Chennai-based edtech platform Veranda Learning Solutions on Monday posted a consolidated net loss of ₹20.94 crore for the fourth quarter of FY22. The company posted a consolidated net loss of ₹5.04 crore for the same quarter in FY21.
Consolidated revenue up
The company’s consolidated revenue from operations swelled to ₹29.41 crore during Q4FY22 (₹1.72 crore). However, the company’s loss exacerbated due to a spike in total expenses.
Total expenses, on a year-on-year basis, jumped nearly 7 times to ₹42.16 crore (₹6.12 crore) during Q4FY22. The jump in total expenses was triggered by employee benefit expenses which jumped to ₹13.34 crore (₹2.23 crore) while other operating expenses grew to ₹27.61 crore (₹4.11 crore) during the comparable period.
For the full year, the company posted a net loss of ₹58.49 crore (₹8.28 crore) in FY22. Veranda Learning made its stock market debut on April 11, 2022. The company said the Group has incurred ₹17.09 crore as IPO related expenses as of March 31, 2022.