Edtech platform Physics Wallah (PW) has reported a remarkable surge in its total revenue, reaching Rs 798 crore in FY23, marking a significant 3.4 times increase from the previous financial year. However, total expenses also witnessed substantial growth, reaching Rs 777 crore in FY23, compared to Rs 103 crore in the preceding year.
Employee costs, inclusive of ESOP benefits (which were zero in FY22), soared to Rs 406 crore from Rs 42 crore in the previous fiscal year. PW's revenue from operations experienced substantial growth, reaching Rs 771.76 crore in the fiscal year ending March 2023, compared to Rs 232.47 crore in the previous year and Rs 24.6 crore in FY21.
PW's cash reserves showed a significant improvement, standing at almost Rs 750 crore as of March 31, 2023. The total student enrollment for the financial year 2023 touched 24 lakh, according to the company.
Co-founder Prateek Maheshwari stated, 'Our online categories grew to 2.5x in terms of student headcount from 9 lakh in FY22 to 23.5 lakh in FY23, while our offline student headcount grew to 5.5x, touching 60,000 enrollments in FY23.'
During the financial year 2023, PW raised $100 million and entered into eight profitable partnerships. The company expects the inorganic revenue of approximately Rs 500 crore from these partnerships to reflect in the FY24 financials.
PW reported an adjusted EBITDA of Rs 127 crore in FY23, adjusted for ESOP costs, LER, and one-time inventory provisioning, compared to Rs 134 crore in FY22. Founder and CEO Alakh Pandey affirmed the company's commitment to reinvesting all free cash flows back into the business to serve more students and transform more lives.