Byju's-Owned Great Learning Posts Rs 390 Crore Revenue; Loss At Rs 220 Crore
In its first full financial year under Byju's, Great Learning posted a revenue of Rs 391.3 crore, up from Rs 312.7 crore in FY22.
Byju's-owned Great Learning's full-year revenue spiked, but so did its losses due to a one-time exceptional item in an otherwise good year for the company.
In its first full financial year under the Think & Learn Pvt. umbrella, Great Learning's revenue from operations rose to Rs 391.3 crore in FY23 from Rs 312.7 crore in FY22, according to data intelligence platform TheKredible.
Its losses narrowed to Rs 221.7 crore in the fiscal from Rs 317 crore in FY22. The losses narrowed due to the exclusion of exceptional items worth Rs 120.6 crore.
"FY22–23 was a great year for (the) company, with good business growth of about 25%. The company's online business registered accelerated growth, and new programmes were launched... We have reduced our losses in FY23, and we plan to focus on reducing our losses further going forward, driven by growth and improving operational efficiencies," the company said in a statement alongside the earnings.
In July 2021, Byju's parent, Think & Learn Pvt. Ltd., acquired 100% equity shares in Great Learning. However, it is now reportedly looking to offload Great Learning and Epic! to repay the debt it has accrued as its acquisitions have failed to scale.
For FY23, Think & Learn Pvt. has posted standalone revenue of Rs 3,569 crore for FY22, compared to Rs 1,552 crore in the previous year. Its Ebitda loss narrowed to Rs 2,253 crore from Rs 2,406 crore a year ago.
The company hasn't commented on its consolidated numbers in the statement, and it's yet to file its FY23 filings with the Ministry of Corporate Affairs.
