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  Business   Companies  18 Dec 2019  Byju’s more than doubles revenue, reduces losses

Byju’s more than doubles revenue, reduces losses

THE ASIAN AGE. | SANGEETHA G
Published : Dec 18, 2019, 1:59 am IST
Updated : Dec 18, 2019, 1:59 am IST

In a statement, Byju’s said its net revenue increased from Rs 490 crore in FY17-18 to Rs 1,341 crore with a net profit of Rs 20 crore in FY18-19.

Think and Learn, the holding company of edu-tech start-up Byju’s has grown its revenues by 177 per cent and cut its losses in FY19.
 Think and Learn, the holding company of edu-tech start-up Byju’s has grown its revenues by 177 per cent and cut its losses in FY19.

Chennai: Think and Learn, the holding company of edu-tech start-up Byju’s has grown its revenues by 177 per cent and cut its losses in FY19.

At the end of FY19, the consolidated revenue of Think and Learn stood at Rs 1,305 crore against Rs 471 crore in the previous fiscal. Net loss for the fiscal was Rs 8.82 crore against Rs 37.15 crore in FY18, according to the financial statement accessed by PaperVC and seen by Financial Chronicle.  

Total assets of the company grew to Rs 4,383 crore from Rs 913 crore in the previous fiscal. The total liabilities too grew to Rs 191 crore from Rs 66 crore. Basic and diluted earnings per share stood at Rs 192 against Rs 307 in the previous fiscal.

In a statement, Byju’s said its net revenue increased from Rs 490 crore in FY17-18 to Rs 1,341 crore with a net profit of Rs 20 crore in FY18-19.

Its gross revenue rose from Rs 520 crore to Rs 1,480 crore.

“Expanding our base across smaller towns and cities and introducing new products have been pivotal to our growth,” Byju’s Chief Operating Officer Mrinal Mohit said.

Mohit said in the current financial year, the company is on track to double its revenue to Rs 3,000 crore.

“We will also be launching Byju's Online Tutoring which will further accelerate growth and profitability in the coming year," he said.

The financial statements of the subsidiaries of Think and Learn—incorporated in November 2011—are included in the consolidated financial statement. These subsidiaries include, Specadel Technologies, Infiken Internet Labs, Span Thoughtworks, Byju's K3 Education, Think and Learn Inc, Byju's Inc and Tangible Play Inc.

 Specadel Technologies is into online tutoring, publishing, and marketing educational products. Infiken Internet Labs, does the information technology related activities. Span Thoughtworks Private Limited is engaged in the business of research, development (R&D) and delivery of career development content and services via internet, TV and radio.

Think and Learn Inc, a 100 per cent subsidiary of the Parent, incorporated in April 2017, provides K12 learning app, which offers learning programmes for students in classes K12.

Byju's K3 Education, incorporated in August 2018, trains students in India and abroad for various educational programmes and does R&D for products of teaching aids to supplement education through mediums like internet, television and computers.

Delaware-based Byju's Inc is is also an education technology company incorporated for the development of learning apps which offer highly adaptive, engaging and effective learning programmes for students in the US. Tangible Play, Inc, incorporated in Delaware, is headquartered in Palo Alto, California. It is an educational gaming company.

Tags: byju’s, mrinal mohit