IRIS Business Services adds 1,799 SaaS customers, PAT up 483%

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IRIS Business Services on May 23 reported its second successive year of profitable growth in spite of contraction of revenues in its non-SAAS business.

The company said it has added 1,799 new customers for its SAAS offerings. The total number of customers served by the company with its SaaS offerings has gone up to 6095.

“Our business mix will always include SAAS and non-SAAS revenues though our focus will be to keep increasing recurring revenues which presently stands at about 71% of total revenues,” founder and CEO, S Swaminathan said.

In a filing with the BSE of its annual financial results, the company reported a 10% growth in total revenues in FY2021 to Rs 56.59 crore up from Rs 51.57 crore in FY2020.

The company posted a profit after tax (PAT) growth of 483%, up from Rs 46 lakhs in FY2020 to Rs 2.72 crore in FY2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) has shown a considerable improvement to Rs10.12 crore, from Rs 8.26 crore in the previous 12 months, a 23% increase, the company said in a statement.

“We can see that operating leverage is kicking in,” says company founder and CFO, K Balachandran. The diluted EPS has gone up to Rs 1.44 per share in FY 21 from Rs 0.25 per share in the year preceding.

During the year under review, the company has also repaid a term loan on its books. In other signs of the improved financial health of the company, cash flow from operations registered a significant increase to Rs 1,124 lakh in FY 21 from Rs 180 lakh in FY 20. Cash and cash equivalents have registered an appreciable jump from ₹169 lakh in FY20 to Rs 845 lakh in FY21.