Business
Byju’s FY22 results out after a year’s delay; core biz still in loss – Times of India
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NEW DELHI: After a delay of more than a year and having missed two stated timelines for releasing its audited FY22 financials, troubled edtech startup Byju’s on Saturday announced the FY22 earnings statement for its core business which continue to remain deep in losses. The company said that its core business posted EBITDA (earnings before interest, taxes, depreciation, amortisation) losses of Rs 2,253 crore in FY22 which is only marginally lower compared to losses of Rs 2,406 crore reported in FY21.Revenues increased multi-fold to Rs 3,569 crore in FY22 from Rs 1,552 crore in FY21.
Byju’s core business excludes all acquisitions like Aakash Educational Services and WhiteHat Jr. made by the company. It includes its K-12 segment, tuition centres and online exam prep division. To be sure, Byju’s forayed into the offline tuition centre space only in February 2022 and hence the FY22 numbers largely captures the K-12 business. A company spokesperson said that the firm is yet to file its financials with the Ministry of Corporate Affairs. “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,” founder Byju Raveendran said.
Valued at $22 billion at its peak and chased by high profile investors who collectively infused more than $5 billion into the startupsince inception, Byju’s has been mired in a series of crises including a long-drawn dispute with its lenders over repayment of a $1.2 billion term loan B and scrutiny of regulators following the abrupt resignation of its former auditor Deloitte and three of the firm’s board members in June. Deloitte had resigned citing a lack of communication by the company on the status of audit readiness of its FY22 financials. The company which had also filed its FY21 financials after a delay of 18 months posted consolidated losses of Rs 4,564 crore during the year, a steep rise from losses of Rs 305 crore reported in FY20. In a mail to employees on Saturday, Raveendran said that the company will soon begin the audit process for FY23 and complete it in the coming months. “We have faced many challenges recently, but together, we are overcoming them step by step,” Raveendran said in the mail, which was reviewed by TOI.
Byju’s core business excludes all acquisitions like Aakash Educational Services and WhiteHat Jr. made by the company. It includes its K-12 segment, tuition centres and online exam prep division. To be sure, Byju’s forayed into the offline tuition centre space only in February 2022 and hence the FY22 numbers largely captures the K-12 business. A company spokesperson said that the firm is yet to file its financials with the Ministry of Corporate Affairs. “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,” founder Byju Raveendran said.
Valued at $22 billion at its peak and chased by high profile investors who collectively infused more than $5 billion into the startupsince inception, Byju’s has been mired in a series of crises including a long-drawn dispute with its lenders over repayment of a $1.2 billion term loan B and scrutiny of regulators following the abrupt resignation of its former auditor Deloitte and three of the firm’s board members in June. Deloitte had resigned citing a lack of communication by the company on the status of audit readiness of its FY22 financials. The company which had also filed its FY21 financials after a delay of 18 months posted consolidated losses of Rs 4,564 crore during the year, a steep rise from losses of Rs 305 crore reported in FY20. In a mail to employees on Saturday, Raveendran said that the company will soon begin the audit process for FY23 and complete it in the coming months. “We have faced many challenges recently, but together, we are overcoming them step by step,” Raveendran said in the mail, which was reviewed by TOI.
