BYJU'S shareholders pass FY22 results at AGM
Earlier in November, BYJU'S had partly reported its delayed audited financial reports for FY22, showing a 2.3X growth in revenues for its core business, however, it didn't reveal the net loss.
Think and Learn Pvt Ltd, the parent company of edtech company, held its Annual General Meeting (AGM) with nearly 60 shareholders in attendance, approving the company's FY22 financial statement.
"Founder Byju Raveendran opened the AGM with an account of the state of business and its challenges. Nitin Golani, Chief Financial Officer- India, briefed on the audit while India CEO Arjun Mohan provided business updates and plans," BYJU'S said in a statement.
"The auditor BDO later answered all questions from shareholders before the company wrapped up the interactive three-hour-long meeting," the statement said.
The AGM occurs at a crucial juncture for the edtech firm, which has been dealing with a liquidity crunch. Earlier this month, CEO Byju Raveendran reportedly secured $12 million by pledging his two homes and an under-construction villa to pay employee salaries.
BDO, the Chicago-headquartered auditor, was reappointed as BYJU'S' auditor at the AGM. It had re-joined BYJU'S after Deloitte resigned, citing long delays in receiving the financial statements for the year ended March 31, 2022. Deloitte's letter to BYJU'S shareholders also cited a lack of communication on the resolution of audit report modifications, and uncertainty regarding the audit readiness of the financial statements and underlying books.
Earlier in November, the edtech had partly reported its delayed audited financial reports for FY22, showing a 2.3X growth in revenues for its core business, however, it didn't reveal the net loss.
In FY22, the Bengaluru-based firm saw its total income grow to Rs 3,569 crore from Rs 1,552 crore in the preceding fiscal year. Additionally, the EBITDA loss for the core business exhibited a 6% decrease, declining to Rs 2,253 crore in FY22 compared to Rs 2,406 crore in the previous financial year, according to the company's official statement.
The edtech firm did not release its consolidated revenue and profit/loss numbers for FY22—a period in which it made nine acquisitions.
Edited by Kanishk Singh