IRIS Business Services Limited , a leading provider of regulatory technology solutions, has announced a significant international contract win with the General Tax Authority of Qatar. The company has been awarded Contract No. 4629/2025 for the implementation and support of financial reports in XBRL format, marking its first Supervisory Technology (SupTech) project with a tax authority.

Contract Details

The contract, spanning six years, encompasses a comprehensive range of services including:

• Implementation of XBRL-based financial reporting systems
• Installation of necessary infrastructure
• Ongoing operational support
• Maintenance services
• Technical support for the duration of the contract

This strategic win not only strengthens IRIS's position in the Middle East market but also enhances its global standing as a provider of SupTech and RegTech solutions.

Strategic Significance

Santoshkumar Sharma, Company Secretary & Compliance Officer of IRIS Business Services, stated in the company's regulatory filing, "This award further strengthens IRIS's positioning as a leading global provider of SupTech and RegTech solutions and underlines our growing footprint in the Middle East."

The company emphasized the strategic importance of this contract, as it represents their first SupTech project with a tax authority. This breakthrough is expected to open doors for similar opportunities in other jurisdictions.

Contract Value and Execution

While the exact value of the contract remains confidential, IRIS Business Services has disclosed that it is required to submit a Performance Bank Guarantee and other statutory documents as a precondition for the formal execution of the contract.

Market Impact

This international contract is a testament to IRIS Business Services' expanding global presence and its capability to deliver sophisticated regulatory technology solutions to government authorities. The six-year duration of the contract also provides a stable revenue stream and long-term engagement with a prestigious client.

As regulatory requirements continue to evolve globally, IRIS's expertise in XBRL (eXtensible Business Reporting Language) and financial reporting solutions positions it well to capitalize on the growing demand for regulatory and supervisory technology services.

IRIS Business Services Limited continues to demonstrate its ability to secure significant international contracts, reinforcing its status as a key player in the global regulatory technology landscape.

IRIS Business Services Limited , a leading provider of regulatory compliance and data solutions, has reported a significant decline in its consolidated net profit for the first quarter, despite an increase in revenue. The company has also announced the appointment of a new Chief Financial Officer.

Financial Performance

IRIS Business Services reported a consolidated net profit of ₹17.50 million, marking a substantial decrease from ₹281.90 million in the same period last year. This represents a year-on-year decline of approximately 93.8% in net profit.

Despite the sharp drop in profitability, the company's revenue from operations showed growth. IRIS Business Services recorded a consolidated revenue of ₹2,985.89 million, up from ₹2,764.77 million in the corresponding quarter of the previous year, representing an increase of about 8%.

The company's financial results reveal some interesting trends:

The significant drop in net profit despite revenue growth suggests increased costs or other factors affecting the company's bottom line during the quarter.

Segment Performance

IRIS Business Services operates in multiple segments, with varying performances:

• SupTech segment led the revenue generation with ₹1,621.04 million.
• RegTech and TaxTech segments contributed ₹762.41 million and ₹484.64 million, respectively.
• The DataTech segment, while smaller, brought in ₹25.52 million.

New CFO Appointment

In a significant management change, IRIS Business Services has announced the appointment of Mr. Vineet Kandoi as the new Chief Financial Officer (CFO), effective August 14. Mr. Kandoi, who currently serves as the Financial Controller, brings with him a wealth of experience:

• Fellow Chartered Accountant and alumnus of IIM Ahmedabad
• Over 15 years of experience in financial reporting, accounting, treasury, compliance, and business finance
• Expertise in capital markets, fundraising, and regulatory compliance

Future Outlook

While the company faces challenges in maintaining profitability, the continued growth in revenue suggests ongoing demand for its services. The appointment of a new CFO with extensive financial experience may signal a focus on improving financial performance and strategic financial management.

IRIS Business Services' ability to navigate the current financial landscape and leverage its diverse business segments will be crucial for its future performance. Investors and stakeholders will likely keep a close eye on how the company addresses the profitability concerns in the coming quarters.