New Delhi: After a delay of more than 19 months, edtech major Byju’s on Monday said it is expected to announce its financial results for FY22 by the end of this week.
In a statement to IANS, the company said the audit of all the group subsidiaries has been completed and adopted.
“Think and Learn Pvt Ltd, the parent company of Byju’s, is expected to adopt the consolidated results this week to factor in certain positive developments in the company,” the company said.
In June this year, the company’s long-standing auditor Deloitte had flagged some concerns with the revenue recognition methods for Byju’s accounts in FY21, and resigned, citing delay in declaring FY22 results.
Byju’s earlier missed its deadline to file the FY22 financial results in September. The company had convened a board meeting in the second week of October “for approval and adoption of accounts for FY22”.
“Think and Learn Pvt Ltd has issued a notice for convening a Board meeting in the second week of October 2023 for approval and adoption of accounts for FY22,” a Byju’s spokesperson had said.
Earlier this year, the ed-tech company told its investors and lenders that it would file its FY22 financial statements by September. Byju’s is also going to lay off 4,000-5,000 employees in a “business restructuring exercise” in the coming weeks.
“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management,” a company spokesperson had said.
Byju’s new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead, according to the company. The edtech major is also mulling to sell at least two of its subsidiaries, Epic and Great Learning, to raise between $800 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB).
Earlier on Monday, in some cheers for edtech unicorn Byju’s which is facing a myriad of issues, news surfaced that Aakash Chaudhry is reportedly set to return as CEO of Aakash Educational Services that Byju’s acquired for almost $1 billion in April 2021.