Byju's to Report FY2022 Financial Results This Week
Troubled Indian education startup Byju”s is set to report its long-delayed financial results for the fiscal year 2022 this week. The company will report its financial results for the year through March 2022, according to a spokesperson.
Byju”s has faced major scrutiny in recent months over its financial health. The company missed several deadlines to report its FY2022 results, which led to the resignation of its auditor, Deloitte Haskins & Sells. Byju”s has also missed payments to creditors and has been in legal battles with them.
Many investors left Byju”s board of directors, flagging concerns over its operations. However, Byju Raveendran, Byju”s founder and CEO, later acknowledged that the resignations were due to other reasons un to financial stability.
Despite its troubles, Byju”s is reportedly looking to achieve break-even by March 2024. The company is restructuring its business into four core areas: K-12, test prep, online, and hybrid. The restructuring is aimed at matching resources with cash flows and helping the company achieve profitability.
