India’s Oyo Hotels reports smaller loss in Q2 vs. Q1

The company reported a 24% increase in revenue during the first half of FY23 to ₹2,905 crore. File.
| Photo Credit: REUTERS

Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt. Ltd. reported a smaller loss for the July-September period compared with the previous quarter, in an update to its initial public offering prospectus released on Saturday.

The company reported a net loss of ₹333 crore ($40.77 million) in the second quarter of the financial year compared with a loss of ₹414 crore in the first quarter. The company’s financial year runs from April 1 to March 31.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second quarter rose to ₹56 crore from ₹7 crore in the first quarter. Adjusted EBITDA refers to earnings adjusted for asset depreciation and hotel transformations, among other factors, according to the company’s prospectus.

The company reported a 24% increase in revenue during the first half of the year, to ₹2,905 crore. It did not disclose a quarterly revenue figure.

The monthly revenue per hotel, or gross booking value, rose 69% year-on-year to ₹3,48,000. Oyo Hotels first filed to go public in October 2021 but it has delayed the share sale due to market conditions.

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