Quarterly Results

NOIDA TOLL BRIDGE COMPANY LIMITED    
                   
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2017
                   
                                                                                 (Rs. in Lacs)
Sl.No.   Particulars Quarter ended Year ended Consolidated Year ended
  31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016
      Audited Unaudited Audited Audited Audited Audited Audited
(1)   (2) (3) (4) (5) (6) (6) (8) (9)
I   Revenue from operations              291.63           1,240.90           3,169.87           8,205.83               12,895.62           8,704.54              13,047.32
    Other Income                32.33 21.39              169.87              286.15                   281.76              315.42                  290.12
    Total Income              323.96           1,262.29           3,339.74           8,491.98               13,177.38           9,019.96              13,337.44
II   Total Expenditure              
    Operating expenses              243.82              521.43              424.19           1,969.86                 1,880.62           1,557.45               1,201.83
    Employee benefits expense                67.47                75.68               55.42              292.81                   271.76           1,097.74               1,024.38
    Finance costs              160.03              166.41              122.62              586.69                   264.70              589.69                  272.22
    Depreciation and amortization expense            1,004.34           1,021.19              779.35           3,787.50                 3,226.45           3,795.96               3,234.56
    Other expenses              286.69              396.09              421.87           1,572.46                 1,446.94           1,631.19               1,512.27
    Total Expenditure            1,762.35           2,180.80           1,803.45           8,209.32                 7,090.47           8,672.03               7,245.26
III   Profit for the year before taxation           (1,438.39)             (918.51)           1,536.29              282.66                 6,086.91              347.93               6,092.18
IV   Tax Expense:              
    (1) Current Tax                22.36 21.46              134.52              121.69                   134.52              121.69                  134.52
    (2) Deferred Tax                  (2.02)                            -            (1,008.75)                     (2.02)                    (3,802.17)                     (2.02)                  (3,802.17)
    Total Tax                20.34                21.46             (874.23)              119.67                (3,667.65)              119.67              (3,667.65)
V   Profit for the year after tax            (1,458.73)             (939.97)           2,410.52              162.99                 9,754.56              228.26               9,759.83
VI   Other Comprehensive Income              
    Unrealised gain on Investment                  0.07 -5.70              (14.97)                (9.04)                       9.04                (9.04)                      9.04
    Actuarial (gain)/loss in respect of defined benefit plan                  (8.66)                (11.79)                (8.66)                      (4.66)              (27.94)                     (4.46)
    Total Other comprehensive Income                  (8.59)                (5.70)              (26.76)               (17.70)                       4.38              (36.98)                      4.58
VII   Total Comprehensive Income for the year           (1,467.32)             (945.67)           2,383.76              145.29                 9,758.94              191.28               9,764.41
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              18,619.50
    Earning Per Share              
    Basic                  (0.78)                (0.50)                 1.29                 0.09                       5.24                 0.12                      5.24
    Diluted                 (0.78)                (0.50)                 1.29                 0.09                       5.24                 0.12                      5.24
                   
                   
Notes:                  
1   The Company adopted Indian Accounting Standard ("Ind AS") from April 1,2016 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles stated therein, prescribed under Section 133 of the Companies Act 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS.
           
2   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 and an appeal has been filed before Hon’ble Supreme Court of India seeking an Interim Stay on the said Judgment. 
                   
    On November 11, 2016, Hon’ble Supreme Court issued its Interim Order 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 has been recovered or not by the company. CAG has submitted its report to Hon'ble Supreme Court, however the copy of the report is not made available to the Company. 
                   
    The Company has also notified the NOIDA Authority that the Judgement of the Hon’ble Allahabad High Court read with 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 Notice of Arbitration to Noida Authority.
                   
    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 fulfil its obligations as per the Concession Agreement, including maintenance of Project Assts. Accordingly provision of major maintenance has been carried at Rs. 1618 lacs as on March 31, 2017
                   
3   Non Collection of user fees has warranted to change the Amortization Method from Proportionate Revenue Method to Straight Line Method from October 27,2016. The impact of such change cannot be determined as application of proportionate Revenue Method is impracticable.
   
             
4   Reconciliation of the standalone financial results to those reported under previous Generally Accepted Accounting Principles (GAAP) are summarized as follows;
                  Rs in Lacs
    Particulars       Quarter ended Year ended Consolidated Year ended
            31.03.2016 31.03.2016 31.03.2016
    Profit after tax as reported under previous GAAP                       1,813.57           8,238.87               8,244.34
    Impact of measuring provision for overlay at Discounted Value                           14.08               52.53                    52.52
    Reclassification of actuarial (gain)/loss in respect of defined benefit plan to "Other Comprehensive Income"                           11.79                 4.66                      4.47
    Impact of deferred tax measurement                           571.07           1,458.50               1,458.50
    Profit after tax as reported under Ind-AS                       2,410.51           9,754.56               9,759.83
    Other Comprehensive Income (Net of Tax)                            (26.76)                 4.38                      4.58
    Total Comprehensive income as reported under Ind-AS                       2,383.75           9,758.94               9,764.41
                   
