Byju’s is likely to release its financial results for the 2020-2021 fiscal this week after an 18-month delay in filing the report, the edtech unicorn indicated to CNBCTV18.com on Tuesday (September 13), but did not confirm the exact date.
Meanwhile, multiple media reports suggest that the Byju’s audited revenue for the last fiscal is expected to be lower than projected by the firm earlier.
According to a report in The Economic Times, the company Co-Founder and Chief Executive Officer (CEO) Byju Raveendran has told shareholders and board members about the difference between its projected revenue and audited numbers.
“
Raveendran has been talking to all investors and explaining to them about the big difference in original numbers and what the company will present now…,” a person cited by ET said, adding that this is being pitched as an accounting policy change enforced by the auditor.
Byju’s is likely to attribute the difference in revenue to “business model changes due to the COVID-19 pandemic,” according to the
report.
The
edtech firm had informed the Ministry of Corporate Affairs in July that it would announce its financial result on September 6. It is reportedly facing flak from the government as well over the delay in filing the accounts.
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The Byju’s board has approved the results, but the financials have not yet been shared with all investors, according to the ET report. The sources cited by the business daily added that the reports will be filed with the Registrar of Companies (RoC) subsequently.
In the past, Byju's has said several times its auditor Deloitte, has
not signed off its accounts because of the complexity of reporting the more than $1.1-billion acquisitions it made in FY21, according to a Financial Times report.
Queries sent to Byju’s and Deloitte by CNBCTV18.com were unanswered till the time of publication.
(Edited by : Shoma Bhattacharjee)
