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02 June 2012

Audited Results for the Quarter & Year ended 31 March 2012 – Press Release MUMBAI, 24 May 2012

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 quarter and year ended 31 March 2012.

Key Financial Highlights

  • Total income for Q4FY12 stands at INR 1253 mn, an increase of 80% over Q4FY11 of INR 698 mn
  • Total income for FY12 stands at INR 3909 mn as compared to INR 4,044 mn in FY11
  • Area sold in Q4FY12 stands 29,564 sft at value of INR 444 Mn, an increase of 163% in volume terms over Q4FY11 of 11,249 sft
  • Area sold in FY12 stands at 81,567 sft at a value of INR 1,514 mn
  • EBITDA for FY12 stands at INR 1,152 mn  and EBITDA for Q4FY12 stands at INR 347 mn
  • PAT for FY12 stands at INR 117 mn

Key Notes  to the statement of accounts

The Company has received Assessment orders for Assessment year 2004-05 to 2010-11 passed by Dy. Commissioner Income Tax, Centre Circle, Mumbai U/s 153A r.w.s. 143(3) of the Income Tax Act, 1961 and also received demand notice U/s 156 of the Income Tax Act, 1961. As per the said demand notice, the Income Tax department has raised demand for Income Tax and interest thereon for an amount of Rs. 1,573.24 millions. However, the company has contested the said order and the demand raised thereon by filing appeal before Commissioner of Income Tax (Appeals).

The Auditors have qualified their audit report for non-provision of the said amount indicating that had the provision been made, profit after tax would have been lower and provision for income-tax would have been higher by the corresponding amount.

The Company is confident that it will succeed in the appeal filed based on the available documents & evidence and the liability will not get materialized.

Top Management’s Key View Points on Industry and Outlook

  • Reversal of TDS on the immovable property in the Finance Bill is a positive step for the Industry
  • RBI’s rate cut  positive indicator
  • Increased momentum of regulatory approvals across the sector
  • Prices across MMR have remained largely stable

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, and changes in laws governing the company including the tax regimes and exchange control regulations.

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