Noida Toll Bridge Company Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
NOIDATOLL · price
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Noida Toll Bridge Company (NTBCL) reported FY25 standalone revenue of Rs 42.60 crore, up 78% year-on-year, and Q4FY25 revenue of Rs 10.94 crore, up 3%. On a like-for-like basis (before exceptional items), the company swung to a profit before tax of Rs 4.10 crore in Q4FY25, up 176% YoY. However, after booking a one-time exceptional impairment of Rs 232.50 crore on its intangible DND Flyway concession asset, FY25 standalone net loss came in at Rs 244.29 crore (EPS of Rs -13.12). The audit was given an unmodified opinion, but the auditor flagged two Emphasis of Matter items: massive income tax demands (Rs 2,312 crore total) which the ITAT has largely ruled in favour of the company, and non-provisioning of Rs 70.76 crore of cumulative interest on ICICI Bank and IL&FS loans under the NCLAT moratorium. Standalone equity is now negative at Rs -39.87 crore, and current borrowings stand at Rs 42.91 crore. The Board approved Rs 5 crore for flyway upkeep and noted the Supreme Court's dismissal of its review petition on May 9, 2025.
Shares remain under serious pressure as the company's core toll-collection right has been invalidated by the courts and the intangible asset has been fully impaired, leaving shareholders with negative book value. While advertising revenue is growing strongly and the company is generating positive operating cash flow, the stock is essentially a legal-recovery story with material tax and IL&FS-related liabilities still hanging over it.