Noida Toll Bridge Company Limited (NTBCL)

Quarterly Results

25 July 2008

The Board of Directors of Noida Toll Bridge Company Limited (NTBCL) approved the Company’s unaudited results for the quarter ended June 30, 2008, today.

NTBCL, the Concessionaire for the Delhi Noida Toll Bridge, has reported a net profit after tax of Rs. 73.21 million for the quarter ended June 30, 2008, as against Rs. 65.52 million for the corresponding quarter of the previous year. The increase in profit can be largely attributed to higher income from operations and reduction in expenses.

Barring a sum of Rs 47.65 million included in the other income of the corresponding quarter in the previous year, which arose as a one time income on account of approval of the Scheme of Amalgamation, there has been a significant increase in the operating profit over the corresponding quarter in the previous year.

The Average Daily Traffic (ADT) for the quarter was 93,997 vehicles as compared to 75,802 vehicles in the corresponding quarter of the previous financial year, showing an increase of 24%.

Both phases of the Mayur Vihar Link, which connects Mayur Vihar (a part of Delhi located across the River Yamuna which comprises essentially of residential apartment buildings) to South Delhi via the Noida Toll Bridge, have been open to traffic since January 19, 2008, which is reflected in the traffic figures. The Average Daily Traffic on the link for this quarter has been 10346 vehicles a day.

For further details contact:

Pradeep Puri

00 91 120 2516380

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2008

(Rs. in Lacs)

Sl.No. / Particulars / Quarter ended / Quarter ended / Year ended
June,2008 / June,2007 / March 31,2008
(Unaudited) / (Unaudited) / (Audited)
(1) / (2) / (3) / (4) / (5)
1 / Net Sales / Income from operations / 1941.31 / 1437.85 / 6639.24
2 / Other Income / 0.26 / 485.64 / 548.89
3 / Total Revenue / 1941.57 / 1923.49 / 7188.13
4 / Total Expenditure
a) O & M Expenses / 129.00 / 78.08 / 384.23
b) Consumption of Cards/On Board Units / 4.99 / 1.60 / 17.19
c) Staff cost / 146.68 / 99.53 / 505.07
d) Legal and Professional Charges / 50.97 / 90.27 / 259.27
e) Advertisement and Business promotion / 5.34 / 7.81 / 31.94
f )Rates & Taxes / 26.96 / 20.74 / 44.57
g) Other expenditure / 120.75 / 140.26 / 423.79
h) Depreciation / 237.04 / 406.76 / 863.13
Total Expenditure / 721.73 / 845.05 / 2529.19
5 / Interest / 392.25 / 338.44 / 1486.61
6 / Exceptional items
7 / Profit (+) / Loss (-) from Ordinary Activities before tax (3)-(4+5+6) / 827.59 / 740.00 / 3172.33
8 / Provision for taxation / 95.48 / 84.84 / 374.73
9 / Net Profit(+)/Loss(-) from Ordinary Activities after tax (7-8) / 732.11 / 655.16 / 2797.60
10 / Extraordinary items (Net of tax expense)
11 / Net Profit (+) / Loss (-) for the period (9-10) / 732.11 / 655.16 / 2797.60
12 / Paid-up equity share capital
(Face Value Rs 10) / 18,619.50 / 18,619.50 / 18,619.50
13 / Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year / Nil / Nil / 18,202.12
14 / Basic and diluted EPS for the period, for the year to date and for the previous year (not to be annualized) / 0.39 / 0.35 / 1.50
15 / Aggregate of Public Shareholding / 127,493,085 / 112,200,000 / 127,493,085
-Number of Shares / 68.47% / 60.26% / 68.47%

Notes:

1. The above results have been taken on record by the Board of Directors at a meeting held on July 25, 2008

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. There were no investor complaints pending at the beginning of the quarter. The Company received 3 complaints during the quarter. All complaints were resolved within the quarter. There were no complaints pending at the end of the quarter.

4. Consequent to the approval of the Scheme of Amalgamation on June 21, 2007, the Company wrote back some provisions which were made after the 'Appointed Date' as defined in the Scheme and credited in 'Other Income' in the quarter ended on June 2007.

5. The depreciation on revalued amount of fixed assets has been adjusted through the Revaluation Reserve during the quarter.

6. The Mayur Vihar link road has been fully operational with effect from January 19, 2008. Pending receipt of the final bill from the contractors, the Mayur Vihar Link Road has been capitalised for Rs. 533.43 million on an estimated basis.

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
Gopi K Arora
Partner / Director
Noida / Noida
July 25, 2008 / July 25, 2008