IRIS Business Services Q3 results: Profit increases 19% to Rs 1.76 crore

Global fintech firm IRIS Business Services has reported a profit of Rs 1.76 crore for December quarter 2023-24.

In the year-ago period, the profit was Rs 1.48 crore.

Revenue in April-December FY24 was Rs 72.35 crore as against Rs 53.47 crore in the year-ago period, the company said in a regulatory filing.

During the 9-month period, profit after tax was up 50 per cent from Rs 2.7 crore to Rs 4.06 crore.

"The growth in revenues has been driven by the collect segment, which increased sharply to Rs 32.16 crore for the 9 months in FY24 from Rs 17.24 crore in the corresponding period in FY23," it said.

It further said growth in the create segment was subdued with revenues going up from Rs 33.19 crore to Rs 36.77 crore.

To get customers using other products to switch to ours requires a well funded marketing push which has to wait till we get our funding in place, company CEO S Swaminathan said.

While India accounts for 30 per cent of the company's revenues, Africa comes a close second with a 27 per cent share, because of recent wins in South Africa and Nigeria.

IRIS has been actively involved in the promotion of the adoption of the XBRL (eXtensible Business Reporting Language) standard for the digitizing of ACFRs (Annual Comprehensive Financial Reports) by state and federal agencies in the US.

IRIS shares ended at Rs 156.15 apiece on the BSE, up 0.74 per cent over Friday close.