Byju's revenue grows 2.3 times to Rs 3,569 crore in FY22

Embattled edtech major Byju’s on Saturday reported it has seen a 2.3 times growth in revenue to Rs 3,569 crore at the end of FY22. Its EBITDA (earnings before interest, taxes, depreciation, and amortisation-based) loss of the core business was down from Rs 2,406 crore to Rs 2,253 crore in FY22, as per a statement from the company.

It is to be noted that the results, which got delayed, are that of Byju’s core business operations and do not include its acquisitions.

“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,” founder and group CEO Byju Raveendran said in the statement released today.

He added: “The takeaways from a uniquely belligerent year, which included nine acquisitions, are life- long 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."

In 2020-21, the company saw its consolidated revenues fall to Rs 2,428 crore from Rs 2,511 crore in the preceding year while its losses stood at nearly Rs 4,590 crore against a loss of Rs 230 crore in 2019-20.

For the fiscal ending March 31, 2022, the company had earlier announced that its revenues had increased four-fold to Rs 10,000 crore. However, it did not disclose the profit or loss numbers for that year.

The delay in filing FY23 results surfaced as a key cause of concern for investors and lenders as the embattled edtech's financial health was under lens.  In June, Deloitte had resigned as auditors of the company citing a delay in the submission of financial statements.

Earlier in June, Byju's, had told investors that it would file its audited earnings for financial year 2022 by September and the following financial year’s results by December. But the results got delayed further.

In October, Byju's, which has missed payment on a $1.2 billion term loan, said it has completed a long-awaited audit of all group units. But again delayed the results by 15 days.

The edtech and its creditors were facing some tough times over a missed interest payment on a term loan that the startup had taken out to help finance a global acquisition spree during the pandemic.

In November 2021, Byju’s mobilised TLB from a group of overseas investors. This loan permits flexible repayment of dues to creditors. Byju’s has also been looking to sell its two major assets — Epic and Great Learning to repay the $1.2 billion term loan B (TLB).

It had communicated to the TLB lenders that it intends to fully repay the amount in six months, of which $300 million will reportedly be paid in the next three months.

The company acquired Great Learning in 2021 for $600 million in a cash, stock and earnout deal. A year later it purchased Epic the US-based kid’s learning platform for $500 million in a cash and stock deal.

Resignations at Byju's

In June this year, Peak XV Partners, Prosus and Chan Zuckerberg Initiative said that their representatives have resigned from the board of edtech firm Byju’s.