India's Oyo Hotels reports smaller loss in July-Sept vs prior qtr

SoftBank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd reported a smaller loss for the July-September period compared with the previous quarter, in an update to its initial public offering prospectus released on Saturday.

The company reported a net loss of 3.33 billion rupees($40.77 million) in the second quarter of the financial year compared with a loss of 4.14 billion rupees in the first quarter. The company's financial year runs from April 1 to March 31.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second quarter rose to 560 million rupees from 70 million rupees in the first quarter. Adjusted EBITDA refers to earnings adjusted for asset depreciation and hotel transformations, among other factors, according to the company's prospectus.

The company reported a 24% increase in revenue during the first half of the year, to 29.05 billion rupees. It did not disclose a quarterly revenue figure.

The monthly revenue per hotel, or gross booking value, rose 69% year-on-year to 348,000 rupees.

Oyo Hotels first filed to go public in October 2021 but it has delayed the share sale due to market conditions.

($1 = 81.6850 Indian rupees)