Fitch revises Oravel outlook to positive

Fitch Ratings said it revised the outlook on Oravel Stays Ltd. (OYO) to positive from stable and affirmed the long-term foreign-, local-currency issuer default and term loan ratings at B-.

“The outlook revision reflects our view that OYO is on track to generate positive EBITDA and cash flow from operations (CFO) sustainably. This follows positive EBITDA in every quarter of the financial year ended March 2023 (FY23), which is the first year of profits since OYO's incorporation in 2012. We expect significant growth in its EBITDA in FY24, led by an ongoing demand recovery in the travel and tourism industry, the company's stable gross margins, and reduction in operating costs,” the agency said in a press release.

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