Byju’s to announce FY22 results in the second week of October

To be sure, the company’s board currently only has its founder and their family- Byju Raveendran, Divya Gokulnath and Riju Raveendran after its investor board members stepped down.

Think and Learn Pvt Ltd, the company that operates edtech firm Byju’s, has issued a notice to convene a board meeting in the second week of October for the approval and adoption of its results for fiscal year 2022.

This is significant as the unicorn’s delay in reporting financials was a major sticky point for various stakeholders.

Byju’s said in a statement that the board of directors along with the advisory council and certain invitees will meet to formally adopt the audited accounts. To be sure, the company’s board currently only has its founder and their family- Byju Raveendran, Divya Gokulnath and Riju Raveendran after its investor board members stepped down. The company later constituted an advisory council comprising industry veterans such as Mohandas Pai and Rajnish Kumar.

While the standalone audit has been completed by its recently appointed auditor BDO and presented to its management, this will be adopted and approved at the expanded meeting in the second week of October. The special invitees will include representatives from some of its large investors, according to sources.

Byju’s statement on FY22 numbers comes months after its auditor Deloitte stepped down, citing the long delay in its financial statements for the year ended March 31, 2022

"We have also not received any communication on the resolution of the audit report modifications in respect of the year ended March 31, 2021, and the status of audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022 and we have not been able to commence the audit as on date," Deloitte had said in a statement then.

Deloitte’s resignation came right after key board members (representatives from Peak XV, Prosus and Chan Zuckerberg) of the embattled unicorn tendered their resignations due to differences with founder Byju Raveendran on key operational issues.

Byju's then appointed BDO (MSKA & Associates) as Deloitte's replacement and as the company's statutory auditors for the year commencing from FY22 for the next five years. BDO will also be the statutory auditor of the consolidated group and will audit IPO-bound Aakash Educational Services. It also roped in Vedanta veteran Ajay Goel as CFO, who has been working to finish the audit in time.

Recently, the company also named Arjun Mohan as the CEO of its India operations and unveiled a restructuring exercise that would impact over 4,000 employees.

These moves come at a time when Byju’s is trying to resolve a dispute with its lenders and raise funds to tide over liquidity issues. Its FY22 financials will give more clarity on its operations and state of business, at a time when it has also been exploring the sale of some of its subsidiaries to raise funds.