The operating revenue of Byju’s witnessed a growth of 119% in FY22, while losses saw an increase of 80% during the same period, according to an ET report.
A significant portion of the Byju’s losses, around Rs 3,800 crore, can be attributed to stressed assets such as Whitehat Jr and Osmo, which were acquired by the company. Nitin Golani, the CFO of Byju’s, acknowledged the underperformance of these businesses, which accounted for 45% of the losses. Golani stated that steps have been taken to improve the company’s financial position, including scaling down these businesses to reduce losses.
“While we are happy that our total income has grown 2.2 times, we are also aware of our underperforming businesses like Whitehat Jr and Osmo which contribute to 45% of the losses. We have taken various measures to improve our operating financial conditions,” he was quoted as saying.
Byju’s FY22 financials were initially presented to investors at an annual general meeting in December.
The auditor BDO has expressed uncertainty regarding the ongoing concern related to a $1.2 billion term loan. However, it also mentioned that the management of the company is actively working to secure necessary funding through asset sales to repay the debt.
The audited financials for FY22 also noted the management’s confidence in the future viability of the company. The audit for FY23 financials is currently underway and is yet to be completed.