Jobaaj Stories
The most successful and valuable startup in the ed-tech sector, Byjus reported gross revenue of around ₹10,000 crores for the F.Y 2022. The revenue for the F.Y 2021 fell by 3% from Rs 2,511 crore in 2020 to Rs 2,428 crore.
Due to the adoption of new revenue recognition, 40% of its revenue in the financial year 2021 was deferred to subsequent years.
The net loss of the company increased by 20 times to hit ₹4588.75 crores for the F.Y 2021 from a comprehensive loss of ₹231.69 crores it incurred in the F.Y 2020.
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The Ministry of Corporate Affairs was informed earlier in the month of July that the company will announce its financial result on 6 September. The MCA had issued a notice to Byju's for the delay in filing the financial result.
As a reply to the notice, the company informed the MCA that the delay in filing is due to consolidating the accounts of a number of companies that Byjus acquired during the accounting year.
Byju Raveendran, the founder and CEO of the company said in an interview “ The subsequent year’s results will show a stronger financial growth and uptick in numbers, expecting to record a revenue of Rs 17,000 crore by the fiscal year 2023.”
“There was significant business growth in FY 21 over FY 20, but since this is the first year where new revenue recognition started because of a Covid-related business model change, almost 40% of the revenue was deferred to subsequent years," Raveendran told in an interview.
“The rationalized growth between FY 21 and FY 20 is a result of the changes made in the way the company recognizes its revenue, as advised by its auditors."
This news piece is brought to you in association with Jobaaj.com.
