How Byju’s losses rose to Rs 4,500 cr in delayed FY21 results?

Edtech major Byju’s clocked a revenue of Rs 2,428 crore in the financial year ended March 2021, far below its own projections. Its losses in the fiscal rose 17-fold to over Rs 4,500 crore as the start-up disclosed its financials for FY21, following an 18-month delay that also attracted government scrutiny.

Byju’s revenue of Rs 2,428 crore in FY21 was almost 14% below that in FY20 when it had posted a revenue of Rs 2,704 crore. It posted a loss of Rs 4,588 crore in 2020-21, compared to a loss of Rs 260-crore it had incurred in FY20.

It is worth noting that these are figures for the year ended March 2021, which was considered as a peak time for adoption of online education owing to the shuttering down of schools and educational institutions owing to the pandemic.

The financial declarations of Byju’s came after an apparent delay in signing off the results by auditor Deloitte, which had raised compliance related issues at the start-up. Deloitte had flagged certain concerns with the way Byju’s was recognising its revenue, which delayed the submission of results to the Ministry of Corporate Affairs (MCA).

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