Byju's FY21 revenues at Rs 2,280 crore; losses at Rs 4,588 crore

15 Sep 2022 , 08:02 AM

The edtech company Byju’s is run by Think & Learn Pvt Ltd, which announced that its revenue from operations for the fiscal year ending in March 2021 has been readjusted to Rs2,280 crore. This is true despite the fact that the company suffered enormous losses of Rs4,588 crore, up from just Rs262 crore the previous fiscal.

This is a considerable decrease of almost 40% from the original projection (roughly Rs4,400 crore by the company). Various news reports brought to light the discrepancy between the startup’s unaudited revenue and what Deloitte ultimately approved.

Byju’s streaming service revenues (the online courses it sells), which were previously completely recognized at total contract price, have been amended to be recognized over the life of the contract, according to Deloitte.

In addition  the interest paid to loan partners on behalf of customers in regard to loans issued directly to customers for buying Byju’s services have been reclassified from finance costs and adjusted against revenues.

These two adjustments significantly reduced the online tutoring platform’s revenue, which also contributed to the significant losses the company reported.

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