Shareholders at BYJU’S AGM Approve FY22 Results

• ByStartupStory     |    December 21, 2023

Byju’s, a prominent player in the edtech sector, faced challenges surrounding financial constraints and debt repayment, finding respite as shareholders greenlit the audited financials for the fiscal year 2022 during an Annual General Meeting (AGM) held recently.

The AGM also passed other resolutions, endorsing the reappointment of MSKA & ASSOCIATES as its statutory auditor and the approval of remuneration for B Y & ASSOCIATES, the company’s cost accountants and auditors, spanning fiscal years 2022, 2023, and 2024.

According to the company’s statement, “Think and Learn, the parent company of BYJU’s, held its Annual General Meeting (AGM) today with close to 60 shareholders in attendance. All the resolutions were passed, including the accounts for FY22.”

Byju’s founder, Byju Raveendran, initiated the AGM by outlining the business’s current status and challenges, while Nitin Golani, Chief Financial Officer- India, provided insights into the audit. India CEO Arjun Mohan updated shareholders on business strategies. The statement continued, “The auditor BDO later answered all questions from shareholders before the company wrapped up the interactive three-hour-long meeting.”

In early November, Byju’s finally closed its long-pending audited financial accounts for FY22, marking a crucial milestone amid criticisms and challenges. The company noted a significant revenue growth of 2.3x for its core business, encompassing K12 learning programs, reaching Rs 3,569 crore in FY22 from Rs 1,552 crore in FY21. Operating losses narrowed to Rs 2,253 crore in FY22 from Rs 2,406 crore in FY21.

Despite this progress, the firm faces pressures, including legal action from The Board of Control for Cricket in India (BCCI) and delayed salary payments to certain employees. Additionally, it is in advanced discussions to sell its US-based subsidiary Epic to address liquidity issues and settle a $1.2-billion Term Loan B (TLB) obtained from US-based lenders during a phase of aggressive acquisitions in 2021.

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