Layoff Update: Byju had earlier set a target of becoming profitable by March 2023. BYJU’S reported a loss of Rs 4,588 crore for the financial year ending March 31, 2021, which is 19 times more than the previous financial year.
Digital Education: Edtech company BYJU’S has set itself a target of becoming profitable by March 2024 with consolidation and re-structuring. News agency PTI, quoting sources, claimed that during this period, along with the lay-off, the company will also settle the loan of $ 1.2 billion. After eliminating duplication of roles, the company has started an effort to reduce the workforce by about 3,000-3,500 employees in October.
Will be profitable in the fourth quarter by March
The source said, ‘With the re-structuring of Think and Learn Private Limited (TLPL), the existing operational arrangements spread across multiple business units will be organized into four main areas. The objective of business re-structuring is to match resources with cash flow. He said, ‘The company will become profitable by March in the fourth quarter of the current financial year.’ Apart from this, other preparations have been made by the company to make itself profitable.
BYJU ‘S recorded a loss of Rs 4,588 crore.
BYJU’S also refused to comment on the question sent in this regard. TLPL operates under the Byju brand name. Byju had earlier set a target of becoming profitable by March 2023. BYJU’S reported a loss of Rs 4,588 crore for the financial year ending March 31, 2021, which is 19 times more than the previous financial year.
According to the information given by the company, the loss of the company in the financial year 2020-21 increased from Rs 231.69 crore in 2019-20. Revenue during FY21 fell to Rs 2,428 crore from Rs 2,511 crore in FY20. But in the financial year ending March 31, 2022, the company announced a four-fold increase in revenue to ₹10,000 crore. However, this year the company did not present profit or loss figures.
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