Global travel tech company OYO on Sunday reported that its adjusted Ebitda grew eight-fold to Rs 56 crore in the second quarter from Rs 7 crore in the first quarter. This was primarily driven by a 23 per cent quarterly increase in gross booking value per hotel during Q2 to around Rs 4 lakh. Oyo shared its financial data with market regulator SEBI on Saturday. Ebitda means earnings before interest, taxes, depreciation and amortization.
Its monthly revenue per hotel, or gross booking value (GBV) per hotel per month, stands out as the strongest element in the performance, growing 69 per cent year-on-year to Rs 3.48 lakh. Its total GBV grew by 33 per cent to Rs 5,028 crore in H1 2022-23. The monthly increase in GBV per hotel is due to higher average room rents in the form of better occupancy and travel returns.
Despite a sharp growth in EBIDTA, the company reported a net loss of Rs 333 crore in Q2 of FY23. However, the loss narrowed from Rs 414 crore reported for the first quarter of 2022-23.
Earlier, SEBI had given its nod to Oyo to submit updated financials before examining and finalizing the company’s application for public issue. This will speed up the process of SEBI approval for the firm’s IPO.
In October 2021, OYO filed preliminary documents with SEBI to raise Rs 8,430 crore through initial share sale. So far, it has not launched an IPO citing the volatile nature of the market.
However, recently the Federation of Hotel and Restaurant Associations of India said on Tuesday that it has written to SEBI to stop Oyo from launching IPO In the wake of the penalty imposed by the Competition Commission of India on the hospitality and travel-tech firm for unfair business practices.
In October this year, the Competition Commission of India (CCI) imposed a total penalty of over Rs 392 crore on online travel firms MakeMyTrip, Goibibo, and hospitality service provider OYO.
(with inputs from agencies)
read all latest business news Here