Troubled Indian education startup Byju’s said it will report financial results for the year through March 2022 this week, after more than a year’s delay.
(Bloomberg) — Troubled Indian education startup Byju’s said it will report financial results for the year through March 2022 this week, after more than a year’s delay.
Byju’s, which has missed payment on a $1.2 billion term loan, said it’s completed a long-awaited audit of all group units. Parent Think & Learn Pvt Ltd. is expected to incorporate the audited financials into its consolidated results this week, Byju’s said in a statement Monday.
Shareholders are growing impatient with the inordinate slowness in finalizing accounts at what had been India’s most valuable tech startup. Chief Financial Officer Ajay Goel had previously promised the audited figures for the year before last by the end of September.
The delays drew scrutiny from regulators and led to the resignation of Deloitte Haskins & Sells as the company’s auditor earlier this year. Byju’s has yet to announce financial results for the year through March 2023 as well.
Byju’s and its creditors are locked in conflict over a missed interest payment on a term loan that the startup had taken out to help finance a global acquisition spree during the pandemic.
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