Byju’s reports 2.3x revenue growth in FY22, reduces EBITDA loss

After much delay, edtech company Byju’s has finally disclosed its financial results for FY22.

The core business of Byju’s-parent Think & Learn (excluding all acquisitions) saw a 2.3x growth to reach a total income of Rs 3,569 crore from Rs 1,552 crore in the previous fiscal year. In September 2022, Byju's projected its gross revenue to grow to Rs 10,000 crore in FY22.

The company has also managed to reduce its EBITDA loss from Rs 2,406 crore in FY21 to Rs 2,253 crore in FY22. This helped the firm to improve the EBITDA margin from -155% to -63% from FY21 to FY22.

On a consolidate basis, Byju's losses stood at Rs 4,564 crore in FY21. The company had said the losses were partly on account of the losses from WhiteHat Jr, the coding platform it acquired in August 2020.

“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,” founder and group CEO Byju Raveendran said in a press release.

In the previous fiscal (FY21), Byju’s revenue from operations grew only 4% to Rs 2280 crore from Rs 2,189 crore in FY20. The company’s losses ballooned 14.9X to Rs 4,564 crore during the same period. The revenue and expense breakup couldn’t be ascertained.

Last week, Ajay Goel, who joined Byju’s as CFO in April this year, left the firm. The company then roped in Nitin Golani to replace Goel. Golani is said to have played a crucial role in Byju’s $1 billion acquisition of Aakash in 2021.

Byju’s is currently dealing with a series of crises including the repayment of Term B loan and the assets sale of Great Learning and Epic. Last month, Byju’s announced the appointment of Arjun Mohan as the CEO of India operations. The company also fired 3,000-4,000 employees as part of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management.

Update at 3:35pm: We have updated the post to mention the Rs 4,564 crore loss as consolidated in FY21.