New Delhi: Edtech major Think and Learn, operating under brand Byju’s, Tuesday said its operational loss widened to Rs6,679 crore in FY22, mainly due to losses incurred by subsidiaries White Hat Jr and Osmo.
Think and Learn posted an operational loss (EBITDA) of Rs4,143 crore in FY 2021, the company said in a regulatory filing.
Its revenue more than doubled to Rs5,298.43 crore in FY22 from Rs2,428.39 crore in FY21.
“Underperforming assets were primarily White Hat Jr (WHJ) and OSMO (Tangible Play), which amounts to 45 per cent of the losses at around Rs3,800 crore,” Byju’s said.
Excluding WHJ and Palo Alto-based edtech start-up OSMO, Byju’s recorded three-fold growth year-on-year in its total income in FY22.
Byju’s subsidiaries Aakash and Great Learning grew 40 per cent and 77 per cent, respectively, immediately after the acquisition.
Aakash revenue increased by 40 per cent to Rs 1,491 crore in FY22 from Rs1,065 crore in FY21.
Great Learning posted an 80 per cent rise in revenue to Rs628 crore in FY22 against Rs354 crore in the preceding fiscal.
The auditor observed that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern due to continuing net losses from operations and accumulated losses, in addition to the uncertainty related to the outcome of the litigation and its financial impact thereon in respect of the USD 1.2 billion Term Loan B facility (TLB Loan) availed by Byju’s Alpha Inc.
However, based on a legal opinion, the management has shared its view that it is unlikely that the TLB loan will be required to be paid in the foreseeable future.
“The management has undertaken various measures to improve its operating financial condition, (and) is also in the process of securing necessary funding arrangements and exploring a sale of assets as needed, and hence is confident regarding the future viability of the company,” the auditor note said.
PTI