Hospitality unicorn OYO Hotels & Homes has announced that its standalone losses in India went down from 24 per cent in the financial year 2018 to 14 per cent in 2019 ($83 million) while India revenue grew by 2.9 times to $604 million. The consolidated revenue of the company has stood at $951 million in the financial year 2019 4.5 times (year-over-year) higher from the financial year 2018 when the company reported $211 million in sales. India contributed 63.5 per cent of fiscal revenue while global markets generated 36.5 per cent of total sales. The company’s gross margin in India increased from 10.6 per cent to 14.7 per cent.
‘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 CFO of OYO Hotels & Homes said in a statement.
Nearly 36.5 per cent or $348 million was contributed by the company’s operations outside India, primarily China. With over 43,000 asset partners, OYO hosted over 180 million guests from over 120 nationalities between January-December 2019.
In Financial Year 2019 (FY19), the consolidated losses increased from 25 per cent to 35 per cent on the back of international expansion, especially in China.