upGrad Achieves 30% YoY revenue growth; EBITDA & PAT loss drops by 50%

Edtech platform upGrad recorded a gross revenue of Rs 1,876 crore for FY24, which post Ind-AS accounting closed at a total Income of Rs 1,547 crore, with a carried forward unrecognised but collected advance revenue into future years of Rs 507 crore.

Ind-AS EBITDA loss (excluding one-time costs) came in at Rs 202 crore vs Rs 558 crore the previous year and post one-time costs EBITDA loss closed at Rs 285 crore, 50% less than the previous year. Ind-AS negative PAT came in at Rs 560 crore vs negative Rs 1,142 crore the previous year.

The PAT negative of Rs 560 crore includes Rs 243 crore in non-cash items. Revenue growth was achieved with minimal increases in People, Marketing, and Delivery costs (see chart below), while making higher investments in technology and product development to drive future growth.

With almost a 50% YoY increase in learner enrollments within the consumer segment, the skilling giant has achieved over 55,000 career transitions for the second consecutive year, building further on the momentum established in FY23. Marketing, Data and Tech domains remained the top hiring domains during the year with maximum placements across Mumbai, New Delhi, Bengaluru, and Chennai, while Karnataka, Telangana, and Tamil Nadu regions have also remained talent-attracting markets.

AI became one of the strongest growth levers with close to 20% of total revenue stemming from AI and Tech courses, further making it one of the largest integrated AI-led skilling portfolios available in India and SE Asia. The Enterprise clientele grew by 50% since last year with major global partners across GCCs, Automobile, ITes, BFSI, Manufacturing and Services coming from the US, the UK, and Europe.

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"It's been a good consolidation year for us - we integrated core business operations and entities to drive efficient and scalable outcomes. We're tracking FY25 very closely and expect stronger growth and profitability. We are well-capitalized, have zero net debt, and continue to generate a strong ROCE. upGrad's integrated model is playing out very well as we straddle all aspects of formal and informal online learning & skilling for higher education and working professionals. Our Enterprise business is now a meaningful part of our current and future growth, as our international expansion - including key markets like North America and EMEA, continues to build on our vision of upGrad for the world, out of India," said Mayank Kumar, Co-founder, upGrad.