upGrad in FY 23 Doubles Revenue - Loss Remains the Same
Mumbai, 29th November 2023: One of Asia’s largest integrated learning, skilling & workforce development majors upGrad moved to the widely accepted IndAS accounting standard in line with its longer-term listing plans. While Gross Revenue came in at INR 1530 Crore - adjusted for IndAS upGrad recorded a revenue of INR 1,194 Crore for FY23, a 96% jump from the previous financial year of INR 608 Crore.
On an ARR basis, the Revenue would have been higher as some of the M&As did not consolidate for the full financial year of FY23. Due to the realignment of revenues, upGrad carried forward a further deferred collected revenue of INR 443 crore into the next year.
The adjusted EBITDA loss (operating cash loss) came in at INR 558 Crore, around the same as the previous year of INR 572 Crore. The Non-Cash expenses in FY23 included accelerated goodwill write-down of INR 410 Crore and depreciation and amortization costs of INR 140 Crore. The finance cost was INR 34 Crore, totalling other non-cash costs of INR 584 Crore. So, the EBITDA loss, the non-cash expenses and finance costs took the total PAT to a loss of INR 1142 Crore, up from INR 648 Crore in the previous financial year.
Notable changes in the large cost items showed a sharp reduction in Marketing costs to 19% (INR 371 Crore) of total costs vs the previous year's 33% (INR 403 Crore). Employee costs remained the highest contributor at 36% amounting to INR 707 Crore, which also included some non-cash costs for ESOP accounting as per Black Scholes method.
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