Quarterly Results

NOIDA TOLL BRIDGE COMPANY LIMITED  
                 
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2018  
                 
                                                                               (Rs. in Lacs)
Sl.No.   Particulars Quarter ended Half year ended Year ended
  30.09.2018 30.06.2018 30.09.2017 30.09.2018 30.09.2017 31.03.2018
      (Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited)
(1)   (2) (3) (4) (5) (6) (6) (8)
I   Revenue from operations              482.59              460.23              341.85              942.82              715.84       1,627.73
    Other Income                  5.46                 8.83               19.23                14.29               29.69         123.92
    Total Income              488.05              469.06              361.08              957.11              745.53       1,751.65
II   Total Expenditure            
    Operating expenses              445.45              518.43              263.43              963.88              611.44       1,774.54
    Employee benefits expense                16.76                30.24               29.71                47.00               69.53         129.34
    Finance costs              219.51              185.69              172.16              405.20              340.98         700.09
    Depreciation and amortization expense            1,113.26           1,080.91           1,057.04           2,194.17           2,078.12       4,221.56
    Other expenses              180.96              127.02              239.52              307.98              487.09         649.40
    Total Expenditure            1,975.94           1,942.29           1,761.86           3,918.23           3,587.16       7,474.93
III   Profit for the year before taxation           (1,487.89)          (1,473.23)          (1,400.78)          (2,961.12)          (2,841.63)      (5,723.28)
IV   Tax Expense:            
    (1) Current Tax                13.60                13.05               13.80                26.65               27.82           50.61
    (2) Taxes paid for earlier year                           -                      -               2.11
    (2) Deferred Tax              (696.03)                (685.67)                    -               (1,381.70)                        -  
    Total Tax             (682.43)             (672.62)               13.80          (1,355.05)               27.82           52.72
V   Profit for the year after tax              (805.46)             (800.61)          (1,414.58)          (1,606.07)          (2,869.45)      (5,776.00)
VI   Other Comprehensive Income            
    Unrealised gain on Investment                     -                    (1.76)                     -      
    Actuarial (gain)/loss in respect of defined benefit plan                   1.56                (0.68)                (0.04)                 0.88                (1.99)            (2.71)
    Total Other comprehensive Income                   1.56                (0.68)                (1.80)                 0.88                (1.99)            (2.71)
VII   Total Comprehensive Income for the year             (803.90)             (801.29)          (1,416.38)          (1,605.19)          (2,871.44)      (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         18,619.50     18,619.50
    Earning Per Share            
    Basic                  (0.43)                (0.43)                (0.76)                (0.86)                (1.54)            (3.10)
    Diluted                 (0.43)                (0.43)                (0.76)                (0.86)                (1.54)            (3.10)
                 
                 
Notes:                
1   The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at a meeting held on               November 06, 2018. 
         
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) 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 Delhi 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, in its Interim Order, denied an interim stay but sought assistance of CAG to verify 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 the report to the Hon'ble Supreme Court.
    At the last hearing on September 14, 2018, the Hon'ble Supreme Court bench has directed that the report submitted by CAG be kept in a sealed cover and that the case be listed for hearing in due course.
    The Company has also notified the New Okhla Industrial Development Authority (NOIDA) 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 NOIDA.
    The Arbitral Tribunal had been constituted and the Company has submitted its Statement of Claim. Noida Authority has submitted a Counter claim on the Company and filed application on the maintainability of the arbitration  proceedings. The Company had challenged the application and the Arbitration Tribunal at the hearing held on August 10, 2018 has rejected the application filed by NOIDA which had raised jurisdictional objections to the maintainability of Arbitration proceedings.
    At the Arbitration meeting held on September 12, 2018, NOIDA had moved an application for amendment of their counter claim and at the meeting held on September 20, 2018 the Arbitration Tribunal has left open the counter claim of NOIDA to be considered at the final hearing. The next date of hearing is November 13, 2018.
    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 received an order from CIT(A) on April 25, 2018 and pursuant to the CIT (A) order, the AO has also passed consequential orders in respect of AYs 2006-07 to 2014-15 giving effect to the CIT (A)'s appellate orders and has enhanced the demand by Rs.10,893.30 Crs. The enhancement of the demand was primarily on account of valuation of land. The Company has filed an appeal along with the stay application with the Income Tax Appellate Tribunal (ITAT) and the matter is being heard and the case is listed for hearing on December 19, 2018 and status quo has been directed to be maintained till such time.
                 
