Earnings before interest, taxes, depreciation, and amortisation-based loss of the core business was down from Rs 2,406 crore to Rs 2,253 crore in FY22, as per a statement from the company.
Elevate Your Tech Prowess with High-Value Skill Courses
|IIM Kozhikode||IIMK Advanced Data Science For Managers||Visit|
|IIT Delhi||IITD Certificate Programme in Data Science & Machine Learning||Visit|
|Northwestern University||Kellogg Post Graduate Certificate in Product Management||Visit|
Margin is negative 63% for FY22, compared to negative 155% in the previous financial year, the statement added.
Also read | Byju’s new India CEO Arjun Mohan to cut more than 4,500 jobs
“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 as part of the statement.
The prolonged delay in filing the results has been a key cause of concern for investors and lenders who have been seeking clarity on the company’s financial health amid a slowdown in online learning after the pandemic and the ongoing funding winter. Lenders have provided a $1.2 billion term loan to the firm.
Discover the stories of your interest
Also read | Byju’s makes a surprise $1.2 billion repayment proposal to lendersByju’s filed its FY21 results after an 18-month delay which showed readjusted revenue of Rs 2,280 crore and a loss of Rs 4,588 crore.
After the exits of Peak XV, Prosus and another investor, Chan Zuckerberg Initiative, from the company’s board, chief executive Byju Raveendran and chief financial officer Ajay Goel had promised shareholders on June 24 that the audited results for FY22 would be shared by the end of September and those for FY23 would be ready by December this year.
Late last month, the company announced new leadership in its finance function with the appointment of industry veteran Pradip Kanakia as the senior advisor and Nitin Golani, currently the president-finance, assume additional responsibility as chief finance officer (CFO). The incumbent CFO, Ajay Goel, returned to Vedanta Ltd, which he had quit in April.
More to follow…