Resolutions Passed, FY22 Results Revealed

Nearly 60 shareholders participated in the AGM opened by founder Byju Raveendran who gave a briefing on the company’s affairs, according to people present in the meeting.

A spokesperson for Byju’s said Nitin Golani, chief financial officer, India also briefed on the audit functions while India CEO Arjun Mohan provided business updates and plans to the shareholders.

“The auditor BDO later answered all questions from shareholders before the company wrapped up the interactive three-hour-long meeting,” Byju’s said in a statement on Wednesday evening.

The complete financials for Byju’s parent company are still to be filed with the Registrar of Companies (RoC).

On November 4, Byju’s had issued its financial results in parts for core India business, showing a 2.3 times growth in standalone revenue to Rs 3,569 crore. The core business narrowed its Ebitda loss–financials for which were reported–to Rs 2,253 crore in FY22, from Rs 2,406 crore in the previous year. Ebitda is earnings before interest, taxes, depreciation and amortisation.

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The FY22 financials do not include the earnings of Aakash Educational Institute and other acquisitions made by Think & Learn in the last few years.The shareholder meeting comes at a time when the once highly-valued startup struggles to pay staff salaries while it scouts for buyers of group assets such as Epic and Great Learning. Byju’s is looking to clear a $1.2 billion term loan it had raised in November 2021.

Founder Raveendran has been under pressure from investors to step aside from day-to-day operations but this was not discussed during Wednesday’s AGM, said the people present in the meeting.

ET had reported that the investors had sought the company’s audited FY23 financials before infusing any fresh capital into the firm.

Byju’s had filed its financials for FY21 in September 2022 after an 18-month delay, with adjusted revenue of Rs 2,280 crore and losses of Rs 4,588 crore.

Nearly 60 shareholders participated in the AGM opened by founder Byju Raveendran who gave a briefing on the company’s affairs, according to people present in the meeting.

A spokesperson for Byju’s said Nitin Golani, chief financial officer, India also briefed on the audit functions while India CEO Arjun Mohan provided business updates and plans to the shareholders.

“The auditor BDO later answered all questions from shareholders before the company wrapped up the interactive three-hour-long meeting,” Byju’s said in a statement on Wednesday evening.

The complete financials for Byju’s parent company are still to be filed with the Registrar of Companies (RoC).

On November 4, Byju’s had issued its financial results in parts for core India business, showing a 2.3 times growth in standalone revenue to Rs 3,569 crore. The core business narrowed its Ebitda loss–financials for which were reported–to Rs 2,253 crore in FY22, from Rs 2,406 crore in the previous year. Ebitda is earnings before interest, taxes, depreciation and amortisation.

Discover the stories of your interest

The FY22 financials do not include the earnings of Aakash Educational Institute and other acquisitions made by Think & Learn in the last few years.The shareholder meeting comes at a time when the once highly-valued startup struggles to pay staff salaries while it scouts for buyers of group assets such as Epic and Great Learning. Byju’s is looking to clear a $1.2 billion term loan it had raised in November 2021.

Founder Raveendran has been under pressure from investors to step aside from day-to-day operations but this was not discussed during Wednesday’s AGM, said the people present in the meeting.

ET had reported that the investors had sought the company’s audited FY23 financials before infusing any fresh capital into the firm.

Byju’s had filed its financials for FY21 in September 2022 after an 18-month delay, with adjusted revenue of Rs 2,280 crore and losses of Rs 4,588 crore.