IRIS Business Services gains 5% on strategic tie-up with Prophix

In Q2FY24, Iris Business Services reported a 47.33 percent year-on-year increase in net sales to Rs 22.73 crore in September 2023 up from Rs 15.43 crore in September 2022.

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Shares of Iris Business Services gained 4.99 percent in early trade on the NSE on December 12, a day after the company announced a strategic partnership with financial performance management software provider Prophix. At close on December 12, the stock was trading in the red at 135.30 on December 11 at close. As of 9:20 am, the stock was trading at Rs 142.95.

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In a December 11 regulatory filing, Iris Business Services, a  business reporting and compliance solutions company, announced a strategic partnership with Prophix, a leading provider of financial performance management software. Under the new partnership, Prophix will now offer IRIS Carbon, the company's compliance reporting SaaS solution, to the office of the CFO across its clientele primarily in North America and Europe, the company said in a statement.

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In Q2FY24, Iris Business Services reported a 47.33 percent increase in net sales to Rs 22.73 crore in September 2023 - up from Rs 15.43 crore a year ago. Quarterly net profit for the period also grew to Rs 1.21 crore from Rs 0.45 crore in September 2022. Earnings before interest, taxation, depreciation and amortisation ( EBITDA) for the quarter ending September 2023 was Rs 2.88 crore, up 50.79 percent from Rs 1.91 crore in September 2022.

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