Byju's-owned Aakash Educational Services Ltd. posted a 44% increase in top line with an 82% spike in profit, in what could be the only silver lining for the beleaguered edtech firm.
Aakash's revenue from operations increased to Rs 1,421.2 crore in FY22 from Rs 982.7 crore in FY21. That was coupled with an uptick in profit after tax rose to Rs 79.5 crore from Rs 43.6 crore in FY21.
Aakash's financials are a bright spot compared to its parent Byju's earnings for FY22. Parent Think & Learn Pvt. posted consolidated revenue from operations of Rs 5,015 crore in FY22. While revenue rose from FY21's Rs 2,280.2 crore, it missed the company's own guidance of Rs 10,000 crore.
Its loss also widened to Rs 8,245 crore from Rs 4,564 crore.
"The annual financials for FY22 have also been reviewed in detail by the board. The board has expressed satisfaction with the management planning of the company to take forward the operations. The board is positive about the future plans of the company," Aakash said in its filings.
Byju's had acquired Aakash in a cash and stock deal worth about Rs 8,000 crore in 2021. About 70% of the deal was to be executed in cash, with Aakash shareholders and Blackstone getting payouts, while the rest 30% was an equity-swap deal.
In June 2023, the board of Byju's said it had approved the initial public offering of its test preparatory acquisition, Aakash Education Services Ltd., to be launched by mid-2024.
Further, it added that Byju's is on track to reach Rs 4,000 crore with an Ebitda of Rs 900 crore in FY24.
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