In a long-anticipated revelation, edtech firm on Tuesday submitted its financial results for the fiscal year (FY) 2021-22 to the Ministry of Corporate Affairs .
The Bengaluru-based firm reported a consolidated loss of Rs 8,245 crore in FY22, up 80.6% from Rs 4,564 crore recorded in the earlier fiscal.
Meanwhile, its operating revenue rose 120%, touching Rs 5,014.6 crore in FY22 compared with Rs 2,280.3 crore in FY21, as per its recent consolidated financial statements.
The Byju Raveendran-led firm’s total expenses surged 94.5% to Rs 13,668.5 crore in FY22, compared to Rs 7,027.5 crore in FY21.
“While we are happy that our total income has grown 2.2X, we are also aware of our underperforming businesses like Whitehat Jr and OSMO, which contribute to 45% of the losses,” Nitin Golani, Chief Financial Officer of BYJU’S, said in a statement.
“We have taken various measures to improve our operating financial conditions. These businesses were scaled down significantly to cut losses in the subsequent years while other businesses continue to see growth,” he added.
Last year, BYJU’S selectively shared some of its FY22 core business numbers. However, the edtech company had officially not disclosed the net loss from its core business, as well as the consolidated revenue and profit/loss figures for FY22.
BYJU’S, which rapidly grew through strategic acquisitions, has encountered significant challenges post the pandemic-led edtech boom. These challenges include litigation concerning the $1.2-billion term loan B, issues with the Enforcement Directorate, a liquidity crunch, and uncertainties regarding its core business and acquisitions.
In June, auditing firm Deloitte Haskins & Sells stepped down as BYJU’S and Aakash’s statutory auditor, attributing the resignation to the delay in the company filing its FY22 financial statements. Subsequently, BYJU’S appointed BDO (MSKA & Associates) as its statutory auditor for the next five years, starting from FY22.
