Audited Financial Results for the quarter / year ended March 31, 2025
NOIDATOLL · price
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NTBCL reported a massive consolidated net loss of Rs 244.19 crore for FY25, almost entirely driven by a one-time exceptional impairment of Rs 232.50 crore on its intangible asset (the right to collect toll on the DND Flyway). Excluding this exceptional item, the company posted a loss before tax of Rs 11.72 crore, though revenue from operations grew sharply to Rs 40.24 crore from Rs 20.84 crore in FY24 (up ~93%), boosted by advertising income after toll collection was halted in 2016. Q4FY25 was relatively healthy with a profit before tax and exceptional item of Rs 4.05 crore, up 175% year-on-year. The Board approved Rs 5 crore for flyway upkeep and reaffirmed that the concession period remains intact even after the Supreme Court dismissed NTBCL's review petition on May 9, 2025. The auditor (N. M. Raiji & Co.) gave an unmodified opinion but flagged emphasis-of-matter notes on disputed income tax demands of around Rs 2,313 crore and on unpaid interest on loans from ICICI Bank and IL&FS Transportation Networks under the NCLAT moratorium.
Shareholders face a deeply negative book value (other equity of minus Rs 226 crore) and a wiped-out intangible asset, but underlying operations are still generating positive cash (Rs 15.17 crore from operations) and the concession agreement itself survives. The stock will likely remain highly volatile given the Rs 2,313 crore tax exposure, dependence on the ongoing legal saga with NOIDA, and uncertainty around the Rs 100 crore state support for major repairs.