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03 November 2010

Audited Annual Results Financial Year 2010 – Press Release

MUMBAI, May 10, 2010 Orbit Corporation Limited (“OCL”), a Real Estate Developer with prime focus in the redevelopment sector of Mumbai declared its audited consolidated financial results for the year ended March 31, 2010.

Key Business Highlights for Financial Year 2010

  • Orbit Corporation Limited received “Developer of the year – Residential” award, instituted by Realty Plus, India’s Leading Real Estate monthly magazine, at Realty Plus Excellence awards 2010.
  • Villa Orb was conferred two awards namely “Best Residential Property” (under 1 lakh sft) at the Annual CNBC Awaaz-Crisil CREDAI Real Estate Awards 2009
  • “Best Premium Residential Project of the year” hosted by Sahara India Pariwar’s Accomodation Times in their 24th National Real Estate Awards
  • Appointment of Mr. Shahzaad Dalal, current Chairman and CEO, ILFS Investment Managers LLC, as an Additional Director (Non-Executive Independent Director) on the Board of Directors of Orbit Corporation Limited with effect from January 27, 2010
  • Investment Agreement dated 27th January 2010, for an amount upto INR 1650 mn in Orbit Highcity Pvt. Ltd. - wholly owned subsidiary of OCL for construction and development of Orbit Mandwah - Township Project
  • The Company raised INR 394.3 mn through conversion of warrants which were issued to the public in the IPO in year 2007
  • Promoters were allotted 4 mn warrants @ INR 189.75 per share in November 2009 out of which, 2 mn warrants were converted in equity shares in March 2010
  • The company raised approx INR 1450.5 mn though QIP on August 20, 2009 by allotting 7,840,426 equity shares @ INR 185/- per share
  • Area sold in Q4FY10 alone stands at 125,339 sft
  • Outstanding order book size has grown by 76% YoY to INR 7,021 mn
  • Company looking to increase its footprint in Lalbaug and Lower Parel and improve its market share in Napean Sea Road with strong focus on rapid execution of current projects

Key Announcements for the year 2010

  • The company declares a Final dividend of 15% in Q4-FY10
  • Recommended a bonus issue of shares in the ratio of 1:1 i.e. one bonus share for every one existing share subject to approval of the shareholders
  • Scaling up pipeline in Napean Sea Road to increase market share

Key Financial Highlights for the year 2010

  • Total income for the financial year ended March 31, 2010 stands at INR 4,936 mn, an increase of 72% compared to Financial Year 2009.
  • EBITDA margin for the year FY2010 stands at 30% at a value of INR 1,475.8 mn
  • PBT for the year FY2010 has increased to INR 1004 mn as compared to INR 543 in the previous financial year, an increase of approx 85%
  • PAT margin for FY2010 has improved to 19% as compared to 12% in FY2009, an increase of approx 700 bps.
  • PAT for the financial year 2010 has increased to INR 950 mn compared to INR 355 mn in financial year 2009, an increase approx 3X
  • Total sales for the year stands at INR 7894.15 mn as compared to INR 850.6 mn in FY2009, an increase of 828%
  • Cumulative area sold for FY2010 stands at 384,363 sft compared to 40120 sft sold in FY2009 an increase of more than 9X.

Key Financial Highlights for Q4-FY 2010

  • Total income for Q4-FY10 stands at INR 889 mn, an increase of 8% compared to Q4-FY09
  • EBITDA margin for Q4-FY10 stands at 32%, at a value of INR 287 mn
  • PBT for Q4-FY10 has increased to INR 165 mn compared to INR 2.4 mn in Q4-FY09
  • PAT margin for Q4-FY10 has improved to 23% compared to 1.96% in Q4-FY09
  • PAT for Q4-FY10 has increased to INR 200 mn compared to INR 16.12 mn in Q4-FY09
  • Value of fresh sales for Q4-FY10 stands at INR 3270.9 mn compared to INR 2077 mn for Q3-FY10 marking an increase of 58%

Top Management’s Key View Points

  • Robust demand off take in high end premium lifestyle properties
  • Demand in island city and Sewri region is likely to drive the future market owing to various initiatives for infrastructure development by the government.
  • Mid-size housing requirement is expected to witness good growth in the near future
  • Opportunities of horizontal expansion exist in the MMR Region of Mumbai in the form of gated townships and IT parks due to much felt space crunch in other areas of the city
  • Cost of debt may increase for real estate firms with RBI’s measures on increasing provisioning for credit to real estate sector and its concern on asset price bubble
  • Compliance with IFRS may have significant downside implications across the sector on reported financials

Orbit Corporation Limited (OCL)
(BSE: 532837; NSE: ORBITCORP; Reuters: ORCP.BO; Bloomberg: ORB@IN)

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