BYJU’S Discloses FY22 Results, Core Business Income Surges 2.3x YoY
- ByStartupStory | November 5, 2023
BYJU’S has finally disclosed its much-awaited financial results for the fiscal year 2021-22 (FY22). The company reported significant growth in its core business, excluding acquisitions, with a 2.3x year-on-year increase in total income. Total income from its core business reached Rs 3,569 crore in FY22, up from Rs 1,552 crore in the previous fiscal year.
Additionally, the EBITDA loss for the core business decreased to Rs 2,253 crore in FY22, marking a 6% reduction from Rs 2,406 crore in the prior financial year. The EBITDA margin also improved, moving from -155% in FY21 to -63% in FY22, reflecting enhanced operational efficiency.
The company did not reveal the net loss for its core business. BYJU’S Founder and Group CEO, Byju Raveendran, expressed his commitment to sustainable and profitable growth in the coming years, acknowledging the lessons learned during the post-pandemic period of adjustments.
However, the company did not disclose its consolidated revenue and profit/loss numbers for FY22, during which it completed nine acquisitions. Last year, the CEO had anticipated a 3x revenue growth and a 50% reduction in losses for FY22. In addition to the financial challenges, BYJU’S has faced conflicts with lenders over a $1.2 billion term loan and other issues related to its test prep unit, Aakash. To address these challenges, it is considering selling two of its assets, Epic and Great Learning, to generate a minimum of $800 million for debt repayment.
The disclosure of FY22 financial numbers comes at a time when BYJU’S new CEO, Arjun Mohan, is involved in a business restructuring exercise aimed at simplifying operations, reducing costs, and improving cash flow management. In the previous fiscal year, BYJU’S reported a 3% year-on-year drop in consolidated revenue to Rs 2,428 crore and a substantial loss of Rs 4,589 crore, significantly higher than the Rs 231.69 crore loss in FY20.
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BYJU’S has also witnessed key executive departures and workforce downsizing as part of its
efforts to move towards profitability. Multiple rounds of layoffs have been executed over the past year as part of cost-cutting initiatives.
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