IL&FS Fin incurs loss for 5th fiscal

New Delhi: IL&FS Financial Services (IFIN), a group company of debt-ridden IL&FS Ltd, has incurred a cumulative loss of Rs5,654 crore for the five-consecutive fiscals -- from FY14 to FY18, according to the revised balance sheet of the firm undergoing resolution process.

However, as per the original balance sheet, the company had earned a total profit of Rs1,015 crore during the five-year period. Following the recast, the company is exploring the option of seeking a refund of Income-Tax paid from the Income-Tax for these years. In June this year, the National Company Law Tribunal (NCLT) asked the newly-appointed board of the IL&FS group to file a revised balance sheet, along with its two other subsidiaries.

Moreover, its total income also went down to Rs7,777 crore on an aggregate basis during those five years against Rs10,297 crore reported earlier, revealed the updated financial results.

The company’s new board has completed the reopening and recasting of financials and the revised accounts as per the direction of the NCLT.