BYJU's parent made a loss of Rs 8,245 Cr in FY22: Report
On December 20, Think and Learn Pvt Ltd, the parent company of edtech firm BYJU'S, conducted its AGM, with nearly 60 shareholders present, to approve the FY22 financial statement.
BYJU's parent company Think & Learn Pvt's consolidated revenue from operations rose 2x to Rs 5,015 crore in FY22 from Rs 2280.2 crore in FY21. However, its losses swelled 1.8x to Rs 8,245 crore from Rs 4,564 crore, according to a report by NDTV Profit.
The report added that the company missed its own revenue guidance of Rs 10,000 crore.
The company had recently faced the ire of shareholders, including PeakXV and Prosus, with most of them resigning from the board citing breakdown in communication. Deloitte had also quit as the auditor of the company citing similar problems and casting doubts about the audit readiness of the underlying books.
On December 20, Think and Learn Pvt Ltd conducted its annual general meeting (AGM) to approve the much-delayed FY22 financial statement. Nearly 60 shareholders were present at the AGM.
said that founder Byju Raveendran provided an overview of the business and its challenges at the AGM. Nitin Golani, CFO, India, presented the audit details, while India CEO Arjun Mohan shared the business updates and plans.
Chicago-based BDO, which was appointed as the auditor, fielded questions from shareholders.
The AGM was crucial for BYJU'S, which has been grappling with a liquidity crunch.
Raveendran reportedly secured $12 million by pledging properties to pay salaries.
In November, BYJU'S had announced part of its audited financial results, covering a period that saw nine acquisitions.
The Bengaluru-based company said total income from its core business reached Rs 3,569 crore in FY22, up from Rs 1,552 crore recorded in the preceding fiscal year. The EBITDA loss for the core business decreased 6% to Rs 2,253 crore.
The consolidated revenue and profit/loss numbers were not disclosed.