Byju's losses widen to ₹4,588 crore in FY21

‘Due to uncertainty in the macro-economic environment, the company is also looking at deferring IPO’

Byju's booked a loss of ₹4,588 crore for fiscal year ended March 31, 2021, 19 times more than the preceding fiscal, as the nation's most valuable start-up on Wednesday released audited financial statements after months of delay.

The losses in 2020-21 fiscal widened from ₹231.69 crore in 2019-20. Revenue during FY21 dropped to ₹2,428 crore from ₹2,511 crore in FY20.

But in the following fiscal, ending March 31, 2022, the company said revenue soared fourfold to ₹10,000 crore but it did not disclose the profit or loss numbers for that year.

Byju's said the losses widened in FY21 mainly on account of deferment of some revenue and losses incurred from WhiteHat Jr.

Byju's co-founder and CEO Byju Raveendran told PTI that there was an impact of revenue recognition changes, which is recognition of streaming revenue over the period of consumption and credit sales, and EMI sales getting recognised after complete collection.

"These two are significant changes which have pushed out or deferred revenues of almost more than 40%. When you take a look at the financials, you will see there is no growth from FY20 to FY21," he said.

Mr. Raveendran said revenue got pushed out but costs were not pushed out, and therefore, losses have also increased.