Struggling edtech giant Byju’s submitted its financial statements for the fiscal year 2022 to the Ministry of Corporate Affairs on January 23, nearly 22 months after the reporting period concluded.
The company witnessed a substantial 118% increase in its consolidated revenue, soaring from Rs 2,428 crore in FY21 to Rs 5,298 crore in FY22. However, its losses surged from Rs 4,564 crore in FY21 to Rs 8,245 crore in FY22.
MSKA & Associates, the auditing division affiliated with BDO Global, highlighted ongoing operational net losses, accumulated losses, and debt-related risks arising from an outstanding $1.2 billion overseas loan for Byju’s. Despite these concerns, the audit report included various disclaimers and ultimately affirmed that Byju’s remains a viable business entity in the fiscal year 2021-22.
Out of the overall loss of Rs 8,370 crore (pre-tax) disclosed by Byju’s for the fiscal year FY22, Rs 3,800 crore originated from its two subsidiaries.
The financial statements indicate that Whitehat Jr, a startup specialising in online coding classes for children, significantly impacted the overall performance of the edtech company, contributing a loss (pre-tax) of Rs 2,877 crore, compared to Rs 1,549 crore in the preceding fiscal year.
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