Oyo cuts losses in Q2 to Rs 3.33 billion

MUMBAI: Softbank-backed hotel aggregator Oyo Hotels and Homes reported a smaller loss for the July-Sept compared with the previous quarter, in an update to its initial public offering prospectus released last week. The company reported a net loss of Rs 3.33 billion ($40.77 mn) in the Q2 of the financial year compared with a loss of Rs 4.14 bn in the Q1. Oyo’s financial year runs from April 1 to March 31. It reported a 24% increase in revenue during the first half of the year, to Rs 29.05 billion. It did not disclose a quarterly revenue figure. The monthly revenue per hotel, or gross booking value, rose 69% year-on-year to Rs 348,000.