Audited Results Quarter and Half Year to Sept 2015

Noida Toll Bridge

21/10/2015 10:00

RNS Number : 9479C

Noida Toll Bridge Co. Ltd.

21 October 2015

Noida Toll Bridge Company Limited

("NTBCL" or the "Company")

AUDITED FINANCIAL RESULTS UNDER INDIAN GAAP FOR THE QUARTER AND HALF YEAR ENDED SEPTEMEBER 30, 2015

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

The Board of Directors of Noida Toll Bridge Company Limited (NTBCL) approved the Company's results for the half year ended September 30, 2015, today.

Owing to the recognition of Deferred Tax Assets the profit after tax for the half year is at Rs. 440.86 million which is 13.49 % higher than the previous half year : Rs. 388.44 million.

For further details please contact:

Harish Mathur
00 91 120 2516380
Cairn Financial Advisers LLP
Nominated Adviser
Sandy Jamieson, Emma Earl
00 44 207 148 7900

October 21, 2015

(Rs. in Lacs)
(Rs. in Lacs)
Sl.No.
Particulars
Quarter ended
Quarter ended
Quarter ended
Half year ended
Half year ended
Year ended
30.09.2015
30.06.2015
30.09.2014
30.09.2015
30.09.2014
31.03.2015
(Audited)
(Unaudited)
(Audited)
(Audited)
(Audited)
(Audited)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
1
Income from operations
3,285.79
3,225.97
3,051.62
6,511.76
6,015.26
12,299.24
Total Revenue
3,285.79
3,225.97
3,051.62
6,511.76
6,015.26
12,299.24
2
Total Expenditure
a) O & M Expenses
380.20
357.12
286.52
737.32
586.48
1,228.87
b)Employee Benefit Expenses
74.32
68.11
70.48
142.43
133.63
252.96
c) Legal and Professional Charges
71.56
82.60
57.92
154.16
114.42
283.63
d)Rates & Taxes
147.48
97.30
170.82
244.78
322.33
519.55
e)Depreciation/Amortisation
795.86
786.53
46.15
1,582.39
89.55
217.25
f) Overlay
147.18
145.70
116.22
292.88
216.54
846.02
g) Other expenditure
113.46
77.10
131.70
190.56
232.13
393.09
Total Expenditure
1,730.06
1,614.46
879.81
3,344.52
1,695.08
3,741.37
3
Profit from Operations before Other Income, Finance cost & Exceptional items (1-2)
1,555.73
1,611.51
2,171.81
3,167.24
4,320.18
8,557.87
4
Other Income
89.35
6.03
99.69
95.38
114.95
751.59
5
Profit from ordinary activities before Finance Cost & Exceptional items (3+4)
1,645.08
1,617.54
2,271.50
3,262.62
4,435.13
9,309.46
6
Finance Cost
44.31
43.85
349.48
88.16
407.50
810.61
7
Profit from ordinary activities after Finance Cost but before Exceptional items (5-6)
1,600.77
1,573.69
1,922.02
3,174.46
4,027.63
8,498.85
8
Exceptional items
-
-
-
-
-
-
9
Profit from Ordinary Activities before tax (7-8)
1,600.77
1,573.69
1,922.02
3,174.46
4,027.63
8,498.85
10
Tax Expenses
(545.10)
(689.00)
73.00
(1,234.10)
143.20
416.76
11
Net Profit from Ordinary Activities after tax (9-10)
2,145.87
2,262.69
1,849.02
4,408.56
3,884.43
8,082.09
12
Extraordinary items (Net of tax expense)
-
-
-
-
-
-
13
Net Profit for the period (11-12)
2,145.87
2,262.69
1,849.02
4,408.56
3,884.43
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
Paid-up Debt Capital
N/A
N/A
N/A
2,224.46
2,553.00
2,136.46
16
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
17
Debenture Redemption Reserve
N/A
N/A
N/A
540.75
491.73
540.75
18
Earning Per Share (before extraordinary items)
a
Basic
1.13
1.22
0.99
2.37
2.09
4.34
b
Diluted
1.13
1.22
0.99
2.37
2.09
4.34
Earning Per Share (after extraordinary items)
a
Basic
1.13
1.22
0.99
2.37
2.09
4.34
b
Diluted
1.13
1.22
0.99
2.37
2.09
4.34
19
Debt Equity Ratio
N/A
N/A
N/A
0.04
0.04
0.04
20
Debt Service Coverage Ratio (DSCR)
N/A
N/A
N/A
37.01
10.88
7.10
21
Interest Service Coverage Ratio (ISCR)
N/A
N/A
N/A
37.01
10.88
11.48
A
Particulars of Shareholding
1
Public Shareholding
-Number of Shares
137,054,920
137,054,920
137,054,920
137,054,920
137,054,920
137,054,920
- Percentage of Shareholding
73.61%
73.61%
73.61%
73.61%
73.61%
73.61%
2
Promoters and promoter group Shareholding
a
