The annual income of Great Learning, the company bought by Byju’s, increased. Along with this, the company’s losses also reduced. Barring one item, this year proved to be good for the company.
Under Byju’s parent company Think & Learn, Great Learning’s income from operations grew from Rs 312.7 crore in FY22 to Rs 391.3 crore in FY23, according to data from intelligence platform TheKredible.
At the same time, the company had a loss of Rs 317 crore in FY22, which came down to Rs 221.7 crore in FY23. This decline in loss was due to exclusion of exceptional items worth Rs 120.6 crore.
What did the company say?
The company said, ‘FY22-23 was a great year, in which the company recorded a business growth of 25%. The growth in the company’s online business was excellent, along with this many new programs were also launched. We have also reduced our losses in FY23 and we are focusing on reducing our losses while increasing growth and improving operational efficiencies.
Byju’s bought the company in 2021
In July 2021, Byju’s Think and Learn Private Limited had purchased 100% stake in Great Learning. However, there were some reports in which Great Learning and Epic! Is considering selling.
Think & Learn’s standalone revenue increased from Rs 1,552 crore in FY22 to Rs 3,569 crore in FY23. With this, the EBITDA loss of the company reduced from Rs 2,406 crore to Rs 2,253 crore.
However, the company has not yet commented on its consolidated figures and is yet to share FY23 figures with the Ministry of Corporate Affairs.
