Byju’s professional learning platform Great Learning has witnessed a cut of around 28 per cent and has further gone down from Rs 307 crore in FY22 to Rs 222 crore in FY23.
Great Learning, acquired by the edtech player of India- Byju for USD 600 million (almost 5,000 crores) in July 2021, and it was registered almost 25 per cent growth, as its revenue went from Rs 313 crore in FY22 to Rs 391 crore in FY23, As per the financial statements which were filed with the Registrar of Companies (RoC).
The report states that the income from the digital content was formed by up to 48 per cent of the total revenue which further increased to 6.3 per cent making it around Rs 187 crore in FY23. Furthermore, the Entrackr reports stated that the unit level has spent around Rs 1.57 to earn a rupee of operating revenue.
Byju’s is reportedly mulling selling at least two of its subsidiaries- Great Learning and Epic, to raise revenue by $800 million and $1 billion for repaying its outstanding $1.2 billion Term Loan B (TLB).
Furthermore, the edtech major stated this month that it has closed the audited financial accounts for the financial year of 2021-22, by saying that the EBITDA loss of the core business was down to Rs 2,253 crore from Rs 2,406 crore (year-on-year).
It was accompanied by a margin improvement from -155 per cent to -63 per cent from FY21 to FY22.
EBITDA Loss means the loss of inflow of money before interest, depreciation, amortisation and taxes.
Think and Learn Private Ltd (TLPL), the parent of leading EdTech company Byju’s, said that the core business has reported a 2.3 times growth to reach a total income of Rs 3,569 crore (which was noted as Rs 1,552 crore in the previous year 2022).
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Inputs from IANS
