Quarterly Results

NOIDA TOLL BRIDGE COMPANY LIMITED  
                 
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2016  
                 
                                                                               (Rs. in Lacs)
Sl.No.   Particulars Quarter ended Nine Months ended Year ended
  31.12.2016 30.09.2016 31.12.2015 31.12.2016 31.12.2015 31.03.2016
      (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
(1)   (2) (3) (4) (5) (6) (6) (8)
1   Income from operations            1,240.90           3,504.72           3,213.99           7,914.20           9,725.75          12,895.62
    Total Revenue            1,240.90           3,504.72           3,213.99           7,914.20           9,725.75          12,895.62
2   Total Expenditure            
    a)     O & M Expenses              387.07              376.38              317.50           1,113.30           1,054.82            1,338.74
    b)     Construction Contract Cost                     -                211.11                    -                211.11                    -                       -  
    c)    Employee Benefit Expenses                75.68                71.64               78.67              225.34              216.34               271.76
    d)     Legal and Professional Charges              164.56              164.35              113.34              415.73              267.50               340.73
    e)    Rates & Taxes              104.14              146.28              195.88              384.53              440.66               585.60
    f)    Depreciation/Amortisation            1,021.19              902.02              864.71           2,783.16           2,447.10            3,226.45
    g)     Overlay              134.36              134.37              134.32              401.63              401.61               541.89
    h)     Other expenditure              127.39              254.04              126.35              485.51              316.91               520.61
    Total Expenditure            2,014.39           2,260.19           1,830.77           6,020.31           5,144.94            6,825.78
3   Profit from Operations before Other Income, Finance cost & Exceptional items (1-2) -773.49 1,244.53 1,383.22         1,893.89 4,580.81 6,069.84
4   Other Income                21.39              163.92               16.51              253.82              111.89               281.76
5   Profit from ordinary activities before Finance Cost & Exceptional items  (3+4) -752.10 1,408.45 1,399.73 2,147.71 4,692.70 6,351.60
6   Finance Cost              166.41              140.98               53.92              426.66              142.08               264.70
7   Profit from ordinary activities after Finance Cost but before Exceptional items   (5-6) -918.51 1,267.47 1,345.81 1,721.05 4,550.62 6,086.90
8   Exceptional items                     -                       -                      -                       -                      -                       -  
9   Profit from Ordinary Activities before tax (7-8) -918.51 1,267.47 1,345.81 1,721.05 4,550.62 6,086.90
10   Tax Expenses                21.46                64.04             (804.82)                99.33          (2,793.42)           (3,667.65)
11   Net Profit from Ordinary Activities after tax (9-10) -939.97 1,203.43 2,150.63 1,621.72 7,344.04 9,754.55
12   Other Comprehensive Income (Net of tax expenses)                 (5.70)               (63.79)               29.02                (9.11)               31.14                  4.38
13   Total Comprehensive Income for the period (11+12) -945.67 1,139.64 2,179.65 1,612.61 7,375.18 9,758.93
14   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
15   Earning Per Share (before extraordinary items)            
  a Basic                 (0.50)                 0.65                 1.16                 0.87                 3.94                  5.24
  b Diluted                (0.50)                 0.65                 1.16                 0.87                 3.94                  5.24
    Earning Per Share (after extraordinary items)            
  a Basic                 (0.50)                 0.65                 1.16                 0.87                 3.94                  5.24
  b Diluted                (0.50)                 0.65                 1.16                 0.87                 3.94                  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 laid down in the Ind AS 34, "Interim Financial Reporting" 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 34.
         
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.
    The Company continues to fulfil its oblifations as per the Concession Agreement including maintenance of Project Assets 
    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 started verifying the records in order to submit its Report to the Hon'ble Supreme Court. 
    Further 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.
    Based on Legal opinion and the Board's reliance on the provision of the Concession Agreement (relating to Compensation and other recourse), the Company is confident that the underlying value of intangible and other assets are not impaired.
   
           
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 Nine Months ended Year ended
          31.12.2015 31.12.2015 31.03.2016
    Profit after tax as reported under previous GAAP               2,016.74           6,425.30            8,238.87
    Impact of measuring provision for overlay at Discounted Value                    12.86                38.45                52.52
    Reclassification of actuarial (gain)/loss in respect of defined benefit plan to "Other Comprehensive Income"                  (11.89)               (7.13)                  4.66
    Impact of deferred tax measurement                    132.92              887.42            1,458.50
    Profit after tax as reported under Ind-AS               2,150.63           7,344.04            9,754.55
    Other Comprehensive Income (Net of Tax)                      29.02                31.14                  4.38
    Total Comprehensive income as reported under Ind-AS               2,179.65           7,375.18            9,758.93
                 
5   The Company had only one business segment and therefore reporting of segment wise information is not applicable.
                 
6   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.
                 
7   The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at a meeting held on February 08, 2017. 
         
8   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
 
       
                 

               
                 
                 
                 
                 
      Harish Mathur          
      CEO & Executive Director        
      Place: New Delhi          
      Date: February 08, 2017