After experiencing a delay of more than a year, the edtech company Byju’s is finally poised to release its FY22 financial results within the coming week. The company initially announced its intentions to publish these results in September, but subsequently, by the end of the previous month, they revised their timeline, aiming to disclose the results by the second week of October.
In an official statement, a spokesperson for Byju’s revealed that the audit for all group subsidiaries had been successfully completed, and they anticipate that “Think and Learn Private Ltd,” the parent company, will formally adopt the consolidated results in the near future. This strategic move is intended to reflect specific positive developments within the organization.
For reference, in the previous year, Byju’s had indeed filed its FY21 results in mid-September. In that report, they acknowledged a consolidated loss of Rs 4,589 crore, which marked a significant increase from the Rs 260 crore loss reported in the prior fiscal year. The company’s revenue for FY21 was recorded at Rs 2,428 crore.
Companies are legally bound to host an annual general meeting (AGM) within six months of the financial year’s conclusion, typically by March 31. During the AGM, the company’s financial accounts are subject to approval by the shareholders. However, Byju’s has missed this deadline for conducting the AGM, necessitating a process of compounding. As per Atul Puri, the managing partner and co-founder at SW India, AGM cannot proceed until the financials receive approval from the board members.
In June of the current year, Byju’s faced the departure of its auditor, Deloitte Haskins & Sells, due to the delay in filing FY22 financial results. In response, Byju’s enlisted the services of BDO (MSKA & Associates) as the new statutory auditors. This appointment covers the year starting from FY22 and extends to various components, including the holding company “Think and Learn Pvt Ltd,” material subsidiaries such as Aakash Educational Services, and the overall consolidated results for the group.
Additionally, there are reports suggesting that Aakash Chaudhry, the promoter of Aakash Educational Services, may return as the CEO of the tutoring unit, potentially succeeding Abhishek Maheshwari, who recently departed from the firm. Byju’s, however, chose not to provide any comments or confirmation regarding these reports.
Finally, the firm’s lenders have engaged the risk advisory firm Kroll to safeguard assets within both Great Learning and Byju’s Singapore entity, Byju’s Pte. Ltd. Byju’s has expressed its commitment to collaborate with its partners, including the management of Great Learning and TLB lenders, to explore potential divestment opportunities at an optimal value, aiming to facilitate independent growth for Great Learning in the future.