The company reported operating revenue of Rs 5,014 crore for FY22 while losses swelled to Rs 8,245 crore. Byju’s total revenue stood at nearly Rs 5,300 crore, as per regulatory filings made by the company. The operating revenue of Byju’s grew by 119% in FY22 while losses jumped 80% during the period under review.
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Nearly half of the losses–around Rs 3,800 crore– have come from stressed assets like Whitehat Jr and Osmo–two key acquisitions made by the company.
“While we are happy that our total income has grown 2.2 times, we are also aware of our underperforming businesses like Whitehat Jr and Osmo which contribute to 45% of the losses. We have taken various measures to improve our operating financial conditions,” said Nitin Golani, CFO, Byju’s, said in a statement. “These businesses were scaled down significantly to cut losses in the subsequent years while other businesses continue to see growth.”
Also read | For more capital, Byju’s must pass a tough test
ET reported on December 22 citing sources briefed on Byju’s FY22 financials.
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Byju’s auditor BDO has however made an observation on the ongoing concern on the $1.2 billion term loan which indicates that a ‘material uncertainty exists’. It however also said the management of the company is in the process of arranging necessary funding through asset sale to clear the debt with lenders. “and hence, (management) is confident regarding the future viability of the Company. Further, basis a legal opinion, the management is of the view that it is unlikely that the TLB loan will be required to be paid in the foreseeable future,” the note added in Byju’s audited financials for FY22.It is yet to complete the audit for FY23 financials.
