Upskilling platform Simplilearn reduced its net losses by 56% to Rs 106.7 crore in FY24 from Rs 244.2 crore in FY23. Revenue from operations grew 9.6% to Rs 749.77 crore in FY24, from Rs 683.98 crore in FY23, according to financial statements filed with Registrar of Companies.
The revenue growth came primarily from online self-learning programs, which surged 7.8 times to Rs 451.45 crore. Live virtual classes saw a decline of around 52% to Rs 341.5 crore. The company offered Rs 43.17 crore in discounts. Additional interest income of Rs 23 crore pushed total income to Rs 773 crore.
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Total expenses decreased by around 7% to Rs 879.50 crore in FY24, from Rs 944.4 crore in FY23. The firm reduced its advertising expenses by around 32% to Rs 204.79 crore in FY24 from Rs 301.52 crore in FY23. Tutor fees also declined 13% to Rs 183 crore from Rs 211 crore, during the same period. Employee costs increased 12% to Rs 325.17 crore from Rs 288.62 crore. Depreciation expenses nearly doubled to Rs 69.63 crore, with other expenses at Rs 96.91 crore, at the end of FY24.
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The company’s ROCE and Ebitda margin stood at -42.45% and -3.75%, respectively, at the end of FY24. Simplilearn spent Rs 1.17 to earn a rupee in FY24. The firm’s current assets total at Rs 323 crore, including Rs 235 crore in cash in hand and at bank.
The company, which is eyeing an IPO by end of FY26, had previously claimed that it has achieved quarterly profitability in Q4FY24 and that it expects full-year profitability in FY25. The latest results come on the back of the company having scaled down on less profitable categories, like certain K-12 businesses, while also completing exiting the study abroad category citing a lack of product market fit. Instead, it is focusing on high-growth segments like AI, and cybersecurity.
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