Oyo Hotels & Homes Reports Loss Of Rs 2,200 Cr For FY19

New Delhi: Oyo Hotels & Homes has reported a loss of USD 335 million (About Rs 2,200 crore) fiscal year ending 31 March, 2019 as compared to USD 52 million (About Rs 350 crore). The revenues of the company stood at USD 951 million (about Rs 7,000 crore) on a global level.

The company’s revenue were USD 211 million (Rs 1,420 crore) in the previous fiscal (2017-18 financial year), it said in a statement.

The company suffered losses of USD 83 million (About Rs 560 crore) at home turf, that is, India market in fiscal 2018-19.

“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,” Abhishek Gupta, global chief financial officer of Oyo, said in an official statement.

China and other overseas markets contributed about 75 percent or about USD 252 million to the overall loss of the company in fiscal 2018-19.