New Delhi: PhysicsWallah, one of India’s leading edtech companies, has reported significant growth in its fiscal year 2024. The company’s operating income surged by 2.6 times to Rs 1,940.4 crore, while its total revenue, including interest and financial gains, reached Rs 2,015 crore.
The company has also faced a consolidated net loss ballooned to Rs 1,131 crore in FY24, primarily due to a non-cash fair value loss of Rs 756 crore. Adjusting for this one-time expense, the net loss would still be substantial at Rs 375 crore.
PhysicsWallah’s strong performance can be attributed to its focus on cost control and operational efficiency. The company managed to reduce advertising and promotional costs by a significant margin while expanding its reach through a combination of online and offline channels. It has successfully tapped into the growing demand for affordable and quality education, particularly for competitive exams like JEE and NEET.
The company has been grappling with increased competition and changing market dynamics. Its aggressive expansion strategy and heavy investments in technology and marketing have put pressure on its financials.