Physics Wallah Posts Nearly Rs 800-Crore Topline, Maintains Profitability In 2022–23

Edtech unicorn Physics Wallah Pvt. has posted a multifold growth in revenue for the last financial year while maintaining profitability in a sector that has seen a funding chill and a tough path to profitability.

Physics Wallah's consolidated revenue from operations increased to Rs 771.7 crore in 2022–23, compared to Rs 232.5 crore in the year-ago period. Its total revenue has come in at Rs 798 crore, driven by increased penetration within the offline category, according to a release on Friday.

The company posted an adjusted Ebitda of Rs 127 crore in the last fiscal—adjusted for ESOP costs and one-time inventory provisioning—compared to Rs 134 crore in 2021–22.

"We will soon file financial statements with the Registrar of Companies," it said. "The platform taught close to 24 lakh students across all exam categories (excluding acquisitions), up from more than 9 lakh students last year."

Physics Wallah said the major growth in student numbers came from expansion in multiple new exam categories, skilling and offline enrolments.

The edtech firm had raised $100 million in the last fiscal at a unicorn valuation of $1.1 billion. It has since been on a mergers and acquisitions spree and entered into eight partnerships last fiscal, "all profitable in themselves." Around Rs 500 crore in revenue from these will reflect in the financials for the current fiscal.

"We will keep investing in more categories—across study abroad, PG test prep, skills, foundation—applying a similar formula of community, quality, and affordability to remain in a hyper-growth phase," co-founder Prateek Maheshwari said. "We are in no hurry to compromise growth for achieving a steady-state margin profile."

In a conversation with NDTV Profit in July, Maheshwari said the company is set to close fiscal 2023 with a top line of Rs 800 crore and would likely grow three times to Rs 2,400 crore in the current fiscal.