IRIS Business Services Reports Q1 Profit Dip Despite Revenue Growth; Appoints New CFO
IRIS Business Services Limited reported a consolidated net profit of ₹17.50 million for Q1, down 93.8% from ₹281.90 million in the same period last year. However, revenue from operations increased by 8% to ₹2,985.89 million. The SupTech segment led revenue generation with ₹1,621.04 million. The company appointed Mr. Vineet Kandoi as the new Chief Financial Officer, effective August 14.
05Aug 25
IRIS Business Services Completes Sale of 95% Stake in IRIS Logix to Sovos Compliance
IRIS Business Services Limited has finalized the sale of its 95% equity stake in IRIS Logix Solutions Private Limited to Sovos Compliance Limited, UK. This transaction includes the divestment of IRIS's GST ASP Services Business. The multi-step process involved acquiring a 48.99% stake from a minority partner, transferring 5% equity to Sovos, Sovos investing in IRIS Logix through convertible debentures, and transferring the GST ASP Services Business to IRIS Logix. IRIS has notified stock exchanges of the transaction completion in compliance with SEBI regulations.
01Aug 25
IRIS Business Services Completes ₹140.57 Crore GST ASP Business Transfer to Subsidiary
IRIS Business Services Limited has transferred its GST Application Service Provider Business to its subsidiary, IRIS Logix Solutions Private Limited, for ₹1,405.70 million. The transaction, effective August 1, 2025, was part of a composite deal involving Sovos Compliance Limited, UK. IRIS acquired a 48.99% stake in IRIS Logix and transferred a 5% stake to Sovos. Mr. Gautam Mahanti, former Head of GST at IRIS, has been transferred to IRIS Logix. The company has made necessary regulatory disclosures.
31Jul 25
IRIS Business Services Completes 5% Stake Sale in IRIS Logix to UK's Sovos Compliance
IRIS Business Services Limited has completed the sale of a 5% equity stake in its subsidiary, IRIS Logix Solutions Private Limited, to Sovos Compliance Limited, a UK-based company. This transaction is part of IRIS's broader strategy to divest its GST ASP Services Business. The stake sale was approved by IRIS's Board of Directors on July 2, 2025, following IRIS's acquisition of a 48.99% stake in IRIS Logix from Logistics Fund India LLP. The company confirmed the completion of the transaction in a stock exchange filing on July 31, 2025, in compliance with SEBI regulations.
26Jul 25
IRIS Business Services Shareholders Unanimously Approve GST ASP Services Business Transfer
IRIS Business Services Limited received 100% shareholder approval to transfer its GST ASP Services Business to IRIS Logix Solutions Private Limited at an EGM held on July 26, 2025. The meeting, conducted via video conferencing, saw participation from 98 members representing 23.55% of the company's outstanding shares. Key company officials, including the Chairman and Whole-Time Directors, were present at the meeting. The voting process, facilitated by NSDL, was transparent and compliant with regulatory standards.
03Jul 25
Iris Business Services Divests Tax Technology Division for ₹151 Crore
IRIS Business Services Limited has sold its Tax Technology Division for ₹151.00 crore. This significant transaction could impact the company's financial position and business structure. The sale may provide substantial cash reserves for strategic initiatives or debt reduction, and could indicate a shift in the company's operational focus and market strategy.
02Jul 25
Iris Business Services to Sell GST ASP Business and Subsidiary for ₹151.24 Crore
IRIS Business Services Limited has announced plans to sell its GST Application Service Provider (ASP) business and its subsidiary, Iris Logix, to Sovos for ₹151.24 crore. This strategic move involves divesting key components of IRIS's operations, potentially reshaping its corporate structure and future business focus. The transaction is expected to have significant financial implications for IRIS Business Services, possibly strengthening its balance sheet and providing capital for future initiatives.
14May 25
IRIS Business Services Reports Q4 Revenue Growth Amid EBITDA and Profit Decline
IRIS Business Services announced Q4 FY results with revenue growth of 13.82% YoY to ₹346.00 million. However, EBITDA declined to ₹50.00 million from ₹64.00 million YoY, with margin falling to 14.45%. Net profit decreased by 40.43% YoY to ₹28.00 million. Sequentially, net profit fell 20.00% from ₹35.00 million in the previous quarter.
19Apr 25
IRIS Business Services Secures Role in Qatar Central Bank's Regulatory Tech Project
IRIS Business Services has been selected by Accenture for a significant regulatory technology project with the Qatar Central Bank. The project involves implementing an XBRL-based data platform to enhance the central bank's financial reporting and data management capabilities. This collaboration marks a notable advancement in IRIS Business Services' international expansion efforts and could lead to increased global visibility and future opportunities in the regulatory technology market.
27Mar 25
IRIS Business Services CEO S Swaminathan Passes Away; CFO Appointed as Interim Head
IRIS Business Services Limited announced the unexpected death of CEO and Whole-time Director S Swaminathan on March 26, 2025, due to cardiac arrest. The Board of Directors has appointed CFO Krishnan Balachandran as interim head to oversee operations. The company emphasized Swaminathan's significant contributions and assured stakeholders of business continuity during this transition period.
20Feb 25
IRIS Business Services Inks MoU with Goa Government to Boost MSME Ecosystem
IRIS Business Services signed an MoU with the Goa government to provide data-driven solutions for MSMEs. The partnership aims to increase credit access for local businesses and reduce compliance burdens through an integrated platform. This initiative addresses Goa's low credit-deposit ratio of 26.5% compared to the national average of 75.8%. IRIS plans to leverage government data streams to facilitate credit flow, while the Goa government will provide administrative and policy support for implementation.