Global travel tech company OYO on Sunday informed that its adjusted Ebitda grew eight times to Rs 56 crore in Q2, against Rs 7 crore in Q1. It was mainly driven by a 23 per cent quarterly rise in gross booking value per hotel during Q2 to around Rs 4 lakh. OYO shared its financials with markets regulator Sebi on Saturday. Ebitda stands for earnings before interest, tax, depreciation and amortisation.
Its monthly revenue per hotel, or gross booking value (GBV) per hotel per month, comes out as the strongest element in the performance, jumping 69 per cent year-on-year to Rs 3.48 lakh. Its total GBV itself grew 33 per cent to Rs 5,028 crore in H1 2022-23. The monthly increase in GBV per hotel is due to improved occupancy and higher average room rents as travel returns.
Despite the sharp uptick in EBIDTA, the company logged in a net loss of Rs 333 crore in the second quarter of FY23. However, the loss has reduced from the Rs 414 crore it reported for the first quarter of 2022-23.
Earlier, Sebi had given its approval to OYO to submit updated financials before it examined and finally processed the company’s application for floating public issue. It will set in motion the process of Sebi approval of the firm’s IPO.
In October 2021, OYO filed preliminary papers with Sebi to raise Rs 8,430 crore through an initial share sale. So far, it has not launched an IPO, citing the volatile nature of the market.
However, recently, the Federation of Hotel & Restaurant Associations of India on Tuesday said it has written to Sebi to stop OYO from launching its IPO in the wake of a 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) slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo, and hospitality services provider OYO for indulging in unfair business practices.
(With Inputs From Agencies)
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