Edtech major Byju’s on Saturday said that it will convene a board meeting in the second week of October to present its FY22 financials to the board and its advisory council.
The much-delayed results will also be presented to its board members, advisory council, certain invitees, key investors, including Peak XV Partners and Prosus. The company’s advisory council comprises industry veterans such as Mohandas Pai and Rajnish Kumar.
Byju’s auditor BDO and the management held a meeting on Saturday and a notice was issued to shareholders subsequently. “Think and Learn Pvt Ltd today has issued a notice for convening a Board meeting in the second week of October 2023 for approval and adoption of accounts for FY22. The Board of Directors along with the Advisory Council and certain invitees will meet to formally adopt the audited accounts,” said Byju’s spokesperson.
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Byju’s statement on FY22 numbers comes months after its auditor Deloitte stepped down, citing the long delay in its financial statements for the year ended March 31, 2022.
The exit of Peak XV, Prosus and Chan Zuckerberg Initiative from the board had left only the company’s founder Raveendran, co-founder Divya Gokulnath, and Riju Ravindran on the board.
Following the exit of these firms from the troubled edtech’s board, company chief executive Byju Raveendran and his chief financial officer Ajay Goel had told shareholders that audited results for FY22 will be shared by the end of September. They further said Byju’s FY23 results will be released by December 2023.
After an 18-month delay, Byju’s had filed its FY21 financials in September last year, which showed operating revenue of ₹2,280 crore even as it recorded massive losses of ₹4,588 crore, up from just ₹262 crore in the previous fiscal year of FY20.
Recently, the company was looking to sell its group assets Epic and Great Learning to generate new cash to clear the controversial $1.2 billion term loan B (TLB). Last week, Byju’s India CEO Arjun Mohan undertook new measures to cut at least 3,000-3,500 jobs at the firm to further cut costs, reported businessline.
Byju’s simultaneously has been in talks with creditors to close matters related to its TLB as well as Davidson Kempner. This comes at a time when the company is also looking to raise fresh capital amid cash crunch.