The company’s total loss ballooned to Rs 1,142 crore, from Rs 684 crore a year ago, it said in a statement on Thursday. This included earnings before interest, taxes, depreciation, and amortisation-basis (Ebitda) loss, non-cash expenses and finance costs.
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The company has slightly narrowed its Ebitda loss to Rs 558 crore in the period, against Rs 572 crore a year ago, the statement added.
Citing a realignment of revenues, the edtech startup said it has carried forward a further deferred collected revenue of Rs 443 crore into FY24.
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The company’s non-cash expenses in the reported period included accelerated goodwill write-down of Rs 410 crore and depreciation and amortisation costs of Rs 140 crore. Finance costs stood at Rs 34 crore, bringing the overall non-cash costs to Rs 584 crore.
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Other changes in FY23 included a reduction in marketing costs making up 19% of total costs at Rs 371 crore, versus 33% of costs at Rs 403 crore a year ago. Employee costs remained the highest contributor at 36% amounting to Rs 707 crore, which also included some non-cash costs for employee stock options.“We are tracking H2 of FY24 and onward to be operationally profitable on an ongoing basis and we will continue to look for organic, linear, and non-linear opportunities for growth both in Asia and around the world,” Mayank Kumar, co-founder and managing director, Upgrad, said.
The overall learner base of Upgrad has crossed 10 million while the paid learners have grown 54% in FY23 compared to a year ago. It added that it also now has a strong enterprise play, having serviced 1,110 clients in FY23 and expecting to retain at least 75% of these clients in FY24.
“The enterprise arm expanded its global footprint and is projecting a higher share of international revenue of 21% in FY24 compared to 10% in FY23,” the statement added.