Fintech: Fintech firm IRIS Business Services makes profit of Rs 4.29 crore in fiscal year 23

Fintech solid LLC “IRIS Business Services” on Friday reported on the consolidated net benefit at Rs 4.29 crores in fiscal year 2022-23. The company posted a consolidated net income of Rs 1.01 crore last year.

Its total income rose 21% to Rs 74.90 crore in fiscal year 2022-23 from Rs 62.02 crore a year ago, according to a regulatory report.

Based in Mumbai, IRIS Business Services Ltd operates in Regtech (regulatory technique) space.

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

It provides compliance, data and analytics solutions for enterprises in 50 countries.

“All indicators point to a comprehensive improvement in performance,” said CFO K. Balachandran.

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The improvement was achieved by the company’s data collection arm, through which the firm serves regulators by helping them collect pre-verified data from those they regulate in XBRL and other formats, the company said in a statement. As part of the collection department, the company has a software platform that allows regulators to collect pre-screened materials based on open standards from organizations.

It also offers enterprise software for creating and filing documents with regulators. Offering SaaS, it helps Indian businesses build their goods and services tax documentation

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