Quarterly Results

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2018
             
                                                                                          (Rs. in Lacs)
Sl.No.   Particulars Quarter ended Year ended
  30.06.2018 31.03.2018 30.06.2017 31.03.2018
      Unaudited Audited Unaudited Audited
(1)   (2) (3) (4) (5) (6)
I   Revenue from operations              460.23              513.22              373.99             1,627.73
    Other Income                  8.83                74.83               10.46                123.92
    Total Income              469.06              588.05              384.45             1,751.65
II   Total Expenditure        
    Operating expenses              518.43              414.02              411.77             1,774.54
    Employee benefits expense                30.24                29.89               39.82                129.34
    Finance costs              185.69              179.50              168.82                700.09
    Depreciation and amortization expense            1,080.91           1,088.90           1,021.08             4,221.56
    Other expenses              127.02              174.35              183.81                649.40
    Total Expenditure            1,942.29           1,886.66           1,825.30             7,474.93
III   Profit / (Loss) before taxation           (1,473.23)          (1,298.61)          (1,440.85)            (5,723.28)
IV   Tax Expense:        
    (1) Current Tax                13.05                10.45               14.02                 50.61
    (2) Taxes paid for earlier year                         -                            2.11
    (3) Deferred Tax              (685.67)                            -                      -                                -  
    Total Tax             (672.62)                10.45               14.02                 52.72
V   Profit / (Loss) after tax              (800.61)          (1,309.06)          (1,454.87)            (5,776.00)
VI   Other Comprehensive Income        
    Unrealised gain on Investment                     -                   2.99                 1.76                      -  
    Actuarial gain/(loss) in respect of defined benefit plan                  (0.68)                (2.71)                (1.95)                  (2.71)
    Total Other comprehensive Income                  (0.68)                 0.28                (0.19)                  (2.71)
VII   Total Comprehensive Income              (801.29)          (1,308.78)          (1,455.06)            (5,778.71)
VIII   Paid-up equity share capital         
    (Face Value Rs 10)          18,619.50         18,619.50         18,619.50           18,619.50
    Earning Per Share        
    Basic                  (0.43)                (0.70)                (0.78)                  (3.10)
    Diluted                 (0.43)                (0.70)                (0.78)                  (3.10)
             
             
Notes:            
1   The above results have been reviewed and recommended by the Audit Committee at its meeting held on August 14, 2018 and approved by the Board of Directors at an adjourned meeting held on August 16, 2018 in continuation to its original meeting held on August 14, 2018 and have been subjected to "Limited Review" by the Statutory Auditors of the Company.
             
2   The Company has, with effect from April 1, 2018, adopted IND AS 115 “Revenue from Contracts with Customers” by opting for the cumulative catch-up method, which is applicable for all contracts that were not completed as on April 1, 2018. Consequently, the comparatives have not been retrospectively adjusted. The effect of the adoption of Ind AS 115 was not material on the financial statements.
             
3   The Hon’ble High Court of Allahabad had, vide its Judgement dated October 26, 2016, on a Public Interest Litigation, filed in 2012 (challenging the validity of the Concession Agreement and seeking the Concession Agreement to be quashed) has directed the Company to stop collecting the user fee holding the two specific provisions relating to levy and collection of fee to be inoperative but refused to quash the Concession Agreement. Consequently, Collection of user fee from the users of the NOIDA bridge has been suspended from October 26, 2016, pursuant to which an appeal has been filed before the Hon’ble Supreme Court of India, seeking an Interim Stay on the said Judgment.
    On November 11, 2016, the Hon’ble Supreme Court issued its Interim Order and, though denying the interim stay, sought assistance of CAG to submit a report whether the Total Cost of the Project in terms of the Concession Agreement had been recovered or not by the Company.The CAG has submitted its report to the Hon'ble Supreme Court.
    The case is ongoing and the next hearing is scheduled in August 21,2018
    The Company has also notified the NOIDA Authority that the Judgement of the Hon’ble Allahabad High Court, read with the Interim Order of the Hon’ble Supreme Court of India constitute a 'change in law' under the Concession Agreement and submitted a detailed proposal for modification of the Concession Agreement, so as to place it in substantially the same legal, commercial and economic position as it was prior to the said Change in Law. The Company has further sent a Notice of Arbitration to the Noida Authority.
    The Arbitral Tribunal has been constituted and Company has submitted its Statement of Claim. Noida too has submitted a Counter claim on the Company and filed application on the maintainability of the arbitration proceedings. The Company has challenged the application. At the hearing held on May 19, 2018, the Arbitral Tribunal heard the arguments of the legal counsel of Noida Authority in respect of their application on maintainability of the arbitration proceedings. As the arguments could not be concluded, the Arbitral Tribunal will decide on a date for the next hearing to continue with the arguments.
    Based on legal opinion and the Board's reliance on the provisions of the Concession agreement (relating to Compensation and other recourses),the Company is confident that the underlying value of the Intangible and other assets are not impaired.
    The Company continues to fulfill its obligations as per the Concession Agreement including maintenance of Project assets.
             
4   The Company has filed a Stay Petition before the Income Tax Appellate Tribunal on August 1, 2018, in respect certain income tax demands aggregating Rs.10,893/- crores for the Assessment Years 2006-2007 to 2014-2015, for which the stay is yet to be granted. Based on the facts and merits of the matter, the Management is confident that the additional tax so demanded will not be sustained, on completion of the Appellate proceedings and, accordingly, no provision has been made in these standalone financial results.
             
5   The Company had only one business segment and therefore reporting of segment wise information is not applicable.
     
6   Previous period figures have been regrouped / reclassified wherever necessary. 
             
As per our separate report of even date attached        
             
             
For and on behalf of the Board of Directors      

       

       

  Ajai Mathur      

Managing Director    

Place: Noida, U.P      

Date: August 16, 2018