Byju's in talks with BCCI to settle Rs 158 crore sponsorship dues: Report

Edtech major Byju's is in talks with the Board of Control for Cricket in India (BCCI) to settle Rs 158 crore sponsorship dues, a media report said on Wednesday.

According to Moneycontrol, both parties have reached a 'directional agreement' on a payment plan over the next six to eight months.

“Broadly, we are in conversations with the BCCI. There is a directional agreement on a payment plan that both parties have sort of agreed to which is what we will now work towards."

"We will be able to make those payments over the next six to eight months,” Nitin Golani, the India chief financial officer of Byju's, was quoted as saying.

“That is how we are working towards it. Hopefully, that situation is under control,” he added. Late last year, the BCCI had brought Byju's before the National Company Law Tribunal (NCLT) for unpaid dues of Rs 158 crore, citing bankruptcy and insolvency regulations.

Meanwhile, Byju's has announced its audited FY22 financial results after much delay, registering operating revenue of Rs 5,014 crore while losses surged to Rs 8,370 crore in FY22 from Rs 4,599 crore in the earlier fiscal year.

The company's total revenue was nearly Rs 5,298.4 crore in FY22 from Rs 2,428.3 crore in FY21, up almost 119 per cent in FY22, while losses increased a massive 80 per cent from the year-ago fiscal year.