New Delhi : After a long wait, online learning technology company and country’s highest rated startup Byju’s finally announced its financial performance on Wednesday. According to this balance sheet released a year ago i.e. late in the financial year 2020-21, the company’s revenue has declined while the loss has also increased 20 times.
According to the results released by the company, Byju’s revenue in the year 2020-21 fell by 3 per cent on a consolidated basis to Rs 2,428 crore. In the last year 2019-20, it was Rs 2,511 crore. Byju’s, on the other hand, reported a loss of Rs 4,588 crore in that financial year, nearly 20 times higher than the consolidated loss of Rs 231.69 crore in 2019-20.
Why the delay?,
Although Byju’s is a privately owned company, it is required to regularly submit its annual financial balance sheets to the Ministry of Corporate Affairs. However, although it has released the financial balance sheet for 2020-21 belatedly, it is yet to submit it officially to the Ministry of Corporate Affairs. The delay is also due to Deloitte, an accounting firm, refusing to sign off on the company’s results. Deloitte objected to Byju’s specific revenue sources and took the stand of not signing off due to lack of clarity. Consequently, Baiju sought at least four extensions of time to submit the results to the Ministry of Corporate Affairs and failed to meet these extended deadlines.
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