New Delhi, Dec 29 (SocialNews.XYZ) Edtech platform Physics Wallah (PW) on Friday reported a total revenue of Rs 798 crore in FY23, up 3.4 times from the previous financial year.
PW’s total expenses grew to Rs 777 crore in FY23 from Rs 103 crore a year earlier.
The employee costs grew to Rs 406 crore (including ESOP benefits, which was zero in FY22) from Rs 42 crore last year.
PW’s revenue from operations increased to Rs 771.76 crore during the fiscal year ending March 2023, compared to Rs 232.47 crore during the previous fiscal year and Rs 24.6 crore in FY21.
PW’s cash reserves improved significantly to almost Rs 750 crore (as of March 31, 2023). Total student enrolment touched 24 lakh for the financial year 2023, the company said in a statement.
“Our online categories grew to 2.5x in terms of students headcount from 9 lakh in FY22 to 23.5 lakh in FY23 while our offline student headcount grew to 5.5x touching 60,000 enrolments in FY23,” said PW’s Co-founder Prateek Maheshwari.
“We will keep investing in more categories -- across study abroad, PG test prep, skills, foundation -- applying a similar formula of community, quality, and affordability, to remain in a hyper-growth phase,” he added.
PW had raised $100 million during the financial year 2023 and entered into eight partnerships in FY23, all profitable in themselves.
“The inorganic revenue of the order of Rs 500 crore shall reflect in the FY24 financials through these M&A made in FY23,” said the company.
PW reported an adjusted EBITDA (earnings before income, tax, depreciation and amortization) of Rs 127 crore in FY23 (adjusted for ESOP costs, LER and one-time inventory provisioning), which stood at Rs 134 crore in FY22.
“We will continue to plough back all the free cash flows generated by the business back into it to serve more students - touch more lives -- transform more families,” said PW’s Founder and CEO, Alakh Pandey.
Source: IANS
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