upGrad Achieves 30% YoY Revenue Growth; EBITDA & PAT Loss drops by 50%

PRNewswire
Mumbai (Maharashtra) [India], December 16: One of Asia's largest Skilling & Forever learning majors upGrad recorded for FY'24 a Gross Revenue of INR 1876 Cr - which post Ind-AS accounting closed at a total Income of INR 1547 Cr, with a carried forward unrecognized but collected advance revenue into future years of INR 507 Cr.
Ind-AS EBITDA loss (excluding one-time costs) came in at INR 202 Cr vs INR 558 Cr the previous year and post one-time costs EBITDA loss closed at INR 285 Cr, 50% less than the previous year. Ind-AS negative PAT came in at INR 560 Cr vs negative INR 1142 Cr the previous year.
The PAT negative of INR 560 Cr includes INR 243 Cr in non-cash items. Revenue growth was achieved with minimal increases in People, Marketing, and Delivery costs (see chart below), while making higher investments in Technology and Product development to drive future growth.
With almost a 50% YoY increase in learner enrollments within the consumer segment, the skilling giant has achieved over 55,000 career transitions for the second consecutive year, building further on the momentum established in FY23. Marketing, Data and Tech domains remained the top hiring domains during the year with maximum placements across Mumbai, New Delhi, Bengaluru, and Chennai, while Karnataka, Telangana, and Tamil Nadu regions have also remained talent-attracting markets.
AI became one of the strongest growth levers with close to 20% of total revenue stemming from AI and Tech courses, further making it one of the largest integrated AI-led skilling portfolios available in India and SE Asia. The Enterprise clientele grew by 50% since last year with major global partners across GCCs, Automobile, ITes, BFSI, Manufacturing and Services coming from US, UK, and Europe.
"It's been a good consolidation year for us - we integrated core business operations and entities to drive efficient and scalable outcomes. We're tracking FY25 very closely and expect stronger growth and profitability. We are well-capitalized, have zero net debt, and continue to generate a strong ROCE. upGrad's integrated model is playing out very well as we straddle all aspects of formal and informal online learning & skilling for higher education and working professionals. Our Enterprise business is now a meaningful part of our current and future growth, as our international expansion - including key markets like North America and EMEA, continues to build on our vision of upGrad for the world, out of India," said Mayank Kumar, Co-founder, upGrad.

About upGrad
Started in 2015, upGrad is one of Asia's largest integrated Learning, Skilling, and Workforce Development majors offering a range of online & hybrid skilling programs, Certifications, and Bootcamps under its B2C portfolio. It also facilitates top Indian and global universities to offer their Diploma, Master's and Executive Doctorates. Additionally, select programs are tailored for Enterprise clients under the corporate skilling division, along with other recruitment and staffing services.
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