IRIS Business Services net profit rises to Rs 1.56 crore in Q2

IRIS Business Services Ltd has reported a more than two-fold jump in consolidated net profit to Rs 1.56 crore for the September quarter.

Its net profit stood at Rs 56.36 lakh in the year-ago period.

Total income increased to Rs 24.17 crore in the July-September period of this fiscal compared to Rs 17.70 crore a year ago, according to a regulatory filing on Wednesday.

The company attributed a 37 per cent rise in revenue owing to strong growth in revenues from its business with regulators and the collect segment.

IRIS Business Services net profit increased to Rs 2.30 crore for the April-September period compared to Rs 1.22 crore in the year-ago period. Total income rose to Rs 44.90 crore during the first six months of this fiscal from Rs 34.45 crore in the corresponding period of the previous year.

''The improved performance gave us flexibility in marketing and customer outreach, where we increased our spends,'' the company's CEO S Swaminathan said.