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Oyo reports annual loss of $335 million

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Hotel chain operator Homes & Hotels reported a consolidated loss of $335 million for the FY 2018-19 against loss of $52 million in FY18.

The company, however, reported an over four-fold jump in its revenue at $951 million for FY19 from $211 million in the previous year.

ALSO READ: Oyo plans to downsize and restructure team: CEO Ritesh Agarwal

While addressing media reports of clients opting out of Oyo, Rohit Kapoor, chief executive of Oyo India and South Asia, said only two-three corporate clients have left.

“Our corporate business grew around 80% in FY19… we currently have around 7,500 clients on the corporate base. In 2019 itself, we added 4,000 new clients to our corporate base,” said Kapoor.

“We have crossed an important milestone of achieving global revenue of $951 million in FY2019, a 4.5 times increase on a year-on-year basis,” said Abhishek Gupta, Oyo’s global chief financial officer.

“As we work towards consistently improving our financial performance, ensuring strong yet sustainable growth, high operational and service excellence and a clear path to profitability will be our key to our approach in 2020 and beyond,” he added.

The company is closely tracking developments linked to the Covid-19 outbreak in China, the biggest international market for the company, Oyo Hotels & Homes director Aditya Ghosh said.

“India and China are our two biggest markets and a significant portion of our rooms come from these two markets,” Ghosh said.

“The coronavirus outbreak is something that no one expected and we are tracking this on a day-to-day basis. It has only been a few weeks. Frankly, as the leadership team, we are absolutely focused on making sure that our own colleagues, employees and stakeholders are safe,” he added.

Earlier, Oyo also decided to lay-off people in India as it planned to restructure and reorganise teams across businesses and functions, CEO Ritesh Agarwal had confirmed in an internal mail.

The company currently operates over 43,000 hotels with over a million rooms in 800 cities in 80 nations.

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