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Hospitality firm Oyo has logged a loss of Rs 333 crore in the quarter ending September 2022—down from Rs 414 crore in the previous quarter.

The company registered a 23% increase in gross booking value (GBV) per hotel in the last quarter compared to the previous quarter, it said in a statement.

OYO filed its draft red herring prospectus (DRHP) for its Rs 8,000 crore public listing in October last year. Since then, the company’s valuation has dipped to as low as $6.5 billion in the private market following reports of a markdown of the company’s valuation by SoftBank.

The company’s Adjusted EBITDA grew 8X—from Rs 7 crore in Q1 to Rs 56 crore in Q2.

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The monthly revenue per hotel increased by 69% year-on-year to Rs 3.48 lakh. The monthly increase in GBV per hotel is due to improved occupancy and higher average room rents as travel returns.

The gross rentals for OYO European homes business stayed stagnant, showing just a 4% increase. “The company is probably betting on the next summer season in Europe as it continued increasing the vacation homes on its platform. As on 30th Sept 22, it had close to 80,000 vacation homes vs 74,0000 as of the same day last year. The rise has been through both organic and inorganic growth,” OYO said in the statement.

Last week, The National Company Law Appellate Tribunal (NCLAT) stayed the penalty of Rs 169 crore imposed by the Competition Commission of India (CCI) on the hotel aggregator.