Revenue at Oyo increased by 18% to Rs 4,905 crore in FY22, while net loss decreased to Rs 1,851 crore
According to a report, the Softbank-backed company is now aiming for an IPO in January 2023, providing that India's stock market holds up and the country's economic situation improves.
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Online hotel aggregator Oyo reported that its FY22 revenue increased 18% over FY21 to Rs 4,905 crore and that its net loss decreased by 45% to Rs 1,851 crore, according to a new IPO filing made to the market regulator.
The Softbank-backed company's FY20 sales of Rs 13,413 crore was still significantly behind its pre-Covid yearly revenue. Before the coronavirus pandemic hit, a net loss of Rs. 10,419 crore had been recorded.
According to a report, the company is now aiming for an IPO in the first quarter of 2023, providing that the Indian stock market holds up and that the country's economic situation improves. According to the story, which cited unnamed sources, Oyo is internally moving for a January IPO as executives are encouraged by a pick-up in demand.
In order to raise Rs 8,430 crore through an initial share offering in October 2021, the business has submitted preliminary paperwork to SEBI.
The hotel company stated in an update to its draught red herring prospectus filed with SEBI that it generated operational revenue of Rs. 1,505 crore in the June quarter of FY23. During that time, it recorded a net loss of Rs 548 crore.
For the three months ending in June, Oyo reported EBITDA (profits before interest, taxes, depreciation, and amortization)-level profitability of Rs 10.6 crore.
In its hotels division, the company reported an increase in gross booking value (GBV) from Rs 2 lakh in FY21 to Rs 2.2 lakh in FY22. The rebound in the travel industry caused GBV per storefront per month to increase to Rs 3.25 lakh in the June quarter.
Employee costs for the hotel aggregator increased by 7% to Rs 1,862 crore in FY22 compared to FY21. However, from Rs 543 crore in FY21 to Rs 690 crore in FY22, its marketing and promotional costs increased by 27%.
Ritesh Agarwal, the founder and CEO of Oyo, received compensation of Rs 5.6 crore in FY22, up 250 percent from Rs 1.6 crore in FY21, according to the company's most recent filing with SEBI. His salary was Rs. 21.5 lakh for FY20.
