Oyo Hotels reports net loss of Rs 333 cr in Q2; revenue increases 24%

MUMBAI (Reuters) – 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.