Quarterly Results

NOIDA TOLL BRIDGE COMPANY LIMITED
STANDALONE & CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2018
                                                                       (Rs. in Lacs)
Sl.No.   Particulars Standalone Quarter ended Standalone Year ended Consolidated Year ended
  31.03.2018 31.12.2017 31.03.2017 31.03.2018 31.03.2017 31.03.2018 31.03.2017
      Audited Unaudited Audited Audited Audited Audited Audited
(1)   (2) (3) (4) (5) (6) (6) (8) (9)
I   Revenue from operations              513.22              398.67              291.63           1,627.73           8,205.83           1,627.74             8,704.54
    Other Income                74.83                19.40               32.33              123.92              286.15              140.73               315.42
    Total Income              588.05              418.07              323.96           1,751.65           8,491.98           1,768.47             9,019.96
II   Total Expenditure              
    Operating expenses              414.02              601.84              306.16           1,774.54           2,225.23           1,452.88             1,812.82
    Employee benefits expense                29.89                29.92               67.47              129.34              292.81              423.55             1,097.74
    Finance costs              179.50              179.61              160.03              700.09              586.69              700.15               589.69
    Depreciation and amortization expense            1,088.90           1,054.54           1,004.34           4,221.56           3,787.50           4,227.01             3,795.96
    Other expenses              174.35              135.20              224.35              649.40           1,317.09              699.51             1,375.82
    Total Expenditure            1,886.66           2,001.11           1,762.35           7,474.93           8,209.32           7,503.10             8,672.03
III   Profit for the year before taxation           (1,298.61)          (1,583.04)          (1,438.39)          (5,723.28)              282.66          (5,734.63)               347.93
IV   Tax Expense:              
    (1) Current Tax                10.45                14.45               22.36                50.61              121.69               50.61               121.69
    (2) Taxes paid for earlier year                       2.11                   2.11  
    (3) Deferred Tax                      -                       -                  (2.02)                       (2.02)                         (2.02)
    Total Tax                10.45                14.45               20.34                52.72              119.67               52.72               119.67
V   Profit for the year after tax            (1,309.06)          (1,597.49)          (1,458.73)          (5,776.00)              162.99          (5,787.35)               228.26
VI   Other Comprehensive Income              
    Unrealised gain on Investment                  2.99                (1.00)                 0.07                     -                  (9.04)                    -                    (9.04)
    Actuarial gain/(loss) in respect of defined benefit plan                  (2.71)                     -                  (8.66)                (2.71)                (8.66)                 2.42                (27.94)
    Total Other comprehensive Income                   0.28                (1.00)                (8.59)                (2.71)              (17.70)                 2.42                (36.98)
VII   Total Comprehensive Income for the year           (1,308.78)          (1,598.49)          (1,467.32)          (5,778.71)              145.29          (5,784.93)               191.28
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                  (0.70)                (0.86)                (0.78)                (3.10)                 0.09                (3.11)                   0.12
  Diluted                 (0.70)                (0.86)                (0.78)                (3.10)                 0.09                (3.11)                   0.12
                   
