Byju’s core biz sees Rs 2,253 cr in net income loss in FY22, logs 2.3x revenue growth

New Delhi, Nov 4 (SocialNews.XYZ) Edtech major Byju's on Saturday said it has finally closed the audited financial accounts for the financial year 2021-22, saying the EBITDA loss of the core business was down from Rs 2,406 crore to Rs 2,253 crore (year-on-year).

It was accompanied by margin improvement from -155 per cent to -63 per cent from FY21 to FY22.

EBITDA Loss means a loss of earnings before interest, taxes, depreciation and amortisation.

Think and Learn Private Ltd (TLPL), the parent of leading EdTech company Byju’s, said that the core business (excluding all acquisitions) reported a 2.3 times growth to reach a total income of Rs 3,569 crore, from Rs 1,552 crore in the previous year.

“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,” said Byju Raveendran, Founder and Group CEO.

“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,” Raveendran added.

Byju's missed its deadline to file the FY22 financial results several times.

The company had convened a board meeting in the second week of October "for approval and adoption of accounts for FY22".

Late last month, the company announced new leadership in its finance function with the appointment of industry veteran Pradip Kanakia as the senior advisor and Nitin Golani, currently the President-Finance, assume additional responsibility as Chief Finance Officer (CFO).

The incumbent CFO, Ajay Goel, returned to Vedanta Ltd, which he had quit in April.

Source: IANS