Byju’s Posts ₹2,250 Crore Loss in FY22, Founder Says Company Will Focus on Profitable Growth

Byju’s, India’s largest edtech company, today reported a net loss of ₹2,250 crore for the financial year 2022-23 (FY22), compared to a net profit of ₹411 crore in the previous year. Revenue for the year grew 54% to ₹35,692 crore, from ₹23,029 crore in the previous year.

The company’s performance was impacted by a number of factors, including the ongoing semiconductor shortage, which disrupted production and supply chains. Byju’s also faced increased competition from other edtech companies, such as Unacademy and Vedantu.

Semiconductor Shortage

The semiconductor shortage had a significant impact on Byju’s’s tablet business, which the company uses to deliver its online education courses. The shortage led to delays in the delivery of tablets to customers, which impacted sales.

Increased Competition

Byju’s also faced increased competition from other edtech companies, such as Unacademy and Vedantu. These companies have been investing heavily in marketing and advertising, which has led to rising customer acquisition costs for Byju’s.

Outlook

Byju’s said it expects to continue to grow in the coming years, but it will focus on profitable growth. The company said it is taking steps to reduce its costs and improve its margins.

Key Highlights

• Net loss of ₹2,250 crore for FY22, compared to a net profit of ₹411 crore in the previous year
• Revenue of ₹35,692 crore for FY22, up 54% from the previous year
• Semiconductor shortage impacted tablet business
• Increased competition from other edtech companies
• Company expects to focus on profitable growth in the coming years

Founder’s Comments

Byju’s founder and CEO Byju Raveendran said that the company learned a lot from its experiences in 2022. He said that the company will focus on profitable growth in the coming years.

“We have learned a lot from our experiences in 2022,” Raveendran said. “We will focus on profitable growth in the coming years. We will continue to invest in our products and services, but we will also be disciplined about our costs.“

Raveendran said that the company is confident that it can continue to grow and succeed in the long term.