Byju’s faces revenue drop with 20 times more loss
By MYBRANDBOOK
Edtech giant Byju’s revenue fell 3 percent year on year to Rs 2,428 crore on a consolidated basis, down from Rs 2,511 crore the previous year. Byju’s reported a Rs 4,589 crore loss in FY21, nearly 20 times the adjusted loss of Rs 231.69 crore loss in FY20.
The company’s FY20 filings with the MCA show that the company had reported a revenue of Rs 2,704 crore, owing to adjustments in its revenue recognition. The company is yet to officially file its results with the MCA for FY21.
Byju Raveendran, Founder and CEO, Byju’s, said, “During COVID, we gave streaming access to a lot of our users because of shipment delays. (Byju's also sells Tablets and SD cards as a part of its subscription) And that had to be changed. The revenue had to be recognised across the period of consumption. Secondly, on account of credit sales, EMI sales, recognition was based on significant collection of that. Revenue was recognised after completion of collection. These were the two additional changes that had to be made.”
The edtech giant has been under severe pressure for extended delays in filing its FY21 audited financial accounts. Raveendran said that the reason for the delay in filing its FY21 results was due to three factors. First, the company was unable to travel due to COVID, delaying the audit of some of the companies it acquired. He also stated that the complexity of the acquisitions, as well as the change in revenue recognition that Deloitte requested, caused the delay in filing the results.
In recent months, Byju’s is believed to have laid off 2,000-2,500 employees across group companies, however, the official figure is less than 500. Byju’s currently operates over 200 offline tuition centres and aims to scale it up to 500 centres by the end of this year, and claims to have over 150 million learners accessing its products and services from more than 120 countries.
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