New Delhi, January 23: The edtech major Byju’s on Tuesday announced its audited FY22 financial results after much delay, registering operating revenue of Rs 5,014 crore while losses surged to Rs 8,370 crore in FY22 from Rs 4,599 crore in the earlier fiscal year. The company’s total revenue was nearly Rs 5,298.4 crore in FY22 from Rs 2,428.3 crore in FY21, up almost 119 per cent in FY22, while losses increased a massive 80 per cent from the year-ago fiscal year.
“We would like to thank our students for the growth we have seen in FY22. Our subscriber base has grown 125 per cent in the year from FY21,” said Nitin Golani, Chief Financial Officer, Byju’s. “While we are happy that our total income has grown 2.2X, we are also aware of our underperforming businesses like Whitehat Jr and OSMO which contribute to 45 per cent of the losses,” Golani said in a statement.. Groww App Not Working: Users Unable to Login as Financial Trading Platform Faces Technical Glitch, Complaints Surface on X.
The company said it has taken various measures to improve its operating financial conditions. “These businesses were scaled down significantly to cut losses in the subsequent years while other businesses continue to see growth,” said Golani.
Excluding White Hat Jr and Osmo, a Palo Alto-based education startup acquired by Byju's for $120 million, the company saw three times growth in total income in FY22 vs FY21 and Ebitda improved from 163 per cent to 78 per cent, said the edtech firm.
Aakash Educational Services and Great Learning grew 40 per cent and 77 per cent, respectively, immediately after acquisition, said the company. Aakash Educational Services saw its profit increase by 82 per cent to Rs 79.5 crore in FY22. In June last year, the edtech major said that Aakash would go public in the next 12 months or in June 2024. Infogain Appoints Dinesh Venugopal as New CEO, Effective From February 8.
Meanwhile, US-based investment firm BlackRock once again cut the value of its holding in Byju's, reducing the edtech major's valuation to a mere $1 billion from $22 billion in early 2022. BlackRock, which owns less than 1 per cent of Byju's, has valued its shares at about $209.6 apiece, down from the peak of $4,660 in 2022.
(The above story first appeared on LatestLY on Jan 23, 2024 03:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).