REG - Noida Toll Bridge Co - 3rd Quarter Results <Origin Href="QuoteRef">NOID.NS</Origin> - Part 2

Noida Toll BridgeAnnouncement

08/02/2017 11:05

- Part 2: For the preceding part double click  ID:nRSH3458Wa 

                                                                                                                                                                                                                                                                                              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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