3rd Quarter Results

Noida Toll Bridge

28/01/2016 09:30

RNS Number : 2875N

Noida Toll Bridge Co. Ltd.

28 January 2016

Noida Toll Bridge Company Limited

("NTBCL" or the "Company")

Regd. Office : Toll Plaza, DND Flyway, Noida 201 301, Uttar Pradesh, India

3rd Quarter Results

The Board of Directors of Noida Toll Bridge Company Limited (NTBCL) approved the Company's results under Indian GAAP for the nine months ended December 31, 2015, today.

NTBCL has reported an income from operations of Rs 972.57 mn in the 9 month period ended December 31, 2015 ( previous: Rs. 907.77mn) and a PBT of Rs. 451.93 million as compared to Rs.606.95 million in the corresponding previous nine months ended. The reduction in the PBT is primarily on account of a change in the useful life of the Intangible Asset and Building, which was revised to 30 years consequent upon the recent development where the Board of Directors of the Company, on July 9, 2015, approved a draft proposal (subject to approval by NOIDA & the Shareholders) for modification to clauses in the Concession Agreement.

Owing to the reversal of Deferred Tax Liability, the Profit After Tax for the nine months ended December 31, 2015 is Rs. 642.53 million, 9.80% higher than the corresponding previous nine month Profit After Tax i.e : Rs. 585.20 million.

For further details please contact:

Noida Toll Bridge Company Limited
Harish Mathur
00 91 120 2516380
Cairn Financial Advisers LLP
Sandy Jamieson / Emma Earl
00 44 207 148 7900

About the Company

NTBCL is a special purpose vehicle promoted by Infrastructure Leasing and Financial Services Limited, a specialist financial institution focusing on the development and financing of infrastructure, to construct and operate the Delhi Noida Toll Bridge on a build, own, operate and transfer basis. The Delhi Noida Toll Bridge is a tolled facility connecting Noida to South Delhi across the Yamuna river. The Company's principal business is operating the bridge and the Company generates revenues mainly through the levy of toll charges on users of the bridge.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2015
(Rs. in Lacs)
Sl.No.
Particulars
Quarter ended
Nine months ended
Year ended
31.12.2015
30.09.2015
31.12.2014
31.12.2015
31.12.2014
31.03.2015
(Unaudited)
(Audited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
1
Income from operations
3,213.99
3,285.79
3,062.45
9,725.75
9,077.71
12,299.24
Total Revenue
3,213.99
3,285.79
3,062.45
9,725.75
9,077.71
12,299.24
2
Total Expenditure
a)O & M Expenses
317.50
380.20
320.29
1,054.82
906.77
1,228.87
b)Employee Benefit Expenses
66.78
74.32
66.63
209.21
200.26
252.96
c)Legal and Professional Charges
113.34
71.56
64.51
267.50
178.93
283.63
d)Rates & Taxes
195.88
147.48
160.97
440.66
483.30
519.55
e)Depreciation/Amortisation
864.71
795.86
45.88
2,447.10
135.43
217.25
f) Overlay
147.18
147.18
219.47
440.06
436.01
846.02
g)Other expenditure
126.35
113.46
106.08
316.91
338.21
393.09
Total Expenditure
1,831.74
1,730.06
983.83
5,176.26
2,678.91
3,741.37
3
Profit from Operations before Other Income, Finance cost & Exceptional items (1-2)
1,382.25
1,555.73
2,078.62
4,549.49
6,398.80
8,557.87
4
Other Income
16.51
89.35
26.97
111.89
141.92
751.59
5
Profit from ordinary activities before Finance Cost & Exceptional items (3+4)
1,398.76
1,645.08
2,105.59
4,661.38
6,540.72
9,309.46
6
Finance Cost
53.92
44.31
63.70
142.08
471.20
810.61
7
Profit from ordinary activities after Finance Cost but before Exceptional items (5-6)
1,344.84
1,600.77
2,041.89
4,519.30
6,069.52
8,498.85
8
Exceptional items
-
-
-
-
-
-
9
Profit from Ordinary Activities before tax (7-8)
1,344.84
1,600.77
2,041.89
4,519.30
6,069.52
8,498.85
10
Tax Expenses
(671.90)
(545.10)
74.30
(1,906.00)
217.50
416.76
11
Net Profit from Ordinary Activities after tax (9-10)
2,016.74
2,145.87
1,967.59
6,425.30
5,852.02
8,082.09
12
Extraordinary items (Net of tax expense)
-
-
-
-
-
-
13
Net Profit for the period (11-12)
2,016.74
2,145.87
1,967.59
6,425.30
5,852.02
8,082.09
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
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
N/A
N/A
N/A
N/A
N/A
31,646.65
16
Earning Per Share (before extraordinary items)
a
Basic
1.08
1.13
1.06
3.45
3.14
4.34
b
Diluted
1.08
1.13
1.06
3.45
3.14
4.34
Earning Per Share (after extraordinary items)
a
Basic
1.08
1.13
1.06
3.45
3.14
4.34
b
Diluted
1.08
1.13
1.06
3.45
3.14
4.34

Notes:
1
The above results have been taken on record by the Board of Directors at a meeting held on January 28, 2016.
2
The Company has only one business segment and therefore reporting of segment wise information is not applicable.
3
In the past, the Company has been indiscussion with New Okhla Industrial Development Authority to consider modifications of some of the terms of the Concession Agreement. Considering the recent developments, the Board of Directors of the Company, on 9th July 2015, considered and approved a draft proposal (Subject to approval by NOIDA & Shareholders) formodifications to clauses in the Concession Agreement including terminating the concession period on March 31, 2031. Accordingly, useful life of the Intangible Asset and Building has been revised to 30 years. Consequent to change in useful life, depreciation expense in the Statement of Profit and Loss for the nine months ended is higher by Rs.2194.56 lacs
Consequent to change in useful life, certain portion of timing difference in respect of depreciation will reverse during the tax holiday period. Anticipated tax benefits of such reversal for the full year has been considered in estimated annual effective income tax rate and accordingly tax expenses of Rs. 1906 lacs has been reversed during the current period of Nine months.
4
Previous period figures have been regrouped / reclassified wherever necessary.


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