After 18 months delay, BYJU's is all set to issue its financial report for FY21

After being under constant scrutiny by the central government over its delay in submitting its audited financial report, Indian edtech giant BYJU’s is likely to reveal its financial report for the fiscal year 2021 on Wednesday, 14 September. According to sources known to the company, the decision has been taken after BYJU’s received an “unqualified” report from auditor Deloitte late last month. The company took a delay of almost 18 months to ‘iron out the complexities and further prepare its report.

Speaking about the report, sources have suggested that there can be a substantial difference between the projected sales and the audited revenue in BYJU’s FY21 financial results. Last valued at $22 billion, the company had registered a revenue of Rs 2,434 crore and a net profit of Rs 51 crores in its FY20 financial report.

However, this time things could turn out differently as the company has 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 market.

As stated by the people close to the matter, the ‘unqualified’ report from Deloitte came as a major relief for BYJU’s as it has remained under pressure for several to file its FY21 audited report and was also facing the scrutiny of the government.

“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.” said an official.

It is pertinent to note that the extended delay by the company had raised an alarm in the Ministry of Corporate Affairs (MCA) which also went on to send a letter to BYJU’s asking it to explain the delay.

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