PhysicsWallah (PW), a prominent player in the edtech sector, recorded a significant downturn in its profitability, marking a staggering 91 percent decrease in net profit for the fiscal year concluding on March 31, 2023.
Under the leadership of Alakh Pandey, the company experienced a sharp decline in net profit, plummeting to Rs 8.9 crore in the fiscal year 2022-23 (FY23), down from Rs 98.2 crore in the preceding fiscal year FY22.
Despite the downturn in profitability, PhysicsWallah observed a remarkable surge in operating revenue, which rose by an impressive 234 percent, reaching Rs 779.3 crore in FY23 compared to Rs 233 crore in FY22.
The startup's total revenue for FY23 amounted to Rs 804.6 crore, marking a substantial increase of 243 percent from the previous fiscal year's figure of Rs 234.6 crore. This surge in revenue highlights the company's robust growth trajectory amidst a challenging economic landscape.
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