Byju’s Logs Core Business Revenue At Rs 3,569 Crore For FY22, EBITDA Loss Narrows By 6%

The company’s revenue, excluding acquisitions, stood at Rs 3,569 crore, registering an increase of nearly 130 per cent over Rs 1,552 crore reported in the 2020-21 fiscal period.

Edtech giant Byju’s released it’s financial results for the 2021-22 fiscal year on Saturday. The company, in a statement, logged an improvement in EBITDA loss which stood at Rs 2,253 crore in the reporting period, down by 6.36 per cent against Rs 2,406 crore loss posted in FY21.

Notably, the company’s founder and CEO, Byju Raveendran, earlier mentioned that the edtech is on the path to achieving profitability by the end of the current fiscal year (FY24).

The company’s revenue, excluding acquisitions, stood at Rs 3,569 crore, registering an increase of nearly 130 per cent over Rs 1,552 crore reported in the 2020-21 fiscal period. Earlier in September 2022, the firm projected it’s gross revenue to reach Rs 10,000 crore in FY22, reported Moneycontrol. 

Further, the FY22 financials were announced after the company revealed a decline of almost 3 per cent in it’s revenue for FY21 on a year-on-year (YoY) basis. This drop was attributed to a change in the accounting practices according to the edtech firm. 

Notably, the report stated Byju’s announced partial or incomplete financials for FY22 as the statements only represent the core operations of the firm. The results have already been announced after a delay of almost a year. 

The firm stated that it intends to share the consolidated data with the Ministry of Corporate Affairs in the upcoming three weeks. Additionally, the company said that the audit report submitted by the statutory auditors BDO was ‘clean and unqualified’. 

Commenting on the results, Raveendran said, “The takeaways from a uniquely belligerent year, which included nine acquisitions, are lifelong 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.”