5   Reconciliation of total equity as at March 31, 2016 and March 31, 2015             Rs in Lacs
            Standalone Consolidated
            Year ended Year ended Year ended Year ended
            31.03.2016 31.03.2015 31.03.2016 31.03.2015
    Equity under Previous GAAP                   52,077.47                    50,266.15            51,860.24                  50,043.45
    Dividend (including dividend tax)                     3,361.56                      2,241.01               3,361.56                     2,241.01
    Provision for Overlay                         143.72                            91.20                  143.72                           91.20
    Provision for Contingency recognised earlier as per court order                                295.56                            -                          295.56
    Unrealised Gain on Investment                             9.04                         9.04  
    Deferred tax Adjustment                   (4,553.50)                     (6,012.00)             (4,553.50)                   (6,012.00)
    Equity under Ind AS                   51,038.29                    46,881.92            50,821.06                  46,659.22
                   
6   Statement of Assets and Liabilities  (Audited)              
                  Rs in Lacs
  Particulars   Year ended Consolidated Year ended
  31.03.2017 31.03.2016 31.03.2017 31.03.2016
            Audited Audited Audited Audited
    ASSETS              
    Non Current Assets              
    (a) Property, plant and equipment                     1,164.40                      1,548.11               1,180.53                     1,568.16
    (b) Other Intangible assets                   50,601.53                    53,735.89            50,601.53                  53,735.89
    (c) Capital work in progress                     2,116.01                                   -                 2,116.01                                  -  
    (d) Financial Assets              
    (i) Investments                             2.55                               2.55    
    (ii) Loans                             1.47                               0.94                     22.94                             7.90
    (iii) Other Financial Assets                            30.52                            30.52                     30.52                           30.52
    (e) Current Tax assets                     2,355.00                      1,400.00               2,355.00                     1,400.00
    (f) Other Assets                         836.07                            51.37                  836.07                           51.37
    Total Non-Current Assets                   57,107.55                    56,769.38            57,142.60                  56,793.84
                   
    Current Assets              
    (a) Inventories                           81.08                            13.82                     82.93                           15.76
    (b) Financial Assets              
    (i) Investments                              2,211.88                            -                       2,211.88
    (ii) Trade receivables                         717.40                          372.67                  515.15                        372.67
    (iii) Cash & Cash Equivalents                           23.15                          323.55                     64.88                        430.99
    (iv) Other Bank Balance                         170.17                      2,756.42                  170.17                     2,756.42
    (v) Loans                             1.12                               1.24                       2.49                             1.75
    (vi) Other Financial Assets                                     29.54                            -                               3.37
    (c) Current Tax assets                         816.17                          332.67               1,202.77                        708.59
    (d) Other Current Assets                         213.62                          112.79                  133.53                        138.06
    Total Current Assets                     2,022.71                      6,154.58               2,171.92                     6,639.49
                   
    TOTAL ASSETS                   59,130.26                    62,923.96            59,314.52                  63,433.33
                   
    EQUITY AND LIABILITIES              
    Equity              
    (a) Share Capital                   18,619.50                    18,619.50            18,619.50                  18,619.50
    (b) Other Equity                   29,202.53                    32,418.79            29,031.29                  32,201.58
    Total Equity                   47,822.03                    51,038.29            47,650.79                  50,821.08
                   
    Liabilities              
    Non-Current Liablities              
    (a) Financial Liabilities              
    (i) Borrowings                     4,458.08                      3,886.91               4,458.08                     3,886.91
    (ii) Other Financial Liabilities                         367.36                          331.66                  367.36                        331.66
    (b) Provisions                     1,467.24                          939.19               1,562.33                     1,004.71
    (c) Deferred tax Liabilities (net)                     1,902.56                      1,900.54               1,902.56                     1,900.54
    Total Non-Current Liablities                     8,195.24                      7,058.30               8,290.33                     7,123.82
    Current Liabilities              
    (a) Financial Liabilities              
    (i) Borrowings                           83.00                                   -                       83.00                                  -  
    (ii) Trade payables                         282.86                            25.83                  315.76                           81.31
    (iii) Other Financial Liabilities                     1,833.33                      3,769.74               1,918.25                     4,308.17
    (b) Other current liabilities                         495.51                          547.56                  495.50                        547.56
    (c) Provisions                         418.29                          484.24                  560.89                        551.39
    Total Current Liabilities                     3,112.99                      4,827.37               3,373.40                     5,488.43
                   
    TOTAL EQUITY AND LIABILITIES                   59,130.26                    62,923.96            59,314.52                  63,433.33
                   
                   
7   The Company had only one business segment and therefore reporting of segment wise information is not applicable.
                   
8   In previous year, consequent to change in useful life, estimates for reversal of timing difference in respect of depreciation during the tax holiday period got changed resulting into reversal of deferred tax liability.
                   
9   The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at a meeting held on May 26, 2017. 
           
10   Previous period figures have been regrouped / reclassified wherever necessary. 
                   

             
                   
                   


           

             


   For and on behalf of the Board of Directors            
                   
                   
                   

             

  Ajai Mathur            

Managing Director          

Place: Noida, U.P            

Date: May 26, 2017