Byju’s, a leading edtech company, has finally released its long-delayed audited financial report for the fiscal year ending March 2022. The company’s revenue has grown by 2.3 times, reaching Rs 3,569 crore compared to the previous year. However, annual result only reflects Byju’s core business and do not include other entities such as Aakash and WhitehatJr.
According to the statement, the earnings before interest, taxes, depreciation and amortisation-based loss for the core business decreased from Rs 2,406 crore to Rs 2,253 crore in FY22. Additionally, the margin for this period improved significantly, with a negative 63 per cent compared to the previous year’s negative 155 per cent.
The prolonged delay in filing the financial results has raised concerns among investors and lenders who have been seeking clarity regarding the company’s financial health in the face of a slowdown in online learning post-pandemic and ongoing funding challenges. To support the company, lenders have provided a USD 1.2 billion term loan.
“The takeaways from a uniquely belligerent year, which included nine acquisitions, are life- long learnings. The core business has demonstrated good growth, underlining the potential of edtech in India, the fastest-growing major economy. I am also humbled by the lessons learnt in the post-pandemic world of readjustments. Byju’s will continue on the path of sustainable and profitable growth in the coming years,” founder and group CEO Byju Raveendran, Founder and group CFO of Byju’s stated.
Earlier this year, several investors, including Peak XV, Prosus and the Chan Zuckerberg Initiative, exited from Byju’s board. In June, Byju Raveendran, CEO and Ajay Goel, CFO, assured shareholders that the audited results for FY22 would be shared by the end of September, with the results for FY23 expected by December.
To strengthen its finance function, the company recently appointed Pradip Kanakia as the senior advisor and Nitin Golani, the current president-finance, as the chief finance officer (CFO). Ajay Goel, former CFO, returned to Vedanta after his departure in April.
Categories: Other News