Notes:
1 The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company in their meeting held on May 21, 2018. 
2 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 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, 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 issued its Interim Order and, 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 had been recovered or not by the Company.The CAG has submitted its report to the Hon'ble Supreme Court.
The case is ongoing and the next hearing is scheduled in July, 2018
The Company has also notified the NOIDA Authority 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 the Noida Authority.
The Arbitral Tribunal has been constituted and Company has submitted its Statement of Claim. Noida too has submitted a Counter claim on the Company and filed application on the maintainability of the arbitration proceedings. The Company has challenged the application. At the hearing held on May 19, 2018, the Arbitral Tribunal heard the arguments of the legal counsel of Noida Authority in respect of their application on maintainability of the arbitration proceedings. As the arguments could not be concluded, the Arbitral Tribunal will decide on a date for the next hearing to continue with the arguments.
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.
3 The Company had only one business segment and therefore reporting of segment wise information is not applicable.
4 Previous period figures have been regrouped / reclassified wherever necessary. 
5 The figures of the last quarter of standalone for the current year and previous year are the balancing figures between audited figures in respect of the full financial year upto March 31, 2018 and March 31, 2017 and the unaudited published year-to-date standalone  figures upto December 31, 2017 and December 31, 2016 respectively, being the date of the end of the third quarter of the financial year which were subjected to limited review. 
Statement of Assets and Liabilities  (Audited)
                          (Rs in Lacs)
  Particulars   Year ended Consolidated Year ended
  31.03.2018 31.03.2017 31.03.2018 31.03.2017
            Audited Audited Audited Audited
  ASSETS          
  Non Current Assets          
  (a) Property, plant and equipment                     660.38               1,164.40                  669.40                 1,180.53
  (b) Other Intangible assets               49,073.88            50,601.53            49,073.88               50,601.53
  (c) Capital work in progress                     920.16               2,116.01                  920.16                 2,116.01
  (d) Financial Assets          
  (i) Investments                         2.55                       2.55    
  (ii) Loans                              -                         1.47                     18.69                       22.94
  (iii) Other Financial Assets                        30.50                     30.52                     30.50                       30.52
  (e) Current Tax assets                 2,355.00               2,355.00               2,355.00                 2,355.00
  (f) Other Assets                     298.56                  836.07                  298.56                     836.07
  Total Non-Current Assets               53,341.03            57,107.55            53,366.19               57,142.60
           
  Current Assets          
  (a) Inventories                       81.08                     81.08                     82.46                       82.93
  (b) Financial Assets          
  (i) Investments                                  -                                -  
  (ii) Trade receivables                     722.70                  717.40                  722.70                     515.15
  (iii) Cash & Cash Equivalents                         2.40                     23.15                       3.15                       64.88
  (iv) Other Bank Balance                     172.47                  170.17                  172.47                     170.17
  (v) Loans                         0.21                       1.12                       1.62                         2.49
  (vi) Other Financial Assets                      206.72                              -                                -  
  (c) Current Tax assets                     905.59                  816.17               1,076.09                 1,202.77
  (d) Other Current Assets                     226.12                  213.62                  243.35                     133.53
  Total Current Assets                 2,317.29               2,022.71               2,301.84                 2,171.92
           
    TOTAL ASSETS                   55,658.32            59,130.26            55,668.03               59,314.52
           
  EQUITY AND LIABILITIES          
  Equity          
  (a) Share Capital               18,619.50            18,619.50            18,619.50               18,619.50
  (b) Other Equity               23,423.82            29,202.53            23,249.42               29,031.29
  Total Equity Attributable to Shareholders of the Company               42,043.32            47,822.03            41,868.92               47,650.79
  (c ) Non Controlling Interest                              -                              -                       (3.06)                              -  
  Total Equity               42,043.32            47,822.03            41,865.86               47,650.79
           
  Liabilities          
  Non-Current Liablities          
  (a) Financial Liabilities          
  (i) Borrowings                 3,471.84               4,458.08               3,471.84                 4,458.08
  (ii) Other Financial Liabilities                     347.43                  367.36                  347.43                     367.36
  (b) Provisions                 2,015.63               1,467.24               2,042.09                 1,562.33
  (c) Deferred tax Liabilities (net)                 1,955.21               1,902.56               1,955.21                 1,902.56
  Total Non-Current Liablities                 7,790.11               8,195.24               7,816.57                 8,290.33
  Current Liabilities          
  (a) Financial Liabilities          
  (i) Borrowings                 1,712.43                     83.00               1,712.43                       83.00
  (ii) Trade payables                     335.85                  282.86                  414.04                     315.76
  (iii) Other Financial Liabilities                 2,766.66               1,833.33               2,823.71                 1,918.25
  (b) Provisions                     448.20                  418.29                  473.67                     560.89
  (c) Other current liabilities                     561.75                  495.51                  561.75                     495.50
  Total Current Liabilities                 5,824.89               3,112.99               5,985.60                 3,373.40
           
    TOTAL EQUITY AND LIABILITIES                   55,658.32            59,130.26            55,668.03               59,314.52
                   

For and on behalf of the Board of Directors

 
 
 

Ajai Mathur

Managing Director

Place: Noida, U.P

Date: May 21, 2018