As the second quarter of fiscal year 2023-24 concluded on September 30, 2023, companies have started thinking of declaring their financial results. The third quarter of the fiscal year started on October 1, 2023, the companies need to declare their results for Q2FY23. After TCS, ed-tech platform Byju’s decided to declare its financial results for the second quarter. However, Byju’s is a crisis-ridden ed-tech platform at this time, its official statement confirmed that the ed-tech company will show the report for FY22 in the second week of October. Since Byju’s officially announced that it will release its financial report for the second quarter, equity shareholders have been keen on it. Here we have mentioned everything that you need to know about Byju’s second-quarter financial result. Keep reading this article. Scroll down.
Byju’s to declare financial results for FY22
As per the official statement, a notice has been sent to all the board members for the board meeting which will take place in the second week of October 2023. In the meeting, the board members will approve and adopt accounts for FY22. Think and Learn Pvt. Ltd is operated by Byju’s. Therefore, Think and Learn Pvt. Ltd. stated, “notice for convening a board meeting in the second week of October 2023 for approval and adoption of accounts for FY22″, The statement reported that the board of directors and members of the advisory council will attend the meeting along with certain invitees to formally adopt the audited accounts for FY22. This update came when everyone was waiting for the disclosure of Byju’s financial results for the second quarter of FY23.
It is said that the report of FY22 would come against the backdrop of Deloitte Haskins and Sells stepping down after auditing Think and Learn’s account. The auditor cited the delay in the release of statements for FY22. Deloitte’s statement reads, “We have also not received any communication on the resolution of the audit report modifications in respect of the year ended March 31, 2021, and the status of audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022, and we have not been able to commence the audit as on date,”
After Deloitte’s exit following the audit of Think and Learn’s six-year financial report, some key board members including the representatives from Peak XV such as Chan Zuckerberg and Prosus, also exited the company. Since then, Byju’s has been trying to protect itself from the crisis.