New Delhi: After nearly 18 months delay of “ironing out the complexities”, edtech major BYJU’s is all set to reveal its financial report for FY21 on Wednesday, according to reliable sources.
Facing intense scrutiny from the government over the long delay, the company had received an ‘unqualified’ report from auditor Deloitte late last month.
According to sources, there is going to be a substantial difference between the projected sales and the audited revenue in BYJU’s FY21 financial results.
Last valued at $22 billion, the edtech company faced larger scrutiny from the government as it failed to submit its audited financial report.
According to its FY20 financial report, the company registered revenue of Rs 2,434 crore and a net profit of Rs 51 crore.
However, this time will be different as BYJU’s made 10 acquisitions last year for a cumulative transaction value of about $2.5 billion, and some of those are not performing up to the mark in the hybrid world.
According to people close to the matter, an ‘unqualified’ report from Deloitte came as a major sigh of relief for the company that has been under pressure to file its FY21 audited report amid delay and scrutiny.
The last few months of delay were “unfortunate” and a clean Deloitte audit report instilled “a lot of confidence in the board members of BYJU’s”.
The long delay alarmed the Ministry of Corporate Affairs (MCA) which sent a letter to BYJU’s last month, asking the edtech giant to explain the delay in filing its audit report for FY21.
So far, BYJU’s has raised over $6 billion in funding, and aims to file an IPO in the US through the Special Purpose Acquisition Company (SPAC) route.
The company is likely to raise over $500 million (nearly Rs 3,900 crore) at a valuation of around $23 billion soon