Edtech major Byju’s will report the financial results for the year through March 2022 this week after more than a year’s delay.
The troubled edtech major said it has completed an audit of all group units. Parent Think & Learn Pvt Ltd is expected to incorporate the audited financials into its consolidated results this week.
“The audit of all 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 company,” said Byju’s spokersperson.
Earlier, the firm had said it would present the audited FY22 results to its board, advisory council, investors such as Peak XV Partners and Prosus in the second week of October.
Former SBI chairman Rajnish Kumar and ex-Infosys CFO Mohandas Pai are on Byju’s board advisory council. They joined the council on July 13 to advise the edtech company on the composition of its board and governance structure.
The edtech firm is nearly 12 months behind the statutory due date to file its FY22 financial results with the Registrar of Companies. The delays drew scrutiny from regulators and led to the resignation of Deloitte as the company’s auditor earlier this year. Byju’s has yet to announce financial results for the year through March 2023 as well.
The delay has also been a key concern for investors and lenders who have given a $1.2 billion term loan to the company. Byju’s has missed payment on a $1.2 billion term loan and engaging with creditors to clear the dues. The company is also looking to sell its group assets like Epic and Great Learning.
Byju’s showed readjusted revenue of Rs 2,280 crore along with a loss of Rs 4,588 crore in its FY21 results which was filed after an 18-month delay.