Quarterly Results

NOIDA TOLL BRIDGE COMPANY LIMITED
             
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2017
             
                                                                                          (Rs. in Lacs)
Sl.No.   Particulars Quarter ended Year ended
  30.06.2017 31.03.2017 30.06.2016 31.03.2017
      Unaudited Audited Unaudited Audited
(1)   (2) (3) (4) (5) (6)
I   Revenue from operations              373.99              291.63           3,168.58           8,205.83
    Other Income                10.46 32.33               68.51              286.15
    Total Income              384.45              323.96           3,237.09           8,491.98
II   Total Expenditure        
    Operating expenses              348.01              243.82              482.75           1,969.86
    Employee benefits expense                39.82                67.47               78.02              292.81
    Finance costs              168.82              160.03              119.27              586.69
    Depreciation and amortization expense            1,021.08           1,004.34              859.95           3,787.50
    Other expenses              247.57              286.69              325.01           1,572.46
    Total Expenditure            1,825.30           1,762.35           1,865.00           8,209.32
III   Profit / (Loss) before taxation           (1,440.85)          (1,438.39)           1,372.09              282.66
IV   Tax Expense:        
    (1) Current Tax                14.02 22.36               13.83              121.69
    (2) Deferred Tax                      -                       (2.02)                    -                       (2.02)
    Total Tax                14.02                20.34               13.83              119.67
V   Profit / (Loss) after tax            (1,454.87)          (1,458.73)           1,358.26              162.99
VI   Other Comprehensive Income        
    Unrealised gain on Investment                  1.76 0.07               61.54                (9.04)
    Actuarial gain/(loss) in respect of defined benefit plan                  (1.95)                (8.66)                (1.16)                (8.66)
    Total Other comprehensive Income                  (0.19)                (8.59)               60.38               (17.70)
VII   Total Comprehensive Income            (1,455.06)          (1,467.32)           1,418.64              145.29
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                  (0.78)                (0.78)                 0.73                 0.09
    Diluted                 (0.78)                (0.78)                 0.73                 0.09
             
             
Notes:            
1   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.The CAG has submitted its report to Hon'ble Supreme Court.
    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 also initiated 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.
             
2   The Company had only one business segment and therefore reporting of segment wise information is not applicable.
             
3   The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at a meeting held on August 09, 2017. 
     
4   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      
       DIN No. 00044567
   
      Date: August 9, 2017