The IPO-bound OYO Hotels and Homes has reported a net loss of ₹333 crore ($40.77 million) in the second quarter ended September 30, 2022, as per the updated initial public offering prospectus released by the hotel-booking company on Saturday. The Softbank-backed travel tech firm had posted a loss of ₹414 crore in the first quarter of the current fiscal (Q1 FY23).

The SEBI had given OYO the permission to submit updated financials before it examined and processed the company's IPO application. The company is working on to launch its initial public offering (IPO) by early 2023.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA), earnings adjusted for asset depreciation and hotel transformations, surged multi-fold to ₹56 crore, from ₹7 crore in the first quarter, according to the document filed with capital market regulator Securities and Exchange Board of India (SEBI).The revenue in the first half of the current fiscal (H1 FY23) jumped 24% to ₹2,905 crore. The company, however, did not disclose a quarterly revenue numbers.

The revenue in the first half of the current fiscal (H1 FY23) jumped 24% to ₹2,905 crore. The company, however, did not disclose a quarterly revenue numbers.

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

For H1 FY23, the Ritesh Agarwal-led company posted a profit of ₹63 crore compared with a loss of ₹280 crore a year ago. The adjusted EBITDA stood at 63 crore, against a loss of Rs 280 crore in the first half of financial year 2022.

In an addendum to update its IPO application filed with the SEBI, the company said it had a cash corpus of ₹2,785 crore at the end of September quarter.

In September this year, OYO Hotels' parent company Oravel Stays had filed a revised draft red herring prospectus (DRHP) with market regulator SEBI. As per the DRHP filed with SEBI, the company reported reduction in losses for FY22 and Q1 FY23. OYO's FY21 loss stood ₹4,103 crore, while the loss attributable to equity shareholders as of March 31, 2022, was ₹2,140 crore. As of the first quarter ending June 30, 2022, the company's loss stood at ₹414 crore. The revenue from contracts with customers was ₹3,961.6 crore in FY 2021, which increased by 20.7% to ₹4,781.3 crore in fiscal 2022. For the three-month period ended June 30, 2022, OYO's revenue was ₹1,459.3 crore.

The Indian hotel aggregator had first filed the preliminary offer document in October 2021 but it delayed the public issue in wake of unfavourable market conditions. OYO had proposed to raise about $1.1 billion in 2021, but it shelved the plans to launch the IPO as a majority of new-age tech IPOs failed to impress investors, and amid global downturn across markets. The issue comprised a fresh issue of equity shares aggregating up to ₹7,000 crore and an offer for sale (OFS) of ₹1,430 crore. OYO's early backer SoftBank Group Corp holds a 47% stake in the company, while about one-third of the company is owned by founder Ritesh Agarwal.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.