BYJU’S AGM: FY22 Audited Financials Approved, BDO Reappointed As Auditor

At its annual general meeting (AGM) on Wednesday (December 20), troubled edtech major BYJU’S‘ stakeholders approved its financial statements for the fiscal year 2021-22 (FY22). 

With close to 60 shareholders in attendance, BDO was reappointed as the statutory auditor of the company during the three-hour long AGM, BYJU’S said in a statement, adding that all the resolutions proposed by the company were passed. 

“Think and Learn, the parent company of BYJU’S, held its Annual General Meeting (AGM) today with close to 60 shareholders in attendance. All the resolutions were passed, including the accounts for FY22. BDO was reappointed as the statutory auditors of the company,” the statement said. 

As per the edtech major, cofounder and chief executive officer (CEO) Byju Raveendran kicked off the AGM with an ‘account of the state of business and its challenges’. This was followed by chief financial officer Nitin Golani briefing the stakeholders about the audit while India CEO Arjun Mohan spoke about business updates and plans. 

The AGM also saw auditor BDO answering questions from shareholders about the newly furnished financial statements. 

The audited financial results were finally approved by the stakeholders after multiple delays from the company in furnishing them. This resulted in the resignation of previous auditor Deloitte and exit of three key board members, including GV Ravishankar of Peak XV Partners, Prosus’ Russell Dreisenstock and Vivian Wu of Chan Zuckerberg Initiative.

In November this year, the troubled startup released select financial numbers for its core operations. Think and Learn Private’s standalone EBITDA loss stood at INR 2,253 Cr in FY22 compared to an EBITDA loss of INR 2,406 Cr in the previous fiscal. Total income stood at INR 3,569 Cr in the year ended March 2022 as against INR 1,552 Cr in FY21. 

While there was no mention of the net loss figure in FY22, the edtech major’s consolidated net loss stood at INR 4,588 Cr in FY21, up 1,880% year-on-year.

The edtech decacorn has been grappling with a slew of issues, including paucity of funds, mass layoffs, mounting losses, top-level leadership exits and full-blown confrontation with its lenders over the repayment of its $1.2 Bn Term Loan B. 

To tide over the crisis, the company has been scouting investors to raise funds and has also been in the market to reportedly sell subsidiaries Epic and Great Learning to repay the loan.

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