Think and Learn Private Ltd (TLPL), the parent of leading edtech firm Byju’s, saw a 2.3 times growth in its core business during 2021-22 over the previous fiscal with operating losses falling 6 per cent to Rs 2,253 crore.
The company had delayed submitting its results to the ministry of corporate affairs and the numbers announced on Saturday are based on “unqualified 2021-22 audit’’ and it does not include the acquisitions made after the Covid-19 pandemic. TLPL is likely to submit the financials to the MCA in the next few days.
The company closed the audited financial accounts for the financial year 2021-22. It pointed out that the core business, excluding all acquisitions, saw a robust 2.3 times growth to reach a total income of Rs 3,569 crore from Rs 1,552 crore in the previous year.
Byju’s added that the EBITDA (earnings before interest, taxes, depreciation, & amortisation) loss fell to Rs 2,253 crore from Rs 2,406 crore in 2020-21. This, was accompanied by margin improvement from -155 per cent to -63 per cent from 2020-21 to 2021-22.
“The takeaways from a uniquely belligerent year, which included nine acquisitions, are life-long learnings. The core business has demonstrated good growth, underlining the potential of edtech in India. “I am also humbled by the lessons learnt in the post-pandemic world of readjustments. Byju’s will continue on the path of sustainable and profitable growth in the coming years,” founder and group CEO Byju Raveendran said.
In September 2022, the company had reported its financials for 2020-21 after a 17-month delay. It had recorded a loss of Rs 4,588 crore from Rs 262 crore in the previous fiscal.
The major acquisitions of Byju’s included the tutorial chain Aakash Educational Services in April 2021 for almost $1 billion in a cash-and-stock deal. Before that it had purchased coding tutor WhiteHatJr for $300 million. It also acquired Singapore-based Great Learning for $600 million in July 2021, which led to its foray into professional upskilling and life-long learning space.
In July 2021, it had also announced the purchase of reading platform Epic for $500 million. Byju’s has now put Great Learning and Epic on sale to pay a $1.2-billion loan.
In June this year, Deloitte had resigned as the auditor of TLPL three years prior to the expiry of its contract due to the delay in the firm’s financial statement for 2021-22.