Pledged/Encumbered
-Number of Shares
NIL
NIL
NIL
NIL
NIL
NIL
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)
N/A
N/A
N/A
N/A
N/A
N/A
- Percentage of Shares (as a % of the total share capital of the company)
N/A
N/A
N/A
N/A
N/A
N/A
b
Non-encumbered
-Number of Shares
49095007
49095007
49095007
49095007
49095007
49095007
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
- Percentage of Shares (as a % of the total share capital of the company)
26.37%
26.37%
26.37%
26.37%
26.37%
26.37%
B
Investors Complaints
3 months ended 30-September-2015
Pending at the beginning of the quarter
-
Received during the quarter
59
Disposed of during the quarter
59
Remaining unresolved at the end of the quarter
-
Notes:
1
The above results have been taken on record by the Board of Directors at a meeting held on October 21, 2015.
2
The Company had only one business segment and therefore reporting of segment wise information under Clause 41 of the Listing Agreement is not applicable.
3
In the past, the Company has been in discussion 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 & Share holders) for modifications to clauses in the Concession Agreement including terminating the concession period on March 31, 2031. Accordingly, useful life of the Intangible Asset "Right to collect toll" 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 half year is higher by Rs. 1460.30 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. 1234.10 lacs has been reversed during half year.
4
The figures for the quarter ended September are the balancing figures between audited figures in respect of the half year then ended and the published figures of first quarter.
5
Coverage Ratios has been Calculated as under ;
a)
Debt Equity Ratio = Total Debt/(Paid-up Equity Share Capital+Reserves excluding Revaluation Reserve)
b)
Debt Service Coverage Ratio= Profit before Interest,Exceptional Items & tax / (Interest+Principal Repayment)
c)
Interest Service Coverage Ratio= Profit before Interest,Exceptional Items & tax / Interest Expenses
6
Statement of Assets and Liabilities
(Audited)
(Rs in Lacs)
Particulars
As at
As at
30-Sep-15
31-Mar-15
A
EQUITY AND LIABILITIES
1
Shareholders' fund
(a) Share Capital
18,619.50
18,619.50
(b) Reserves & Surplus
36,055.21
31,646.65
Sub-total-Shareholders' funds
54,674.71
50,266.15
2
Non-current liabilities
(a) Deferred tax liabilities (net)
6,305.58
7,539.68
(b) Other long-term liabilities
330.44
330.44
(c) Long-term provisions
1,104.09
831.44
Sub-total-Non-current liabilities
7,740.11
8,701.56
3
Current liabilities
(a) Trade payables
16.40
48.66
(b) Other current liabilities
5,701.11
3,335.30
(c) Short-term provisions
645.30
3,036.27
Sub-total current liabilities
6,362.81
6,420.23
TOTAL- EQUITY AND LIABILITIES
68,777.63
65,387.94
B
ASSETS
1
Non-current assets
(a) Fixed assets
Tangible assets
557.40
500.18
Intangible assets
55,173.34
56,715.56
Capital Work in Progress
825.56
27.97
(b) Non-current investments
2.55
2.55
(c) Long-term loans and advances
7,521.48
6,963.62
Sub-total-Non-current assets
64,080.33
64,209.88
2
Current assets
(a) Current investments
833.03
-
(b) Inventories
5.23
22.10
(c) Trade receivables
221.37
137.32
(d) Cash and cash equivalents
2,875.74
596.09
(e) Short-term loans and advances
761.93
422.55
Sub-total-current assets
4,697.30
1,178.06
TOTAL- ASSETS
68,777.63
65,387.94
7
Previous period figures have been regrouped / reclassified wherever necessary.
As per our separate report of even date attached
For Luthra & Luthra
For and on behalf of the Board of Directors
Chartered Accountants
(Reg No.002081N)
Akhilesh Gupta
Harish Mathur
Partner
CEO & Executive Director
(M.No.89909)
DIN.02011479
Place: Noida, U.P
Place: Noida, U.P
Date: October 21, 2015
Date: October 21, 2015


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