Despite prolonged delays, edtech giant Byju’s has finally unveiled its financial performance for the fiscal year 2022. Think & Learn, the parent company of Byju’s (excluding all acquisitions), witnessed an impressive 2.3x growth, reaching a total income of Rs 3,569 crore, a substantial increase from Rs 1,552 crore in the preceding fiscal year. In September 2022, Byju’s had initially projected its gross revenue to escalate to Rs 10,000 crore in FY22.
An encouraging development is the company’s reduction of EBITDA loss from Rs 2,406 crore in FY21 to Rs 2,253 crore in FY22. This substantial improvement enabled the firm to enhance the EBITDA margin from -155% to -63% from FY21 to FY22.
On a consolidated basis, Byju’s losses in FY21 amounted to Rs 4,564 crore. The company had previously attributed a portion of these losses to WhiteHat Jr, a coding platform it acquired in August 2020.
Byju Raveendran, founder and group CEO, expressed his reflections on an eventful year, marked by nine acquisitions. He highlighted the positive growth demonstrated by the core business, emphasizing the potential of edtech in India, the fastest-growing major economy. Raveendran also acknowledged the valuable lessons learned in navigating the post-pandemic landscape of adjustments. He affirmed Byju’s commitment to sustained and profitable growth in the coming years.
In the preceding fiscal year (FY21), Byju’s revenue from operations experienced modest growth of only 4%, reaching Rs 2,280 crore from Rs 2,189 crore in FY20. Notably, the company’s losses surged significantly by 14.9 times, reaching Rs 4,564 crore during the same period. Unfortunately, a detailed breakdown of revenue and expenses is unavailable.
The recent departure of CFO Ajay Goel, who joined Byju’s in April, raised eyebrows. Nitin Golani has stepped in as his replacement, playing a pivotal role in Byju’s $1 billion acquisition of Aakash in 2021.
Byju’s is currently grappling with various challenges, including Term B loan repayment, the asset sale of Great Learning and Epic, and a series of strategic moves. The appointment of Arjun Mohan as CEO of India operations and the restructuring that led to the termination of 3,000-4,000 employees are indicative of Byju’s efforts to streamline operations, reduce costs, and enhance cash flow management.
The company’s financial disclosure sheds light on its resilience amid industry challenges and sets the stage for navigating the evolving landscape of edtech in India. As Byju’s continues its journey, the lessons learned and the strategic decisions made in FY22 will likely play a crucial role in shaping its trajectory in the years to come.