After Ranbir Kapoor and Alia Bhatt starrer Brahmastra, BYJU's recently announced financial results for FY21 is the second blockbuster of the year, the USD 22 billion edtech major's director and co-founder Divya Gokulnath wrote in a LinkedIn post.
"I have not seen Brahmastra yet, but I do happen to know BYJU’S results. Because, as its Director, I was involved in its making," said Gokulnath.
Claiming that media outlets sensationalised BYJU's FY21 results, which were delayed by 18 months, Gokulnath posed the question, "Have you seen the complete picture?"
For FY21, BYJU's reported a 3.3 percent decline in revenue to Rs 2,428 crore. The loss, however, widened nearly 20 times to Rs 4,559 crore, which translates to a loss of of Rs 12.5 crore every day.
Gokulnath, as the company clarified at the time of releasing the annual report, once again attributed the loss to the accounting change with a new revenue recognition mechanism, where almost 40 percent of the revenue was deferred to subsequent years.
“Secondly, on account of credit sales, EMI (equated monthly instalments) sales, recognition was based on a significant collection of that. Revenue was recognised after the completion of the collection. These were the two additional changes that had to be made,” said Byju Raveendran, co-founder and CEO, BYJU's, in an interview with Moneycontrol earlier.
Claiming that BYJU's made Rs 27 crore in revenue per day in FY22, Gokulnath said, "It’s easy (to) forget that we are 18 months post FY21, and that BYJU’S has grown more than 4 times in this span. Or that our ‘widening losses’ in FY21 have been cut to half in FY22."
The co-founder of India’s most-valuable startup also claimed that the company has clocked more than Rs 1,000 crore in revenue every month this year.
While highlighting, clarifying, and in some cases, dismissing media reports, Gokulnath addressed the red flags from BYJU's auditor notes and said that BYJU’s has received "clean and unqualified auditor’s report."
Gokulnath ended the LinkedIn post saying, "Let’s judge Brahmastra and BYJU'S after seeing the entire picture."
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