5   The Company has not made payment of monthly interest and quarterly repayment on account of Secured Term Loan (“Facility”) from ICICI Bank Limited for the period May, 2018 to October, 2018. The total outstanding amount upto October 31, 2018 is Rs.7.63 Crs i.e Rs.2.63 Crs on account of interest and the balance amount of Rs.5 Crs towards principal re-payment. The Company has received several notices from ICICI Bank, including the notice dated September 27, 2018 for loan recall and notice of acceleration of the facility.
    Further in an appeal filed by the Union of India (acting through the Ministry of Corporate Affairs) and Infrastructure Leasing and Financial Services (IL&FS), the National Company Law Appellate Tribunal (NCLAT) has passed an interim order on October 15, 2018, granting a moratorium on all creditor actions against IL&FS as well as of its group companies. Noida Toll Bridge Co. Limited - IL&FS group company is also covered under this Order.
                 
6   On September 28, 2018 a writ of demand was served by NOIDA for an amount of Rs 3.69 Crs was raised on the Company in relation to revenue from advertising on Noida side of DND Flyway. The Company has requested NOIDA to keep the writ of demand in abeyance since the matter has been referred to Arbitration by NOIDA and further more, in view of said NCLAT order dated October 15, 2018.
                 
7   The Company has only one business segment and therefore reporting of segment wise information is not applicable.
                 
8   Previous period figures have been regrouped / reclassified wherever necessary. 
                 
Statement of Assets and Liabilities  (Audited)
                                        (Rs in Lacs)
  Particulars   As at   As at
  30-Sep-18   31-Mar-18
                 
    ASSETS            
    Non Current Assets            
    (a) Property, plant and equipment                     1,583.99               660.38
    (b) Other Intangible assets                   47,117.74         49,073.88
    (c) Capital Work in progress                                  -                 920.16
    (d) Financial Assets            
    (i) Investments                             2.55                   2.55
    (ii) Loans                                  -                          -  
    (iii) Other Financial Assets                            30.27                 30.50
    (e) Current Tax assets                     2,355.00           2,355.00
    (f) Other Assets                                  -                 298.56
    Total Non-Current Assets                   51,089.55         53,341.03
                 
    Current Assets            
    (a) Inventories                           81.08                 81.08
    (b) Financial Assets            
    (i) Investments                                  -                          -  
    (ii) Trade receivables                         650.89               722.70
    (iii) Cash & Cash Equivalents                             5.93                   2.40
    (iv) Other Bank Balance                         183.39               172.47
    (v) Loans                         108.85               109.06
    (vi) Other Financial Assets                            93.38                 97.87
    (c) Current Tax assets                         916.96               905.59
    (d) Other Current Assets                         441.17               226.12
    Total Current Assets                     2,481.65           2,317.29
                 
    TOTAL ASSETS                   53,571.20         55,658.32
                 
    EQUITY AND LIABILITIES            
    Equity            
    (a) Share Capital                   18,619.50         18,619.50
    (b) Other Equity                   21,818.62         23,423.82
    Total Equity                   40,438.12         42,043.32
                 
    Liabilities            
    Non-Current Liablities            
    (a) Financial Liabilities            
    (i) Borrowings                                  -             3,471.84
    (ii) Other Financial Liabilities                         353.54               347.43
    (b) Provisions                     2,474.62           2,015.63
    (c) Deferred tax Liabilities (net)                         573.51           1,955.21
    Total Non-Current Liablities                     3,401.67           7,790.11
    Current Liabilities            
    (a) Financial Liabilities            
    (i) Borrowings                     1,780.43           1,712.43
    (i) Trade payables                     1,032.46               335.85
    (ii) Other Financial Liabilities                     6,131.95           2,766.66
    (b) Provisions                         281.10               448.20
    (c) Other current liabilities                         505.47               561.75
    Total Current Liabilities                     9,731.41           5,824.89
                 
    TOTAL EQUITY AND LIABILITIES                   53,571.20         55,658.32
                 
                                       -                          -  
                 
                 
                 
      For and on behalf of the Board of Directors          
                 
               
                 
                 
                 
      Ajai Mathur          
      Managing Director        
      DIN : 00044567          
      Place: Noida, U.P          
      Date: November 06, 2018