upGrad, an eminent integrated learning, skilling, and significant workforce development has witnessed a monumental surge in revenue, doubling its financial performance in the fiscal year 2022-23. The company’s strategic move towards adopting the widely accepted IndAS accounting standard aligns seamlessly with its long-term aspirations for potential listings.
In a noteworthy revelation, upGrad reported gross revenue of Rs 1,530 crore for FY23. However, upon adjusting the figures per IndAS accounting standard, the consolidated revenue stood at Rs 1,194 crore, marking an impressive 96% surge from the preceding fiscal year’s payment of Rs 608 crore.
The adjusted revenue signifies a substantial leap in the company’s financial prowess, showcasing remarkable growth within a year. The revenue could have seen a further uptick based on Annual Recurring Revenue (ARR) calculations. Some mergers and acquisitions needed to be fully consolidated within the financial year, potentially elevating the revenue even higher.
A pivotal outcome of the recalibration of revenues led to upGrad carrying forward an additional deferred collected revenue of Rs 443 crore into the subsequent financial year. This surplus revenue underscores the company’s robust financial standing and points towards promising growth prospects in the upcoming period.
While the revenue witnessed a phenomenal upsurge, upGrad revealed an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) loss, or operating cash loss, amounting to Rs 558 crore for FY23. It showcased a marginal improvement from the previous year’s EBITDA loss of Rs 572 crore.
upGrad’s strategic adoption of the IndAS accounting standard reflects its commitment to financial transparency and illuminates its relentless pursuit of operational excellence and sustainable growth. Despite the incurred EBITDA loss, the company’s robust economic performance signifies its concerted efforts towards expanding its footprint and solidifying its position in the highly competitive Edtech landscape.
With its notable surge in revenue and a strategic shift towards standardized accounting practices, upGrad propels itself as a formidable player in the Edtech sector, poised for continued growth and innovation.
