After nearly 18 months of delay to “smooth out complexities,” edtech major Byju’s is set to reveal its FY21 financial report on Wednesday, according to reliable sources.
Facing government scrutiny over the long delay, the company received an “unqualified” report from auditor Deloitte late last month.
According to sources, there will be a substantial difference between projected sales and audited revenue in Byju’s financial results for FY21.
Last valued at $22 billion, the edtech company has come under greater government scrutiny as it failed to submit its audited financial report.
According to its financial report for the financial year 2020, the company recorded revenue of Rs 2,434 crore and net profit of Rs 51 crore.
Also read: Government questions Byju over delay in filing audited accounts
However, this time will be different as Byju completed 10 acquisitions last year with a cumulative deal value of around $2.5 billion, and some of them fall short in the hybrid world.
People familiar with the matter say an ‘unqualified’ report from Deloitte was a major sigh of relief for the firm which was pressured to file its FY21 audited report amid delays and scrutiny meticulous.
The last few months of delay have been “unfortunate” and a spotless audit report from Deloitte has instilled “a great deal of confidence in Byju’s board members”.
The lengthy delay has alarmed 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 FY21 audit report. .
So far, Byju’s has raised over $6 billion in funding and aims to file for an IPO in the United States through the Special Purpose Acquisition Company (SPAC) route.
The company is expected to raise over $500 million (nearly Rs 3,900 crore) soon at a valuation of around $23 billion.