Byju’s Article 13-fold increase in loss in Deferred Report for Fiscal Year 2021, Accounting Change Details: Report

Byju’s on Wednesday posted a 13-fold increase in losses for the year to March 2021. The loss of the Indian online education platform is reported to have increased to Rs. 45.7 billion for fiscal year 2021, while the Bengaluru-based company reported revenue of Rs. 24.3 billion. Byju’s released its financial statements after an 18-month delay and reportedly cited changes in accounting practices that caused the company to defer revenue to subsequent years, as the reason for its financial results. main 2021. It also released unaudited figures for the year to March. 2022 and the following four months showing sales growth.

According to a report by Bloomberg, Byju’s reported loss of Rs. VND45.7 billion for the financial year ending March 2021. According to the company, changes in accounting practices by deferring revenue to subsequent years were the cause of the reported loss.

Founder Byju Raveendran has stated that the delay was due to multiple acquisitions, as well as a change in the revenue recognition model that required a rework of the model in order to generate revenue. “Finally, due to the spotlight of our audit over the past three months, Deloitte has gone deeper into the numbers. The numbers were passed without conditions,” the report quoted Raveendran as saying in an interview.

Meanwhile, sales for the year ending March 2022 quadrupled, to nearly Rs. 100 billion after registering a turnover of Rs. 24.3 billion in the previous year, according to the report.

Sales for the first four months of the current financial year reached Rs. Raveendran said 45 billion, adding that sales are expected to grow at a rate of more than 50% this year.

Byju’s is backed by Bond Capital, Silver Lake Management, Naspers and Tiger Global Management. In recent years, the company has acquired startups that offer coding lessons, expertise courses, and more. According to Bloomberg, the startup was most recently valued at $22 billion (about Rs 1,74,800).