BYJU’S to report FY22 financial results this week
BYJU'S has missed the official deadline for submitting its FY22 financial results to the Ministry of Corporate Affairs by a year.
Edtech firmis expected to release its financial results for the fiscal year 2021-22 this week, following a delay of over a year.
“The audit of all the group subsidiaries have been completed and adopted. Think and Learn Private Ltd, the parent, is expected to adopt the consolidated results this week to factor in certain positive developments in the company,” a BYJU’S spokesperson said, in response to queries about the firm’s FY22 results.
The Bengaluru-based company was initially slated to submit audited financial statements for FY22 by September. However, on September 30, it announced that the FY22 earnings report could be expected in the second week of October.
BYJU'S has missed the official deadline for submitting its FY22 financial results to the Ministry of Corporate Affairs by a year, as private companies are required to do so by September 30 of the following fiscal year.
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. It appointed BDO (MSKA & Associates) on the same day as its statutory auditor for five years, commencing from FY22.
The edtech firm’s FY22 financial report card will come at a time when its new CEO, Arjun Mohan, is in the final stages of a business restructuring exercise aimed at simplifying operating structures, reducing overall costs, and enhancing cash flow management.
In FY21, BYJU'S saw a 3% YoY drop in consolidated revenue, decreasing from Rs 2,511 crore to Rs 2,428 crore, and recorded a substantial loss of Rs 4,589 crore, almost 20 times higher than the Rs 231.69 crore loss in FY20.
Edited by Suman Singh