New Delhi: New Delhi edtech major Byju’s on Tuesday announced its audited FY2012 financial results after much delay, registering operating revenue of Rs 5,014 crore compared to loss in FY20 in the previous financial year. Increased from Rs 4,599 crore to Rs 8,370 crore.
The company’s total revenue was approximately Rs 5,298.4 crore in FY2012, up from Rs 2,428.3 crore in FY2011, an increase of approximately 119 per cent in FY2012, while losses widened by 80 per cent compared to the year-ago financial year. There was a huge increase.
“We want to thank our students for the growth we have seen in FY 2012. Byju’s Chief Financial Officer Nitin Golani said, our customer base has grown 125 percent since FY11.
“While we are pleased that our total revenue has grown 2.2x, we are also aware of our underperforming businesses such as WhiteHat Jr. and OSMO, which contributed to 45 percent of losses,” Golani said in a statement.
The company said it has taken several measures to improve its operating financial position.
“These businesses significantly downsized in subsequent years to reduce losses, while other businesses are seeing growth,” Golani said.
Excluding White Hat Jr. and Osmo, a Palo Alto-based education startup that Byju’s bought for $120 million, the company saw three-fold growth in total revenue in FY22 vs FY21 and Ebitda rising from 163 per cent to 78 per cent. percent, the edtech firm said.
Aakash Educational Services and Great Learning grew by 40 per cent and 77 per cent, respectively, immediately after the acquisition, the company said.
Aakash Educational Services’ profit increased by 82 percent to Rs 79.5 crore in FY 2012.
In June last year, the edtech major had said that Aakash would go public in the next 12 months or in June 2024.
Meanwhile, US-based investment firm BlackRock once again cut the value of its stake in Byju’s, bringing down the valuation of the edtech major to just $1 billion from $22 billion by early 2022.
BlackRock, which owns less than 1 percent of Byju’s, has valued its shares at about $209.6 per share, below a 2022 high of $4,660.
