Quarterly Results

                                                                               (Rs. in Lacs)
Sl.No.   Particulars Quarter ended Nine Months ended Year ended
  31.12.2018 30.09.2018 31.12.2017 31.12.2018 31.12.2017 31.03.2018
      (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Audited)
(1)   (2) (3) (5)       (8)
I   Revenue from operations              529.98              482.59              398.67           1,472.80           1,114.51       1,627.73
    Other Income                  5.73                 5.46               19.40                20.02               49.09         123.92
    Total Income              535.71              488.05              418.07           1,492.82           1,163.60       1,751.65
II   Total Expenditure            
    Operating expenses              395.72              445.45              601.84           1,359.60           1,360.52       1,774.54
    Employee benefits expense                25.72                16.76               29.92                72.72               99.45         129.34
    Finance costs              200.63              219.51              179.61              605.83              520.59         700.09
    Depreciation and amortization expense            1,151.43           1,113.26           1,054.54           3,345.60           3,132.66       4,221.56
    Other expenses              133.71              180.96              135.20              441.69              475.05         649.40
    Total Expenditure            1,907.21           1,975.94           2,001.11           5,825.44           5,588.27       7,474.93
III   Profit /(Loss) before taxation           (1,371.50)          (1,487.89)          (1,583.04)          (4,332.62)          (4,424.67)      (5,723.28)
IV   Tax Expense:            
    (1) Current Tax               (26.65)                13.60               14.45                     -                 42.27           50.61
    (2) Taxes paid for earlier year               (50.61)                   (50.61)               2.11
    (3) Deferred Tax              (644.59)                (696.03)               (2,026.29)                        -  
    Total Tax             (721.85)             (682.43)               14.45          (2,076.90)               42.27           52.72
V   Profit /(Loss) after tax             (649.65)             (805.46)          (1,597.49)          (2,255.72)          (4,466.94)      (5,776.00)
VI   Other Comprehensive Income            
    Unrealised gain on Investment                        -        
    Actuarial (gain)/loss in respect of defined benefit plan                   0.44                 1.56                (1.00)                 1.32                (2.99)            (2.71)
    Total Other comprehensive Income                   0.44                 1.56                (1.00)                 1.32                (2.99)            (2.71)
VII   Total Comprehensive Income             (649.21)             (803.90)          (1,598.49)          (2,254.40)          (4,469.93)      (5,778.71)
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                  (0.35)                (0.43)                (0.86)                (1.21)                (2.40)            (3.10)
    Diluted                 (0.35)                (0.43)                (0.86)                (1.21)                (2.40)            (3.10)
1   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 11, 2019. 
2   The Company has with effect from April 1, 2018, adopted IND AS 115 "Revenue from Contracts with Customers' by opting for the cumulative catch-up method, which is applicable for all contracts that were not completed as on April 1,2018. Consequently, the comparative have not been retrospectively adjusted. The effect of the adoption of Ind AS-115 was not material on the financial statements.
3   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 verify 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. At the last hearing on September 14, 2018, the Hon'ble Supreme Court bench has directed that the Report submitted by CAG be kept in a sealed cover and that the case be listed for hearing in due course.
    The Company has also notified NOIDA 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. Since NOIDA did not act on the proposal, the Company had sent a notice of arbitration to NOIDA.
    The Arbitral Tribunal has been constituted and both the Company and NOIDA have submitted their cliams and counter claims. Further, NOIDA had filed an applicaiton under Section 16 on th maintainability of the arbitration proceedings which was rejected by the Arbitral Tribunal vide order dated August 10, 2018.  
    NOIDA had filed an application in the Delhi High Court, under Section 34 of the Arbitration and Conciliation Act,1961, challenging the Arbitral Tribunal order dated 10 August 2018, which has been disposed off by the Delhi High Court on January 31,2019, without any relief to NOIDA. NOIDA has also filed an application for directions before the Hon’ble Supreme Court seeking a stay on arbitral proceedings but the matter is not yet listed for hearing.
    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.
4   The Company has received the order from CIT(A) on April 25, 2018 and pursuant to the CIT (A) order, the AO has also passed consequential orders in respect of AYs 2006-07 to 2014-15 giving effect to the CIT (A)'s appellate orders and has enhanced the demand by Rs.10,893.30 Crs. The enhancement of the demand was primarily on account of Valuation of Land. The Company has filled an appeal along with the stay application with Income Tax Appellate Tribunal (ITAT). The matter was heard by ITAT on December 19,2018, January 2, 2019 and February 6, 2019 and based on NCLAT order dated October 15,2018, ITAT adjourned the matter sine die with directions to maintain status quo. 
    During November 2018 CIT(A), Noida has passed the penalty order for A.Y. 2006-07 to 2014-15 and based on which the Assessing  Officer Delhi has imposed a penalty amounting to Rs. 10893.30 crs during December 2018. The Company has filed an appeal with ITAT on January 11, 2019.
5   The Company has not made payment of monthly interest and quarterly repayment on account of Secured Term Loan (“Facility”) from ICICI Bank Limited for the period May, 2018 to December, 2018. The total outstanding amount upto December 31, 2018 is Rs.11.08 Crs i.e Rs.3.58 Crs on account of interest and the balance amount of Rs.7.50 Crs towards principal re-payment. The Company has received several notices from ICICI Bank, including the notice dated September 27, 2018 for loan recall and notice of acceleration of the facility.
    Further in an appeal files by the Union of India (acting through the ministry of Corporate Affairs) and Infrastructure Leasing and Financial Services (IL&FS), the National Company Law Appellate Tribunal (NCLAT) has passed an interim order October 15, 2018 granting a moratorium on all creditor actions against IL&FS as well as of its group companies including NTBCL.
6   On September 28, 2018 a writ of demand was served by NOIDA on the Company for an amount of Rs 3.69 Crores in relation to revenue from advertising on Noida side of DND Flyway. The Company has requested NOIDA to keep the writ of demand in abeyance since the matter has been referred to Arbitration by NOIDA and further no action can be taken against the Company due to the moratorium granted in view of NCLAT order dated October 15, 2018.
    During December 2018, the Company has received an additional demand of Rs.2.34 Crs towards arrear of license fee. The Company has requested NOIDA to keep demand in abyence since the matter has been referred to Arbitration by NOIDA
7   The Company had only one business segment and therefore reporting of segment wise information is not applicable.
8   Previous period figures have been regrouped / reclassified wherever necessary. 
For N.M.Raiji & Co   For and on behalf of the Board of Directors        
Chartered Accountants            
(Reg No  108296W )                
Vinay D.Balse       Ajai Mathur        
Partner     Managing Director         
(M.No.039434)   DIN : 00044567        
Place: Mumbai   Place: Noida, U.P        
Date:        Date: February 11, 2019