BYJU’S CEO Says FY23 Audit To Be Completed In Coming Months

At a time when BYJU’S is yet to release the complete financial statements for the financial year 2021-22 (FY22), the embattled edtech giant’s cofounder and chief executive officer (CEO) Byju Raveendran has said it will ‘soon’ commence the audit process for FY23. 

In an internal mail sent to employees and seen by Inc42, Raveendran said the company expects the audit process for FY23 to complete in the coming months. 

“We will soon begin the audit process for the latest financial year (FY23) and complete it in the coming months. I am confident that these results will further reinforce our position as a leader in the edtech industry,” the mail said. 

The development was first reported by Moneycontrol.

This comes hours after the edtech giant released a part of its FY22 numbers. Without disclosing net loss, BYJU’S said the standalone EBITDA loss declined to INR 2,253 Cr in FY22 from INR 2,406 Cr in FY21. On the other hand, total income jumped to INR 3,569 Cr from INR 1,552 Cr in FY21. 

However, the company didn’t mention its consolidated numbers. In FY21, BYJU’S consolidated net loss surged 1,880% year-on-year to INR 4,588 Cr.

Raveendran told employees that the company has closed the audit for FY22 and the report, overseen by statutory auditor BDO, is ‘clean and qualified’. 

Claiming that BYJU’S is becoming ‘more sustainable’ while scaling up, he added that the edtech giant is overcoming many recent challenges step by step.

“We have faced many challenges recently, but together, we are overcoming them step by step. My confidence comes from our shared determination, resilience, and commitment to our mission. Let us continue to push boundaries of what is possible and deliver transformative education experiences to empower and inspire our learners. Together, there’s no obstacle we can’t conquer,” added Raveendran.

It must be noted that BYJU’S has seen a prolonged delay in filing its financial statements for FY22. This also led to BYJU’S then statutory auditor, Deloitte, putting in its papers, followed by the resignation of half of the edtech giant’s board members. 

Russell Dreisenstock of Prosus, Chan Zuckerberg Initiative’s Vivian Wu, and Peak XV Partners’ GV Ravishankar tendered their resignations in June this year, leaving only Raveendran, his wife Divya Gokulnath and brother Riju Raveendran as the remaining members on the board. 

The company has also been plagued by layoffs, skirmishes with regulatory authorities, and a looming debt crisis. The edtech major has been fighting a legal battle with its lenders over the repayment of its $1.2 Bn Term Loan B (TLB). 

Besides, its India chief financial officer (CFO) Ajay Goel also quit last month within six months of taking over the position. He was succeeded by BYJU’S’ president of finance Nitin Golani, who was elevated to the role. 

Amid all this, the company has been looking to streamline operations by rationalising costs and shelving expansion plans. BYJU’S was recently said to be in talks to sell US-based Epic and Great Learning to repay the TLB and chart a path to sustainable growth.