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

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

In the period last year, the company recorded its consolidated net profit at Rs 1.01 crore.

Its total income increased by 21 per cent to Rs 74.90 crore in the 2022-23 financial year from Rs 62.02 crore a year earlier, according to a regulatory filing.

IRIS Business Services Ltd based in Mumbai is working in the field of RegTech (RegTech).

The company offers a range of products that meet the specific needs of organizations and regulators across various industries and geographies.

It has provided compliance, data and analytics solutions to companies in 50 countries.

“All metrics point to an overall improvement in performance,” said the company’s Chief Financial Officer K Balachandran.

The improvement in performance was led by the company’s “Aggregation” division through which the company 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 collections division, the company has a software platform for regulators to collect open standards based and pre-verified reports from entities.

It also offers software for organizations to create and file documents with organizers. With a SaaS offering, it helps Indian companies to generate their GST filings.