Great Learning, recorded nearly 25 per cent growth in the financial year 2023 (FY23). The company was acquired by Byju’s in July 2021 and this marked its first full financial year under Byju’s ownership.
According to the annual financial statements filed with the Registrar of Companies, Great Learning’s revenue from operations grew by 24.9 per cent to Rs 391 crore in FY23 from Rs 313 crore in FY22. The company offers various programs in fields such as data science, analytics, AI, machine learning, cloud computing, cybersecurity, digital business, management, digital marketing and others.
Furthermore, income from digital content accounted for 48 per cent of the total revenue, which increased by 6.3 per cent to Rs 187 crore in FY23. The remaining income came from teaching and program support and business support services.
Employee benefits formed 53 per cent of the overall expenditure, similar to other edtech companies. This cost decreased by 4.9 per cent to Rs 328 crore in FY23 from Rs 345 crore in FY22. It also includes Rs 26 crore as ESOP cost (non-cash).
The company’s total cost, which includes advertising cost, legal and professional fees, information technology cost, collection charges and other operating overheads, amounted to Rs 614 crore in FY23, slightly down from Rs 633 crore in FY22. Great Learning appointed Virat Kohli as its brand ambassador in September 2020, and he continued to promote the company during FY23.
The company reduced its losses by 27.7 per cent to Rs 222 crore in FY23 from Rs 307 crore in FY22, this was primarily driven by the 25 per cent increase in scale and controlled expenditure. Its EBITDA margin improved to about 51 per cent during FY23.
On a unit level, Great Learning spent Rs 1.57 to earn a rupee of operating revenue.
Byju’s acquired Great Learning for USD 600 million, making it one of the most significant acquisition deals in the edtech space. However, Byju’s has reportedly put Great Learning, along with US-based Epic, on sale to clear its debt. Byju’s also acquired US-based Epic for USD 500 million.
Byju’s disclosed its revenue from core business in FY22, which saw a 2.3x growth to reach a total income of Rs 3,569 crore from Rs 1,552 crore in FY21. The company also managed to reduce its EBITDA loss from Rs 2,406 crore in FY21 to Rs 2,253 crore in FY22. However, the audited financial statements for FY22 and FY23 are yet to be filed.
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