Audited Results Quarter and Half Year to Sept 2016

Noida Toll Bridge

13/12/2016 11:10

RNS Number : 7202R

Noida Toll Bridge Co. Ltd.

13 December 2016

Noida Toll Bridge Company Limited

("NTBCL" or the "Company")

AUDITED FINANCIAL RESULTS UNDER Indian Accounting Standards

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2016

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, 2016, today.

NTBCL has reported a PBT of Rs. 263.96 million for the half year ended 30 September 2016 as against Rs. 320.48 million in the corresponding half year of the previous year.

The profit after tax for the half year ended 30 September 2016 has been Rs. 256.17 million compared to Rs. 519.34 million of the corresponding half year of the previous year.

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.

On November 11, 2016, Hon'ble Supreme Court of India issued its Interim Order though denying the interim stay, sought assistance of the Comptroller Auditor General of India ("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 reviewing the Books and Records in order to submit its Report to the Hon'able Supreme Court of India.

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.

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 207213 0880

(Rs. in Lacs)
Sl.No.
Particulars
Quarter ended
Half year ended
Year ended
30.09.2016
30.06.2016
30.09.2015
30.09.2016
30.09.2015
31.03.2016
(Audited)
(Unaudited)
(Unaudited)
(Audited)
(Unaudited)
(Unaudited)
(1)
(2)
(3)
(4)
(5)
(6)
(6)
(8)
1
Income from operations
3,504.72
3,168.58
3,285.79
6,673.30
6,511.76
12,895.62
Total Revenue
3,504.72
3,168.58
3,285.79
6,673.30
6,511.76
12,895.62
2
Total Expenditure
a) O & M Expenses
376.38
349.85
380.20
726.23
737.32
1,338.74
b) Construction Contract Cost
211.11
-
-
211.11
-
-
c) Employee Benefit Expenses
71.64
78.02
68.93
149.66
137.67
271.76
d) Legal and Professional Charges
164.35
86.82
71.56
251.17
154.16
340.73
e) Rates & Taxes
146.28
134.11
147.48
280.39
244.78
585.60
f) Depreciation/Amortisation
902.02
859.95
795.86
1,761.97
1,582.39
3,226.45
g) Overlay
134.37
132.90
134.32
267.27
267.29
541.89
h) Other expenditure
254.04
104.08
113.46
358.12
190.56
520.61
Total Expenditure
2,260.19
1,745.73
1,711.81
4,005.92
3,314.17
6,825.78
3
Profit from Operations before Other Income, Finance cost & Exceptional items (1-2)
1,244.53
1,422.85
1,573.98
2,667.38
3,197.59
6,069.84
4
Other Income
163.92
68.51
89.35
232.43
95.38
281.76
5
Profit from ordinary activities before Finance Cost & Exceptional items (3+4)
1,408.45
1,491.36
1,663.33
2,899.81
3,292.97
6,351.60
6
Finance Cost
140.98
119.27
44.31
260.25
88.16
264.70
7
Profit from ordinary activities after Finance Cost but before Exceptional items (5-6)
1,267.47
1,372.09
1,619.02
2,639.56
3,204.81
6,086.90
8
Exceptional items
-
-
-
-
-
-
9
Profit from Ordinary Activities before tax (7-8)
1,267.47
1,372.09
1,619.02
2,639.56
3,204.81
6,086.90
10
Tax Expenses
64.04
13.83
(994.82)
77.87
(1,988.60)
(3,667.65)
11
Net Profit from Ordinary Activities after tax (9-10)
1,203.43
1,358.26
2,613.84
2,561.69
5,193.41
9,754.55
12
Other Comprehensive Income (Net of tax expenses)
(63.79)
60.38
1.49
(3.41)
2.12
4.38
13
Total Comprehensive Income for the period (11+12)
1,139.64
1,418.64
2,615.33
2,558.28
5,195.53
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
Earnings Per Share (before extraordinary items)
a
Basic
0.65
0.73
1.40
1.38
2.79
5.24
b
Diluted
0.65
0.73
1.40
1.38
2.79
5.24
Earnings Per Share (after extraordinary items)
a
Basic
0.65
0.73
1.40
1.38
2.79
5.24
b
Diluted
0.65
0.73
1.40
1.38
2.79
5.24
Statement of Assets and Liabilities (Audited)
(Rs in Lacs)
Particulars
As at
30-Sep-16
ASSETS
Non Current Assets
(a) Property, plant and equipment
1,353.80
(b) Other Intangible assets
52,376.40
(c) Financial Assets
(i) Investments
2.55
(ii) Loans
1.87
(iii) Other Financial Assets
30.52
(d) Current Tax assets
2,025.00
(e) Other Assets
2,582.15
Total Non-Current Assets
58,372.29
Current Assets
(a) Inventories
8.07
(b) Financial Assets
(i) Investments
1,736.09
(ii) Trade receivables
416.43
(iii) Cash & Cash Equivalents
375.39
(iv) Other Bank Balance
2,949.93
(v) Loans
1.54
(vi) Other Financial Assets
93.08
(c) Current Tax assets
335.71
(d) Other Current Assets
193.66
Total Current Assets
6,109.90
TOTAL ASSETS
64,482.19
EQUITY AND LIABILITIES
Equity
(a) Share Capital
18,619.50
(b) Other Equity
31,615.50
Total Equity
50,235.00
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings
4,952.67
(ii) Other Financial Liabilities
363.20
(b) Provisions
1,206.65
(c) Deferred tax Liabilities (net)
1,416.83
Total Non-Current Liabilities
7,939.35
Current Liabilities
(a) Financial Liabilities
(i) Trade payables
6.15
(ii) Other Financial Liabilities
5,407.02
(b) Provisions
285.46
(c) Other current liabilities
609.21
Total Current Liabilities
6,307.84
TOTAL EQUITY AND LIABILITIES
64,482.19
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.
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 reviewing the Books and Records in order to submit its Report to the Hon'able 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 provisions 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
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
Half year ended
Year ended
30.09.2015
30.09.2015
31.03.2016
Profit after tax as reported under previous GAAP
2,145.87
4,408.56
8,238.87
Impact of measuring provision for overlay at Discounted Value
12.86
25.29
52.52
Reclassification of actuarial (gain)/loss in respect of defined benefit plan to "Other Comprehensive Income"
5.39
4.75
4.66
Impact of deferred tax measurement
449.72
754.50
1,458.50
Profit after tax as reported under Ind-AS
2,613.84
5,193.10
9,754.55
Other Comprehensive Income (Net of Tax)
1.49
2.12
4.38
Total Comprehensive income as reported under Ind-AS
2,615.33
5,195.22
9,758.93
4
The Company had only one business segment and therefore reporting of segment wise information is not applicable.
5
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.
6
The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at a meeting held on December 13, 2016.
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)
Amit Luthra
Partner
Harish Mathur
(M.No.85847)
CEO & Executive Director
Place: Noida, U.P
Place: Noida, U.P
Date: December 13, 2016
Date: December 13, 2016


This information is provided by RNS

The company news service from the London Stock Exchange

  END

MSCTJBBTMBMBBIF