IIFL Finance Surges Ahead With Multifold Profit Growth Amid Regulatory Scrutiny

IIFL Finance reported a significant increase in net profit to Rs 501 crore for its December quarter, up from Rs 82 crore a year ago. The company faces audits by the Income Tax Department and penalties from GST departments. Despite challenges, it shows robust AUM growth across various loan segments.

IIFL Finance has demonstrated impressive growth in the December quarter, posting a net profit of Rs 501 crore, a substantial rise from Rs 82 crore during the same period last year.

The financial institution is under examination by the Income Tax Department, requiring an audit for a specific period as per the legal provision, although this is described as a procedural step with no immediate financial consequences.

In response to orders from the GST departments of Bihar and Gujarat, resulting in penalties of over Rs 13 crore, IIFL Finance's shares fell by 13.15% to Rs 540.80 on the BSE. Nonetheless, the company remains optimistic, showcasing strong growth in various AUM segments.

(With inputs from agencies.)