BYJU’S parent company, Think & Learn Pvt Ltd, has witnessed a substantial increase in its consolidated revenue from operations, which surged to Rs 5,015 crore in FY22 from Rs 2,280.2 crore in FY21, marking a twofold rise. However, the company’s losses have also swelled, increasing 1.8 times to Rs 8,245 crore from Rs 4,564 crore in the previous fiscal year. These details were revealed in a report by NDTV Profit, which also highlighted that the company fell short of its own revenue guidance of Rs 10,000 crore.
The company recently faced shareholder dissatisfaction, with several resignations from the board, including shareholders PeakXV and Prosus, citing breakdowns in communication. Deloitte also stepped down as the auditor, expressing concerns about the readiness of the company’s books for audit.
Think and Learn Pvt Ltd held its annual general meeting (AGM) on December 20 to approve the long-delayed FY22 financial statement, which was attended by nearly 60 shareholders. During the AGM, BYJU’S founder Byju Raveendran provided an overview of the business and its challenges. Nitin Golani, CFO, India, presented the audit details, and India CEO Arjun Mohan shared business updates and plans.
Chicago-based BDO, the newly appointed auditor, addressed queries from shareholders during the AGM, which was crucial for BYJU’S as the company has been facing a liquidity crunch. Raveendran reportedly secured $12 million by pledging properties to pay salaries.
In November, BYJU’S announced part of its audited financial results, covering a period that included nine acquisitions. The company reported that total income from its core business reached Rs 3,569 crore in FY22, up from Rs 1,552 crore in the previous fiscal year. The EBITDA loss for the core business decreased by 6% to Rs 2,253 crore. However, the company did not disclose its consolidated revenue and profit/loss numbers.
