Byju's CEO Raveendran tells staff FY23 audit soon, to be completed in 'coming months'

"We have closed the audit for Think & Learn Private Limited (TNPL) & all its subsidiaries for the financial year 2021-22 (FY22). I am delighted to inform you that the audit report, submitted by our statutory auditors BDO, is clean and unqualified," said Byju Raveendran.

Founder and Group CEO of Think and Learn Private Limited (TNPL) Byju Raveendran has told employees that the edtech startup would soon start the FY23 audit and complete the exercise in the coming months.

“We will soon begin the audit process for the latest financial year (FY23) and complete it in the coming months,” Raveendran said in an internal email to its employees on November 4 moments after announcing partial FY22 financials.

Moneycontrol has reviewed a copy of the letter. The company also confirmed that Raveendran had sent the letter after sharing FY22 results.

The Byju’s management had earlier agreed with its investors that the company would put out its FY23 results by the end of December 2023.

In the email, Raveendran told employees that the audit of TNPL & all its subsidiaries for FY22 was closed. “I am delighted to inform you that the audit report, submitted by our statutory auditors BDO, is clean and unqualified,” he said.

However, Byju's only published partial or incomplete FY22 financials, as they shared core operations number only even after a delay of almost a year.

The troubled edtech company reported an EBITDA loss of Rs 2,253 crore in FY22, about 6.36 percent lower than the Rs 2,406 crore reported in FY21. The company’s revenue, excluding all acquisitions, rose to Rs 3,569 crore, above Rs 1,552 crore reported in the preceding year.

It is still to file its consolidated numbers with the ministry of corporate affairs and said it would do that in the next three weeks.

Byju’s, which did not have a full time Chief Financial Officer for almost two years, had delayed its FY21 result by almost 18 months.

In April, the company roped in Ajay Goel, a former Vedanta executive, as its CFO but he quit on October 24, barely six months into the job, to headed back to his previous firm.