January 16, 2024
1 min read

Byju’s Aakash Thrives

It is a significant improvement for the company as it saw a profit of Rs 43.6 crore in FY21, reports Entrackr….reports Asian Lite News

While edtech major Byju’s has recently made headlines for all the wrong reasons, the company-owned Aakash Educational Services has saw its profit increase by 82 per cent to Rs 79.5 crore in FY22.

It is a significant improvement for the company as it saw a profit of Rs 43.6 crore in FY21, reports Entrackr.

According to its financial statements filed with the Registrar of Companies (RoC), Aakash’s revenue from operations increased 44.56 per cent to Rs 1,421 crore in FY22 from Rs 983 crore in FY21.

The institute reported operating revenue of Rs 1,214 crore in FY20, which fell to Rs 983 crore in FY21.

Fees earned from students for coaching services accounted for 87.8 per cent of the firm’s total revenue, which climbed by 48.4 per cent to Rs 1,282 crore in FY 22.

The franchisee model accounted for the remaining income, which increased by 16.8 per cent to Rs 139 crore in FY22, the report noted.

Employee benefits, including staff and faculty costs, represented 54 per cent of total expenditure for the year. This cost increased to Rs 723 crore in FY22 from Rs 534 crore in FY21, reflecting a 35.4 per cent increase. Overall expenditure increased by 34.5 per cent to Rs 1332 crore in FY22 from Rs 990 crore in FY21 due to advertising, promotional materials, legal professional fees, information technology, franchise fees, and other overheads, according to the report.

In June last year, the edtech major said that Aakash would go public in the next 12 months or in June 2024.

Meanwhile, US-based investment firm BlackRock has once again cut the value of its holding in Byju’s, reducing the edtech major’s valuation to a mere $1 billion from $22 billion in early 2022. BlackRock, which owns less than 1 per cent of Byju’s, has valued its shares at about $209.6 apiece, down from the peak of $4,660 in 2022, reports TechCrunch.

ALSO READ: Double Deals, Tata Dominates Day

Previous Story

2024: Elections and Global Conflicts

Next Story

India’s Exports Buck Trends

Latest from Business

Six OMCs Pump ₹290 Cr into Startups

The Union Minister said the country continues to stand as the world’s third-largest startup ecosystem….reports Asian Lite News Six oil marketing companies (OMC) in India have invested Rs 290 crore from their
Go toTop

Don't Miss

‘India’s Pavilion Strategically Located at Expo’

UAE Ambassador to India said the Indian pavilion is crucial,

Spread the Diwali spirit: Send money from the UK to India with Profee’s festive rates

For Indians in the UK, Diwali may be more than