BENGALURU: After over a year’s delay, edtech firm Byju’s will file its FY22 results this week.
Previously, the company said it would file the results in September, and by the end of last month, it said results would be put out by the second week of October.
In a statement, Byju’s spokesperson said the audit of all the group subsidiaries has been completed and adopted. “Think and Learn Private Ltd, the parent, is expected to adopt the consolidated results this week to factor in certain positive developments in the firm,” the spokesperson added.
It filed its FY21 results in mid-September last year, and it posted a consolidated loss of Rs 4,589 crore, up from over Rs 260 crore in the previous fiscal. The group’s revenue in FY21 stood at Rs 2,428 crore.
Companies need to hold an annual general meeting (AGM) once every year within six months from the financial year’s closing- March 31. “In AGM, the financial accounts of the company are approved by the shareholders. So, we can say the company has failed to conduct the AGM within the stipulated period and have to go for the compounding. AGM can’t be conducted unless the financials are approved by the board members,” said Atul Puri, managing partner and co-founder at SW India.
Earlier in June this year, its auditor Deloitte Haskins & Sells exited citing a delay in filing of FY22 financial results, and Byju’s appointed BDO (MSKA & Associates) as statutory auditors for the year commencing from FY22 for the next five years. BDO is covering the holding company - Think and Learn Pvt Ltd, its material subsidiaries such as Aakash Educational Services as well as the overall group consolidated results.
Meanwhile, reports suggest promoter of Aakash Educational Services Aakash Chaudhry might return as the CEO of the tutoring unit and take over from Abhishek Maheshwari who quit the firm recently. However, the edtech firm declined to comment on this.
Last week, lenders of the firm appointed risk advisory firm Kroll to safeguard assets at both Great Learning and Byju’s Singapore entity Byju’s Pte. Ltd. “We are working with our partners, including Great Learning management and TLB lenders, for a potential divestment at optimal value. This will allow Great Learning’s future growth as an independent company,” Byju’s said.