Byju’s, the embattled edtech company, has informed its investors that it will submit the long-delayed audited financial results for fiscal year 2022 by September of this year. Additionally, the company has stated that the results for the year ending March 2023 will be submitted by December. These developments come in the wake of recent resignations by three investors – representatives of Peak XV Partners, Prosus, and Chan Zuckerberg Initiative – from Byju’s board.
To address concerns regarding the delayed financials, Byju’s founder, Byju Raveendran, and the newly appointed chief financial officer, Ajay Goel, held meetings with investors over the weekend. The objective was to alleviate worries and provide clarity on the controversial delay in sharing the company’s financial information, according to insider sources.
A person familiar with the matter stated that Byju’s leadership has briefed the investor group on the timelines for submitting the audited results for fiscal year 2022. Meanwhile, another shareholder, speaking anonymously, mentioned that Byju’s assured investors that the departure of Deloitte, the former audit firm, and the three board members was not a coordinated move.
The company had previously failed to provide a clear timeline for sharing audited financials for fiscal year 2022 with investors and creditors of its $1.2 billion term loan B. However, it is now reported that Byju’s is working with its new auditor to finalize the financial statements, aiming to restore confidence among shareholders.
In September of last year, Byju Raveendran had disclosed to the media that the unaudited revenue for fiscal year 2022 amounted to Rs 10,000 crore. The audited numbers will reveal the accuracy of this figure.
Furthermore, Byju’s had to make significant changes in its fiscal year 2021 results, including the readjustment of its annual revenue. Auditors advised the company to report revenue only for the relevant fiscal year and exclude multi-year payments. For instance, payments made by students or executives for courses spanning multiple years should be accounted for in the corresponding fiscal year.
As Byju’s endeavors to address the concerns surrounding its delayed financials, investors and stakeholders eagerly await the submission of the audited results for fiscal year 2022 and the subsequent financial disclosures.
