After multiple delays in releasing its financial statements for the financial year 2021-22, embattled edtech giant BYJU’S has released some numbers for its core operations.
BYJU’S, in a statement, said excluding all acquisitions, Think and Learn Private Ltd (TLPL) – the parent entity of BYJU’S – reported an EBITDA loss of INR 2,253 Cr in FY22 as against an EBITDA loss of INR 2,406 Cr in FY21.
Total income stood at INR 3,569 Cr as against INR 1,552 Cr in FY21.
However, the company didn’t mention the net loss figure for FY22. BYJU’S consolidated net loss surged 1,880% to INR 4,588 Cr in FY21.
“The takeaways from a uniquely belligerent year, which included nine acquisitions, are life-long learnings. The core business has demonstrated good growth, underlining the potential of edtech in India, the fastest-growing major economy. I am also humbled by the lessons learnt in the post-pandemic world of readjustments. BYJU’S will continue on the path of sustainable and profitable growth in the coming years,” BYJU’S Group CEO Byju Raveendran said in the statement, which raised more questions than it answered.
BYJU’S has been late by more than a year in filing its FY22 numbers. The edtech company had cited the high cash burn of WhiteHat Jr, one of the companies acquired by it, as one of the reasons for the astronomical rise in its consolidated net loss in FY21. As such, the company’s decision to not even mention the numbers for its consolidated business in the statement is bound to raise eyebrows.
The prolonged delay in releasing the FY22 financial statement has already hit BYJU’S, with its auditor and half of the board members resigning. Earlier this year, BYJU’S statutory auditor Deloitte resigned citing the delay in releasing the financial statements.
Three out of the six board members of BYJU’S – Russell Dreisenstock of Prosus, Chan Zuckerberg Initiative’s Vivian Wu, and Peak XV Partners’ GV Ravishankar – also tendered their resignations, leaving Raveendran, his wife Divya Gokulnath and brother Riju Raveendran as the only members on the board.
Last month, BYJU’S India CFO Ajay Goel also stepped down within six months of joining the company. Following this, Nitin Golani, president of finance at BYJU’S, was elevated to the India CFO role.
In between all these, BYJU’S was also involved in a confrontation with its lenders over the repayment of its $1.2 Bn Term Loan B. The company is reportedly also looking to sell Epic and Great Learning, the companies it acquired during the pandemic-driven edtech boom, to repay the loan.
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