of bonus shares(1,321.96)----(1,321.96)
    Bonus shares on conversion of preference shares(5.00)----(5.00)
    Adjustment on share warrant settlement(264.27)---(20.73)(285.00)
    Cumulative preference dividend----(0.00)(0.00)
    As at March 31, 20221,67,100.198,139.340.02(8,457.92)(14,438.11)1,52,343.53
    Loss for the year----(4,634.12)(4,634.12)
    Total Comprehensive Income----(4,634.12)(4,634.12)
    Addition on exercise of stock options----9.779.77
    Share-based payment expenses-5,021.02---5,021.02
    Transfer from ESOP reserve----11.3111.31
    Transfer to securities premium-(11.31)---(11.31)
    Issue of bonus shares(0.88)----(0.88)
    Cumulative preference dividend----(0.00)(0.00)
    As at March 31, 20231,67,120.3913,149.050.02(8,457.92)(19,072.23)1,52,739.32

    The accompanying notes are an integral part of the standalone financial statements.

    As per the report dated July 12, 2023, by S.R. Batliboi & Associates LLP, on behalf of the board of directors of Oravel Stays Limited.

  3. Oravel Stays Limited - Standalone Statement of Cash Flow (Year Ended March 31, 2023) In Indian Rupees Millions A. Cash Flow from Operating Activities: Loss Before Tax: (4,646.23) (6,678.22) Adjustments to reconcile loss before tax to net cash flows: Depreciation and Amortization Expense: 162.98 136.66 Profit on Disposal of Fixed Assets (Net): (4.29) (3.62) Provision for Advances: 558.12 211.52 Expected Credit Loss: 31.46 37.43 Fair Value (Loss)/Gain on Financial Instruments at Fair Value Through Profit or Loss (Net): 40.40 (25.88) Remeasurement of Gains/(Losses) on Defined Benefit Plans: 12.11 (3.02) Income from Corporate Guarantee: (325.53) (232.53) Share-Based Payment Expenses: 3,632.16 4,636.70 Profit on Sale of Mutual Funds (Net): (77.27) (35.31) Interest Income: (242.55) (208.78) Impairment of Investment: 350.75 50.78 Interest Expense: 1.27 - Exceptional Items: 209.94 - Working Capital Changes: 15. (Decrease)/Increase in Trade Payables: (96.47) 95.87 (Decrease)/Increase in Other Non-Financial Liabilities: (16.71) 30.17 (Decrease)/Increase in Provisions: (9.26) 5.22 (Decrease)/Increase in Other Financial Liabilities: (692.05) 164.84 Decrease/(Increase) in Other Financial Assets: 125.84 (1,045.06) (Increase) in Other Non-Financial Assets: (170.67) (422.44) (Increase) in Trade Receivables: (153.43) (167.71) Cash Generated (Used) in Operations: (1,309.43) (3,453.38) Income Tax Paid (Net of Refunds): 1.90 (12.27) Net Cash Generated (Used in) Operating Activities (A): (1,307.53) (3,465.65) B. Investing Activities: 22. Purchase of Property, Plant, and Equipment (Including Intangibles) and Capital Work in Progress: (228.25) (118.41) Proceeds from Sale of Fixed Property, Plant, and Equipment: 9.62 25.01 Purchase of Investments: (2,491.88) (6,329.68) Proceeds from Sale of Investments: 4,253.48 6,006.95 Purchase of Investments in Subsidiaries, Joint Ventures, and LLP: - (70.00) Loan Given to Related Party: (3,791.76) (2,553.76) Receipt from Related Parties: 2,813.04 3,779.76 Interest Received: 233.40 206.27 Investment in Fixed Deposits (Having Maturity More Than 12 Months): - (29.40) Investment in Fixed Deposit (Having Maturity More Than 3 Months): (201.68) - Redemption of Fixed Deposit Placed with Bank: 66.00 3,109.18 Net Cash Flow (Used in)/From Investing Activities (B): 661.97 4,025.92 C. Financing Activities: 33. Proceeds from Issuance of Preference Share Capital: - 0.01 Proceeds from Issuance of Equity Share Capital: 9.77 0.01 Proceeds from Security Premium on Issuance of Share Capital (Net of Share Issue Expenses): - 567.40 Payment Made for Settlement of Share Warrant: - (285.00) Interest Paid: (1.27) - Net Cash Flow from Financing Activities (C): 8.50 282.42 Net (Decrease)/Increase in Cash and Cash Equivalents (A+B+C): (637.06) 842.69 Cash and Cash Equivalents at the Beginning of the Year: 972.28 129.59 Cash and Cash Equivalents at the End of the Year: 335.22 972.28 Components of Cash and Cash Equivalents: With Banks: On Current Accounts: 23.43 32.28 Deposits with Original Maturity Less Than 3 Months: 311.77 940.00 Total Cash and Cash Equivalents (Refer Note 11): 335.20 972.28 Summary of Significant Accounting Policies - 2 The accompanying notes are an integral part of the standalone financial statements. As per our report of even date, For S.R. Batliboi & Associates LLP, For and on behalf of the board of directors of Oravel Stays Limited: Sanjay Bachchani Ritesh Agarwal Aditya Ghosh Partner, Director, Director Membership No. 400419, DIN: 05192249, DIN: 01243445 Abhishek Gupta, Chief Financial Officer Place: Gurugram, Date: 12 July 2023

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