BackByju's to declare FY22 results in second week of October
The disclosure of Byju's results would come months after its long-time auditor Deloitte stepped down citing the delay in the release of financial statements for fiscal year 2022.
PremiumCrisis-ridden edtech platform Byju's has decided to declare its financial results for fiscal year 2022 in the second week of October, as per a statement issued on September 30.
Think and Learn Pvt Ltd, which operates Byju's, has issued a “notice for convening a board meeting in the second week of October 2023 for approval and adoption of accounts for FY22", it stated.
The board of directors along with the advisory council and certain invitees will meet to formally adopt the audited accounts, the statement added.
The announcement comes at a time when Byju's delay in disclosing its financial performance is considered to be a point of apprehension for the company's stakeholders.
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After a number of its investment board members stepped down in recent period, Byju's board currently comprises of only the founder Byju Raveendran and his family members Divya Gokulnath and Riju Raveendran. The company, in July this year, constituted an advisory council which includes former Infosys chief financial officer Mohandas Pai and SBI's ex-chairman Rajnish Kumar.
The disclosure of FY22 results would also come in the backdrop of Deloitte Haskins & Sells stepping down after auditing Think and Learn's account books for six years. The auditor, while disassociating with the company in June, had cited the delay in the release of financial statements for fiscal year 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 stated in a statement issued then.
Deloitte’s exit was preceded by the resignation of key board members, including the representatives from Peak XV, Prosus and Chan Zuckerberg.
Byju's, which has been attempting to tide over the crisis, had in June-end announced MSKA & Associates, the audit arm of accounting firm BDO Global as the new statutory auditor.
The company, last week, unveiled a fresh restructuring exercise and announced the appointment of Arjun Mohan, the former UpGrad chief, as the new chief executive officer for India business.
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