New Delhi: After a delay of nearly 18 months to “remove complications”, edtech major BYJU is set to disclose its financial report for FY 2011 on Wednesday, according to reliable sources.
The company, which is facing intense scrutiny from the government over long delays, had received an “ineligible” report from auditor Deloitte late last month.
According to sources, there is going to be a substantial gap between estimated sales and audited revenue in BYJU’s FY21 financial results.
With a final value of $22 billion, the edtech company faced major scrutiny from the government because it failed to submit its audited financial reports.
As per its FY20 financial report, the company reported revenue of Rs 2,434 crore and net profit of Rs 51 crore.
However, this timing will be different as BYJU made 10 acquisitions last year for a cumulative transaction value of about $2.5 billion, and some of them are not performing up to the mark in the hybrid world.
According to people familiar with the matter, an ‘unqualified’ report from Deloitte came as a major relief to the company, which was under pressure to file its FY21 audited report amid delays and investigations.
The delays of the past few months were “unfortunate” and a clean Deloitte audit report “instilled great confidence in BYJU’s board members”.
The protracted delay worried the Ministry of Corporate Affairs (MCA), which sent a letter to BYJU last month, asking the edtech giant to explain the delay in filing its audit report for FY2011.
So far, BYJU has raised over $6 billion in funding, and aims to file an IPO in the US through the Special Purpose Acquisition Company (SPAC) route.
The company can soon raise $ 500 million (about Rs 3,900 crore) at a valuation of about $ 23 billion.