FIITJEE posts Rs 542 Cr revenue in FY23, slips into losses


The offline IIT-JEE test preparation platform FIITJEE, with three decades of existence, has shown consistent growth. It experienced a 21% increase in scale during the fiscal year ending March 2023 but the growth has come at a cost as the company reported a loss of Rs 69 crore against profit of Rs 37 lakh in FY22.

Delhi-based FIITJEE’s revenue from operations increased 21% to Rs 542 crore in FY23 from Rs 448 crore in FY22,  its consolidated financial statements sourced from the Registrar of Companies shows.

Financial FY23

FY22 FY23









Amount in ₹ Cr

With over 100 study centers across India and several tie-ups with schools, FIITJEE provides classroom, non-classroom, and integrated school programs for several competitive exams. The tuition, examination, and infrastructure fees accounted for 45% of the total operating revenue. Collection from this segment increased 18.4% to Rs 245 crore in FY23 from Rs 207 crore in FY22.

Income from admission fees collected during registration of students and the sale of study materials including books and test papers are the other sources of revenue for FIITJEE. 

Check TheKredible to see the detailed revenue breakup.

On the cost side, employee benefits formed 55% of the total expenditure which grew by 37.2% to Rs 347 crore in FY23 from Rs 253 crore in FY22. This includes the salary given to directors including Dinesh Kumar Goel, Monila Goel, Partha Halder, and others which amounted to Rs 21.4 crore in FY23.

Expense Breakdown

Total ₹ 458 Cr
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Total ₹ 631 Cr
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  • Procuremnt of studay materials
  • Employee benefit expense
  • Rent
  • Legal professional charges
  • Advertising promotional expenses
  • Safety security expenses
  • Others

Its advertising spending increased by 45% to Rs 103 crore in the last fiscal year. The cost of procurement of study materials, rent, legal professional fees, safety costs, and other overheads pushed the company’s total expenditure by 37.7% to Rs 631 crore in FY23 from Rs 458 crore in FY22.

See TheKredible for the complete expense breakdown.

The significant spurt in advertising and employee benefit expenses led the company to register a loss of Rs 69 crore in FY23 as compared to profits of Rs 37 lakhs during FY22. Its ROCE and EBITDA margins worsened to 70% and -6% respectively. On a unit level, it spent Rs 1.16 to earn a rupee in FY23.


FY22 FY23
EBITDA Margin 5% -6%
Expense/₹ of Op Revenue ₹1.02 ₹1.16
ROCE 3% -70%

One of its competitors, Allen registered Rs 2,277 crore in revenue for FY23 with Rs 429 crore profit after tax. It also competes with Bansal Classes and Byju’s-owned Aakash.

The test prep market is in probably the biggest churn it has ever seen, with the stakes never being higher. Besides competition, we believe the industry has not seen the end of potential disruptions yet, be it at a government level or even within the industry. As students grapple with multiple issues like rising fees at institutes, prep costs and multiple alternatives, it will be no surprise to see some sort of heavy handed government intervention soon.  The high advertising costs remain an issue for FIITJEE as well, and even the removal of Byju’s for now as a disruptor of consequence will not change the ground situation, thanks to the spread of Allen and others. For FIITJEE, which seems to have seen a peak in FY21 before the slide in margins and profits began in earnest, FY24 will be a critical marker of the firm’s direction for the foreseeable future, as it runs through reserves to stem the losses and recover.

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