Latest News | Unacademy Owner Sorting Hat Technologies Narrows Losses to Rs 284 Cr in FY24
Get latest articles and stories on Latest News at LatestLY. Edtech firm Unacademy's parent firm Sorting Hat Technologies has narrowed standalone losses to Rs 284.3 crore in the 2023-24 fiscal year, according to details shared by Tofler on Tuesday.
New Delhi, Dec 17 (PTI) Edtech firm Unacademy's parent firm Sorting Hat Technologies has narrowed standalone losses to Rs 284.3 crore in the 2023-24 fiscal year, according to details shared by Tofler on Tuesday.
The company had posted a loss of Rs 1,591.2 crore in FY23.
The total income of Sorting Hat Technologies dropped marginally to Rs 864.3 crore in FY24 from Rs 868.8 crore in FY23.
Sorting Hat Technologies holds 100 per cent stake in Unacademy.
According to a document shared by Tofler, the company on August 16, was served a demand notice of Rs 537.2 crore by the tax authorities for 2020-21 to 2022-23 in relation to applicability of withholding tax on ESOP, stock incentive and year-end provision.
As per the document Sorting Hat has filed an appeal before the commissioner of Income-Tax (Appeals) and is confident that the case is expected to be settled in the company's favour.
The company has been recording erosion of net worth in the last two financial years.
The net worth of the company in FY24 reduced to Rs 1,078.7 crore from Rs 1,189.17 crore in FY23. The company's net worth was Rs 2,285.53 crore in FY22. An emailed query to Unacademy did not elicit an immediate response.
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