BYJU’S EDGES CLOSER TO PROFITABILITY

2 min read

Think and Learn Private Ltd (TLPL), the parent company of a prominent edtech firm, witnessed significant growth in its core operations during the 2021-22 fiscal year, showing a 2.3-fold increase compared to the previous year. Operating losses also decreased by 6%, amounting to Rs 2,253 crore.

It’s important to note that the company’s financial results were delayed in submission to the Ministry of Corporate Affairs. The figures presented here are based on an ‘unqualified 2021-22 audit’ and do not include any acquisitions made after the COVID-19 pandemic. TLPL intends to submit the complete financials to the MCA in the near future.

For the financial year 2021-22, the company finalized its audited financial accounts. The core business, excluding all acquisitions, experienced robust growth, with total income reaching Rs 3,569 crore, a substantial increase from Rs 1,552 crore in the previous year.

Additionally, Byju’s reported that the EBITDA (earnings before interest, taxes, depreciation, and amortization) losses decreased from Rs 2,406 crore in 2020-21 to Rs 2,253 crore in 2021-22. This improvement was accompanied by a shift in margin from -155% to -63% between 2020-21 and 2021-22.

Byju Raveendran, founder and group CEO, shared his perspective on the company’s performance. “The takeaways from a particularly challenging year, which included nine acquisitions, have been invaluable. The core business has demonstrated substantial growth, underscoring the potential of edtech in India. I’ve also gained important insights in the post-pandemic world of adjustments. Byju’s will continue to pursue sustainable and profitable growth in the years ahead.”

In September 2022, the company reported its financials for 2020-21 after a 17-month delay, revealing a loss of Rs 4,588 crore compared to Rs 262 crore in the previous fiscal year.

Notable acquisitions by Byju’s included the acquisition of the tutorial chain Aakash Educational Services in April 2021 for nearly $1 billion in a cash-and-stock transaction. Prior to that, it acquired the coding tutor WhiteHatIr for $300 million and Singapore-based Great Learning for $600 million in July 2021, expanding into the professional upskilling and lifelong learning space. In July 2021, Byju’s also announced the acquisition of the reading platform Epic for $500 million. The company has now put Great Learning and Epic up for sale to cover a $1.2-billion loan.

In June of this year, Deloitte resigned as the auditor of TLPL, three years before the expiry of its contract, due to delays in the firm’s financial statement for 2021-22.

You May Also Like

More From Author

+ There are no comments

Add yours