3rd Quarter Results - Part 1

Noida Toll Bridge

08/02/2017 11:01

RNS Number : 3458W

Noida Toll Bridge Co. Ltd.

08 February 2017

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, 2016, today.

NTBCL has reported an income from operations of Rs. 791.42 million in the 9 month period ended December 31, 2016 ( previous: Rs. 972.57 million) and a PBT of Rs. 172.11 million as compared to Rs. 455.06 million in the corresponding previous nine months ended. The reduction in the income and profits for the period is primarily as a result of the Court ruling on 26 October 2016 to stop the Company collecting the user fee for the Noida Toll Bridge, which is subject to an appeal by the Company.

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 44 207 213 0880

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, 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 obligations 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.




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