Global regtech firm IRIS Business Services turned the corner for financial year ended March 31, 2020, reporting a net profit of Rs 46 lakh compared with a loss of Rs 6.1 crore the year before. The company had been in the red for the past four consecutive years.

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Annual consolidated revenues rose 25 percent year-on-year to Rs 51.57 crore, and earnings before interest, taxes, depreciation and amortisation (EBITDA) surged to Rs 8.26 crore from Rs 0.33 crore the year before. EBITDA margins rose from 0.81 percent to 16 percent, helped by a tight control on expenses, the company said in a release.

The annual recurring revenues stood at Rs 30.35 crore for the year, and has now grown at a compounded annual rate of around 32 percent over the last three years.

“We are at the stage when operating leverage is kicking in,” Chief Financial Officer, K Balachandran said in the release.

Segmentwise, "Collect", which helps regulators receive prevalidated data in XBRL from the businesses they oversee, recorded a 42 percent jump in annual revenues to Rs 29.30. "Create", the segment which helps businesses submit data to regulators, recorded an 11 percent increase in revenues to Rs 18.62 crore.