IPO bounded firm OYO bounced back after massive loss of RS 12,799 crore in previous fiscal year.
According to the draft red herring prospectus (DRHP) filed on October 1, IPO bound hospitality firm OYO’s losses came down to RS 3,929 crore during the financial year ending on March 2021 in comparison to previous fiscal year’s losses of RS 1`2,799 crore.
Ritesh Agarwal’s privately held company OYO Rooms bounced back really well after facing a massive loss of Rs 12,799 crore in last year’s Financial Report. In the end of Financial Year 2021, the IPO bound hospitality firm OYO’s losses slopped down to RS 3,929 crore which clearly shows a sharp decline in the losses of the company.
The reason behind the sharp decline in the losses of the company can be attributed to the corrective measures that have been taken by the company including putting restrictions to its focus on key global markets and multiple rounds of lay-offs and nature of granting leaves for work vacation during the last year following the deadly pandemic which heavily impacted the travel and tourism industry.
However, interestingly the company had last published its annual result in 2019 when its loss stood at RS 2,525 crore and total income RS 6,518 crore.
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