Byju’s reports Rs 5,014 cr in operating revenue, Rs 8,245 in losses in FY22

Think & Learn, the parent company of the edtech giant Byju’s, filed its audited financial statements for the financial year 2022 with the Registrar of Companies (RoC), according to a report by The Economic Times (ET). The filing comes several weeks after the financials were initially presented to investors during the annual general meeting held in December.

Despite the challenges reflected in the financials, Byju’s saw a remarkable growth in operating revenue, marking a substantial increase of 119 per cent during the financial year. Conversely, losses surged by 80 per cent during the period under review.

The auditor for Byju’s, BDO, raised a notable observation regarding an ongoing concern related to a $1.2 billion term loan. This observation implies that a “material uncertainty exists” concerning the financial standing of the company. However, BDO also noted that the company’s management is actively working on securing necessary funding through asset sales to address the outstanding debt with lenders.

To reassure stakeholders, the management expressed confidence in the future viability of Byju’s. Additionally, based on a legal opinion, the management holds the view that it is unlikely that Term Loan B (TLB) will be required to be paid in the foreseeable future, as indicated in the notes accompanying Byju’s audited financials for FY22.

This financial disclosure comes amidst a challenging period for Byju’s and the wider edtech industry, with stakeholders closely monitoring the company’s strategies to overcome financial hurdles and sustain its operations. Despite the report expected to be filed in March 2022, the financial witnessed severe delays from the troubled edtech. 

 

First Published: Jan 23 2024 | 2:56 PM IST