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Physics Wallah reported a fall in its net profit to Rs 16 crore in FY23 from Rs 98 crore in the previous fiscal, on account of a jump in its employee costs and provisioning of certain non-cash expenses.
“Currently, we have more than 60 centres. By next year we are targeting 100 centres. This year we catered to 1.4 lakh students, which should go up to 2.4 lakh,” cofounder Prateek Maheshwari said.
Indian fintechs are eyeing credit lines on UPI as their next big growth opportunity but banks want to put the brakes on the growth of unsecured credit. This and more in todays ETech Morning Dispatch.
The decision, undertaken after a mid-term appraisal analysis ended in October, is aimed at ensuring Physics Wallahs primary focus on maintaining a high-performing team, a top official told ET.
PhysicsWallah (PW), the ed-tech sector giant, has recently initiated a restructuring process, resulting in 120-150 employees being downsized.