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24 May 2011

Audited Results for Financial Year 2011

Orbit Corporation Limited (“OCL”), a leading premium developer in the Mumbai Metropolitan Area with significant presence in niche and premium locations of South and South Central Mumbai, declared its audited financial results for the year ended March 31, 2011.

Key Financial Highlights

  • Total income for FY11 stands at INR 4045 mn as compared to INR 4936 mn in FY10. Total income for Q4-FY11 stands at INR 698 mn
  • EBITDA for Q4-FY11 stands at INR 344 mn. EBITDA for FY11 stands at INR 1495 mn
  • PBT for Q4-FY11 stands at INR 268 mn compared to INR 165 mn in Q4FY10. PBT for FY11 stands at INR 1140 mn
  • PAT margin for FY11 stands at 19%, same as that for FY10
  • PAT for Q4-FY11 stands at INR 190 mn as compared to INR 204mn in Q4-FY10. PAT for FY11 stands at INR 783 mn as compared to INR 955 mn in FY10
  • The Board recommended dividend @ 10% for FY11 subject to shareholders’ approval at the ensuing General Meeting of the Company
  • Area sold in Q4-FY11 stands at 11249 sft at a value of INR 504 mn
  • Outstanding order book stands at INR 8512 mn as compared to INR 7028 mn in FY10 EPS for FY11 is INR 7.02
  • Orbit Arya awarded Luxury Project of the Year in Realty Plus Excellence Awards 2011 (West)
  • Mr. S. C. Gupta was appointed as an Additional Director of the Company w.e.f. 24th May, 2011

Top Management’s Key View Points on Industry and Outlook

  • Incentive for Redevelopment of cessed buildings increased to 3.0 from 2.5 earlier
  • Prices have remained fairly stable in South Mumbai, while prices in Central Mumbai have seen marginal decline
  • Volumes have dried up, but appetite for absorption at reasonable price points and high visibility of projects persists
  • Sluggish execution due to various commercial and regulatory reasons may delay the expected supply by few quarters
  • Sales likely to pick up by the festive season

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

Forward Looking Statement
Certain statements in this document may be forward looking based on certain assumptions of future events over which the Company exercises no control. Hence this involves number of risks and uncertainties which could cause the actual results to differ materially from those that may be projected or implied by these forward looking statements. Such risks and uncertainties include, but are not limited to: our ability to manage growth, competition, attracting and retaining skilled professionals, time and cost overruns, regulatory approvals, market risks, domestic and international economic conditions,changes in laws governing the company including the tax regimes and exchange control 

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