IIFL Finance profit up multifold to Rs 501 cr

New Delhi: IIFL Finance, an NBFC providing gold loans and business loans, on Thursday said its December quarter net profit grew multifold to Rs 501 crore as compared to the year-ago period. A year ago, the profit was Rs 82 crore. IIFL Finance said the Income Tax Department has directed the company to get its accounts audited for a specified block period under Section 142(2A) of the Income Tax Act, 1961, and to appoint a "special auditor" for the purpose. In a regulatory filing, IIFL Finance said the directive from the department dated January 21 is "in connection with ongoing assessment proceedings and is procedural in nature".