Quarterly Results

 

 

Audited Financial Results for the Quarter and Half Year Ended September 30, 2017

 

 

 

 

 

                        (Rs. in Lacs)

 

Sl.No.

Particulars

Quarter ended

Half year ended

Year ended

30.09.2017

30.06.2017

30.09.2016

30.09.2017

30.09.2016

31.03.2017

 

 

(Audited)

(Unaudited)

(Audited)

(Audited)

(Audited)

(Audited)

(1)

(2)

(3)

(4)

(5)

(6)

(6)

(8)

I

Revenue from operations

341.85

373.99

3,504.72

715.84

6,673.30

8,205.83

 

Other Income

19.23

10.46

163.92

29.69

232.43

286.15

 

Total Income

361.08

384.45

3,668.64

745.53

6,905.73

8,491.98

II

Total Expenditure







 

Operating expenses

263.43

348.01

721.86

611.44

1,204.61

1,969.86

 

Employee benefits expense

29.71

39.82

71.64

69.53

149.66

292.81

 

Finance costs

172.16

168.82

140.98

340.98

260.25

586.69

 

Depreciation and amortization expense

1,057.04

1,021.08

902.02

2,078.12

1,761.97

3,787.50

 

Other expenses

239.52

247.57

564.67

487.09

889.68

1,572.46

 

Total Expenditure

1,761.86

1,825.30

2,401.17

3,587.16

4,266.17

8,209.32

III

Profit / (Loss) for the period before taxation

(1,400.78)

(1,440.85)

1,267.47

(2,841.63)

2,639.56

282.66

IV

Tax Expense:

 

 

 

 

 

 

 

(1) Current Tax

13.80

14.02

547.74

27.82

561.57

121.69

 

(2) Deferred Tax

-


(483.70)


(483.70)

(2.02)

 

Total Tax

13.80

14.02

64.04

27.82

77.87

119.67

V

Profit / (Loss) for the period after tax

(1,414.58)

(1,454.87)

1,203.43

(2,869.45)

2,561.69

162.99

VI

Other Comprehensive Income

 

 

 

 

 

 

 

Unrealised gain on Investment

(1.76)

1.76

(56.77)


4.77

(9.04)

 

Actuarial (gain)/loss in respect of defined benefit plan

(0.04)

(1.95)

(7.02)

(1.99)

(8.18)

(8.66)

 

Total Other comprehensive Income

(1.80)

(0.19)

(63.79)

(1.99)

(3.41)

(17.70)

VII

Total Comprehensive Income for the period

(1,416.38)

(1,455.06)

1,139.64

(2,871.44)

2,558.28

145.29

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

(0.76)

(0.78)

0.65

(1.54)

1.38

0.09

 

Diluted

(0.76)

(0.78)

0.65

(1.54)

1.38

0.09

 

 







 

 

 

 

 

 

 

 

Notes:

 

 

 

 

 

 

 

1

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 that two specific provisions of the Concession Agreement relating to levy and collection of fee to be inoperative, but refused to quash the Concession Agreement. Consequently, the Collection of user fee from the users of the NOIDA bridge has been suspended with effect 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, The Hon’ble Supreme Court issued its Interim Order while denying the interim stay, sought assistance of CAG to submit a report as to whether the Total Cost of the Project, in terms of the Concession Agreement has been recovered or not by the Company.The CAG accordingly, submitted its report to Hon'ble Supreme Court on March 22, 2017

 

 

On August 11,2017, The Hon'ble Supreme Court permitted copy of full CAG report to be provided to the Company. The CAG Report specifies that total Cost of Project, under the Concession Agreement remains unrecovered and is not going to be recovered in the original Concession Period. The matter is tentatively fixed for hearing before The Hon'ble Supreme Court on November 24, 2017

 

 

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 constitute a 'Change in law', under the Concession Agreement and submitted a detailed proposal for modification of the Concession Agreement, so as to place the Company in substantially the same legal, commercial and economic position as it was prior to the said Change in Law. The Company has also initiated a Notice of Arbitration to Noida Authority.

 

 

Based on legal opinion obtained by the Company 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 Assets.

 

 

 

 

 

 

 

 

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 November 13, 2017.

 

 

 

 

 

 

 

 


4

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-17

31-Mar-17

 

 

ASSETS

 

 

 

 

Non Current Assets

 

 

 

 

(a) Property, plant and equipment

  919.31

        1,164.40

 

 

(b) Other Intangible assets

 49,996.58

      50,601.53

 

 

(c) Capital Work in progress

 920.16

        2,116.01

 

 

(d) Financial Assets

 

 

 

 

(i) Investments

 2.55

                2.55

 

 

(ii) Loans

 -  

                1.47

 

 

(iii) Other Financial Assets

30.50

              30.52

 

 

(e) Current Tax assets

2,355.00

        2,355.00

 

 

(f) Other Assets

588.03

            836.07

 

 

Total Non-Current Assets

54,812.13

      57,107.55

 

 

 

 

 

 

 

Current Assets

 

 

 

 

(a) Inventories

81.08

              81.08

 

 

(b) Financial Assets

 

 

 

 

(i) Investments

 

                     -  

 

 

(ii) Trade receivables

150.02

            717.40

 

 

(iii) Cash & Cash Equivalents

119.62

              23.15

 

 

(iv) Other Bank Balance

169.00

            170.17

 

 

(v) Loans

0.42

                1.12

 

 

(vi) Other Financial Assets

196.29

 

 

 

(c) Current Tax assets

829.29

            816.17

 

 

(d) Other Current Assets

128.98

            213.62

 

 

Total Current Assets

1,674.70

        2,022.71

 

 

 

 

 

 

 

TOTAL ASSETS

56,486.83

      59,130.26

 

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

Equity

 

 

 

 

(a) Share Capital

18,619.50

      18,619.50

 

 

(b) Other Equity

26,331.08

      29,202.53

 

 

Total Equity

44,950.58

      47,822.03

 

 

 

 

 

 


 

Liabilities

 

 

 

 

Non-Current Liablities

 

 

 

 

(a) Financial Liabilities

 

 

 

 

(i) Borrowings

3,965.32

        4,458.08

 

 

(ii) Other Financial Liabilities

72.50

            367.36

 

 

(b) Provisions

1,752.11

        1,467.24

 

 

(c) Deferred tax Liabilities (net)

1,902.55

        1,902.56

 

 

Total Non-Current Liablities

7,692.48

        8,195.24

 

 

Current Liabilities

 

 

 

 

(a) Financial Liabilities

 

 

 

 

(i) Borrowings

893.00

              83.00

 

 

(i) Trade payables

138.69

            282.86

 

 

(ii) Other Financial Liabilities

1,866.69

        1,833.33

 

 

(b) Provisions

433.29

            418.29

 

 

(c) Other current liabilities

512.10

            495.51

 

 

Total Current Liabilities

3,843.77

        3,112.99

 

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

56,486.83

      59,130.26

 

 

 

 

 

 

For and on behalf of the Board of Directors

 

 

 



 

 



 

 

Ajai Mathur

Managing Director

DIN 00044567

Place : Noida, UP

Date : November 13, 2017