Noida Toll Bridge Company Limited (NTBCL)

22 January 2008

Quarterly Results

The Board of Directors of Noida Toll Bridge Company Limited (NTBCL) approved the Company’s audited results for the 9 months / quarter ended December 31, 2007, today.

NTBCL, the Concessionaire for the Delhi Noida Toll Bridge, has reported a net profit after tax of Rs. 65.95 million for the quarter ended December 31, 2007 as against Rs. 30.93 million for the corresponding quarter of the previous year. The Profit after Tax (PAT) for the 9 month period ended December 2007 is Rs. 213.30 million as against a PAT of Rs 68.47 million for the corresponding 9 month period of 2006. The increase in profit can be largely attributed to higher income from operations, reduction in finance charges and adjustment of depreciation through revaluation reserve.

The Average Daily Traffic (ADT) for the quarter was 87,385 vehicles as compared to 70,219 vehicles in the corresponding quarter of the previous financial year, showing a steady increase of approximately 24%.

The operating profit has increased by Rs. 42.9million over the corresponding quarter of the previous year

The second Phase of the Mayur Vihar Link Road Project has been completed and the link has been opened to two way traffic on January 19, 2008. This link will improve the accessibility of the Delhi Noida Bridge Project (DND Flyway) for residents of Mayur Vihar and adjoining areas and is likely to have a positive impact on traffic and revenue.

Toll Income from the Mayur Vihar Link Phase 1 ,which was opened to traffic on June 15, 2007, is approximately Rs 9 million to date and Rs. 5 million for the quarter ending December 2007.

For further details contact:

Pradeep Puri - Noida Toll Bridge

00 91 120 2516380

Ajai Mathur

00 91 120 2516495

Collins Stewart Europe Limited – Nominated Adviser and Broker

Seema Paterson/Kripa Radhakrishnan 020 7523 8350

New Delhi, India

NOIDA TOLL BRIDGE COMPANY LIMITED
UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTHS PERIOD ENDED DECEMBER 31, 2007
						(Rs. in Lacs)
Sl.No.	Particulars	Quarter ended	Quarter ended	9 months ended	9 months ended		Year ended
		December 2007	December 2006	December 2007	December 2006		March 31,2007
		(UnAudited)	(UnAudited)	(UnAudited)	(UnAudited)		(Audited)
(1)	(2)	(3)	(4)	(5)	(6)		(7)
1	Net Sales / Income from operations	1,706.89	1,212.03	4,862.85	3,445.59		4,711.11
2	Other Income	10.33	33.08	505.27	146.60		200.67
3	Total Revenue	1,717.22	1,245.11	5,368.12	3,592.19		4,911.78
4	Total Expenditure
	a) O & M Expenses	106.50	62.25	277.73	187.95		250.20
	b) Consumption of Cards/On Board Units	7.14	5.84	9.67	13.16		19.11
	c) Staff cost	149.47	59.57	394.91	205.78		282.00
	d) Legal and Professional Charges	37.58	51.17	152.23	116.79		155.63
	e) Advertisement and Business promotion	7.45	7.25	21.62	13.95		22.86
	f )  Rates & Taxes	8.07	30.38	37.02	36.14		42.57
	g) Other expenditure	52.81	78.84	325.24	238.11		314.21
	h)  Depreciation	213.33	200.59	631.03	582.67		780.11
	i) Miscellaneous Expenses written off		31.33		93.66		124.31
	Total Expenditure	582.35	527.22	1,849.45	1,488.21		1,991.00
5	Interest	387.80	412.87	1,104.75	1,414.08		1,806.59
6	Exceptional items	-	-	-	-		-
7	Profit (+) / Loss (-) from Ordinary Activities before tax (3)-(4+5+6)	747.07	305.02	2,413.92	689.90		1,114.19
8	Provision for taxation	87.54	1.09	280.92	5.20		8.03
9	Net Profit(+)/Loss(-) from Ordinary Activities after tax (7-8)	659.53	303.93	2,133.00	684.70		1,106.16
10	Extraordinary items (Net of tax expense)	-	-	-	-		-
11	Net Profit (+) / Loss (-) for the period (9-10)	659.53	303.93	2,133.00	684.70		1,106.16
12	Paid-up equity share capital
	(Face Value Rs 10)	18,619.50	18,619.50	18,619.50	18,619.50		18,619.50
13	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year	Nil	Nil	Nil	Nil		12001.50
14	Basic and diluted EPS for the period, for the year to date and for the previous year (not to be annualized)	0.35	0.16	1.15	0.37		0.59
15	Aggregate of Public Shareholding
	-    Number of Shares	127,243,085	103,760,735	127,243,085	103,760,735		114,195,000
	-    Percentage of Shareholding	68.34%	55.73%	68.34%	55.73%		61.33%

Notes:
1	The above results have been taken on record by the Board of Directors at a meeting held on January 22, 2008.
2	The Company has only one business segment and therefore reporting of segment wise information under Clause 41 of the Listing Agreement is not applicable.
3	Pursuant to the approval of the Scheme of Amalgamation with DND Flyway Ltd, a 100% subsidiary of the Company by the Honourable High Courts of Allahabad and Delhi and filing of the Scheme with Registrar of Companies on June 21, 2007, the Company has, as per the approved scheme, recognised the Toll Equalisation Receivable Account of Rs. 1,713.30 million by crediting the General Reserve and the General Reserve has been adjusted with accumulated losses of Rs. 1125.10 millions, provisioning of the balance liability of Zero Coupon Bonds (B) of Rs 432.5 million and other obligations of Rs 155.70 millions. The expenses against such obligations recorded in the financial statement in the previous year after the ‘Appointed Date’ which is July 1, 2006, as defined in the Scheme, have been reversed during the current period.
4	There were no complaints pending at the beginning of the quarter. The company received 5 complaints during the quarter. All complaints were resolved within the quarter. There were no complaints pending at the end of the quarter.
5	Consequent to the approval of the Scheme of Amalgamation and based on the Expert's opinion, the Board has resolved to transfer, from General Reserve to Revaluation Reserve, an equivalent amount which was created on the transfer of revalued assets to its 100% subsidiary in the earlier years. The depreciation on such revalued assets has been adjusted against the Revaluation Reserve.
6	A Memorandum of Agreement has been entered into on August 8, 2007, with M/s ITNL Toll Management Services Ltd (ITMSL), the new O&M Contractor who has been appointed in place of M/s Intertoll India Consultants (P) Ltd w.e.f August 1, 2007 to take over the Operation and Maintenance of the DND Flyway. M/s ITMSL has been promoted jointly by the Company and M/s IL&FS Toll Networks Ltd with a shareholding of 51% and 49 % respectively.
7	The first phase of Mayur Vihar Project which commenced in July, 2006 has been completed and opened to the public on June 15, 2007. Work on the second phase of the project has been completed and opened to the public on January 19,2008. Expenses directly attributable to the project which include proportionate staff cost and other expenses of the employees amounting to Rs. 163.99 lacs and finance charges on the unsecured loan obtained specifically for the project, amounting to Rs. 36.99 lacs, have been capitalised.
8	Previous period figures have been regrouped / reclassified wherever necessary.
As per our separate report of even date attached
For LUTHRA & LUTHRA
Chartered Accountants		For and on behalf of the Board of Directors