Fintech firm IRIS Business Services clocks Rs 4.29 cr profit in FY23

Fintech firm IRIS Business Services Ltd on Friday reported a consolidated net profit of Rs 4.29 crore in the financial year 2022-23.

In the year-ago period, the company posted its consolidated net profit at Rs 1.01 crore.

Its total income rose 21 per cent to Rs 74.90 crore in the 2022-23 fiscal from Rs 62.02 crore a year ago, according to a regulatory filing.

Mumbai-based IRIS Business Services Ltd is operating in the RegTech (regulatory technology) space.

The company offers a range of products that cater to the specific needs of organisations and regulators across different industries and geographic regions.

It has been providing compliance, data, and analytics solutions to businesses in 50 countries.

''All metrics point to an all-round improvement in performance,'' said its CFO K Balachandran.

The improvement in the performance has been led by the ''collect'' division of the company through which the firm serves regulators, helping them collect pre-validated data from those they regulate, in XBRL and other formats, the company said in a statement.

Under the collect division, the company has a software platform for regulators to collect pre-validated open standards-based submissions from entities.

It also offers enterprise software to create and file documents with regulators. Through SaaS offering, it helps Indian enterprises create their GST filings.

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