New Delhi: Byju’s, a prominent edtech company, initially scheduled to unveil its FY22 financial results in September, has now announced its intention to release the financial statement for FY22 in October.
In an official statement, the company declared its plan to convene a board meeting during the second week of October “to seek approval and adoption of accounts for FY22.” (Also Read: RBI Extends Deadline for Rs 2000 Currency Note Exchange; Check the New Deadline Here)
A spokesperson for Byju’s stated, “Think and Learn Pvt Ltd has issued a notice for the scheduling of a Board meeting in the second week of October 2023 to seek approval and adoption of accounts for FY22.” (Also Read: Watch: Kerala Farmer Uses Rs 50 Lakh Audi A4 to Sell Fresh Vegetables in Market)
The Board of Directors, in the presence of the Advisory Council and select invitees, will formally ratify the audited accounts, the spokesperson confirmed.
Earlier this year, the edtech firm had informed its investors and lenders of its intention to file its FY22 financial statements by September. Additionally, Byju’s is planning to reduce its workforce by 4,000-5,000 employees as part of a “business restructuring exercise” in the upcoming weeks.
“We are in the final stages of a business restructuring exercise aimed at simplifying our operating structures, reducing our cost base, and improving cash flow management,” explained a company spokesperson in a previous statement.
Byju’s new India CEO, Arjun Mohan, is expected to conclude this process in the next few weeks and will lead a revamped and sustainable operation, according to the company.
Furthermore, Byju’s is considering the potential sale of at least two of its subsidiaries, Epic and Great Learning, to generate an estimated $800 million to $1 billion. This move comes in response to reports suggesting that the company has devised a plan to repay its outstanding $1.2 billion Term Loan B (TLB).