IPO-bound OYO's EBITDA rises 8 times despite net loss of ₹333 crore
This will set in motion the process of SEBI approval of the firm's IPO
As part of its commitment to update its Draft Red Herring Prospectus with the financial performance till the first half of financial 2022-23, the global travel tech company OYO shared its financials with markets regulator SEBI today.
Earlier, SEBI had given OYO permission to submit updated financials before it examined and finally processed the company's application for floating public issue.
This will set in motion the process of SEBI approval of the firm's IPO.
The company's adjusted EBITDA for Q2 grew eight times from ₹7 crore in Q1 to ₹56 crore, primarily driven by a 23 per cent monthly rise in gross booking value per hotel during Q2 to around ₹4 lakhs.
The sharp uptick in EBIDTA wasn't enough to make the company profitable at a net level.
The company logged in a net loss of ₹333 crore, though it has reduced from the ₹414 crore reported in the first quarter of 2022-23.
Further, revenues in H1 of FY23 grew by 24 per cent year-on-year to ₹2,905 crore.
The adjusted EBITDA improved from a loss of ₹280 crore in the first half of financial year 22, to a profit of ₹63 crore in the latest half-year reported.
Along with improving operating performance the company has a cash corpus of ₹2,785 crore.
The monthly revenue per hotel, called out as Gross Booking Value (GBV) per hotel per month comes out as the strongest element in the performance. It increased by 69 per cent year on year to ₹3.48 lakh.
The total GBV itself grew 33 per cent to ₹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.