Online hotel aggregator Oyo’s revenue rose 18 percent to Rs 4,905 crore in FY22 from the previous year, while net loss narrowed 45 percent to Rs 1,851 crore, the startup said in an additional IPO filing to the market regulator.
The Softbank-backed company was still far behind its pre-Covid annual revenue of Rs 13,413 crore in FY20. It had registered a net loss of Rs 10,419 crore before the coronavirus pandemic struck.
According to a Bloomberg report, the company is now targeting an initial public offering in early 2023 provided that India’s stock market continues to hold up and economic conditions improve, according to people familiar with the matter. Oyo is internally working toward a January IPO as executives are encouraged by a pick-up in demand, the report said quoting anonymous sources.
The company had filed preliminary papers with SEBI to raise Rs 8,430 crore through an initial share sale in October 2021.
In an addendum to its draft red herring prospectus with SEBI, the hospitality firm said it recorded operating revenue of Rs 1,505 crore in the June quarter of FY23. It clocked a net loss of Rs 548 crore during the period.
Oyo claimed EBITDA (earnings before interest tax depreciation and amortisation)-level profitability of Rs 10.6 crore for the June quarter.
The company said that its gross booking value (GBV) per storefront per month improved from Rs 2 lakh in FY21 to Rs 2.2 lakh in FY22 in its hotels business. In the June quarter, the recovery of the travel sector led to GBV per storefront per month rising to Rs 3.25 lakh.
The hotel aggregator’s employee costs grew by 7 percent to Rs 1,862 crore in FY22, compared to the preceding fiscal. However, its marketing and promotional expenses rose 27 percent from Rs 543 crore in FY21 to Rs 690 crore in FY22.
The company’s latest filing with SEBI showed that Oyo founder and chief executive officer Ritesh Agarwal received a remuneration of Rs 5.6 crore in FY22, up 250 percent from Rs 1.6 crore in FY21. His compensation for FY20 was Rs 21.5 lakh.
