Orbit Corp Consolidated Income for Q1 FY10 at 111.02 Cr
Orbit Corporation Limited (“OCL”), a Real Estate Developer with prime focus in the redevelopment sector of Mumbai has posted a consolidated net profit of Rs. 18.05 Crore for Q1-FY10 vs. 18.23 Crores for Q1-FY09.
- Consolidated Income at Rs 111.02 crore
- Consolidated Net profit at Rs 18.05 crore
- 80,93,686 warrants were received for conversion to equity shares, in July at a price of Rs 42.85 per equity share.
MUMBAI, July 28, 2009
Orbit Corporation Limited (“OCL”), a Real Estate Developer with prime focus in the redevelopment sector of Mumbai has posted a consolidated net profit of Rs. 18.05 Crore for Q1-FY10 vs. 18.23 Crores for Q1-FY09. Total Revenue on consolidated basis stands at Rs. 111.02 Crore for Q1-FY10 vs. Rs. 82.1 Crores for Q1- FY09.
The earnings per share on a consolidated basis stood at Rs.4.98 for Q1 FY10 vs. Rs 5.02 for Q1-FY09.
- Total Sales of 23,768 SFT for Q1-FY10 vs. 40,120 SFT for FY09
- Value of Fresh Sales for Q1-FY10 stands at Rs. 81.53 Crores vs. Rs. 85.06 Crores for FY09
- Strong demand seen for near completion and fully completed properties
- Sales reported for Orbit Heights, Orbit Arya, Orbit Eternia
- Further, sold units at Orbit Haven, Napean Sea road, Orbit’s 3rd property at Napean Sea Road. Approximately 50% of the sales during the quarter have been reported from Orbit Haven
- Achieved financial closure with 2 institutions giving enough liquidity for construction. Internal Accruals to be used for Debt repayment and expansion
View on Business & Real Estate Market
The sentiment in real estate sector is steadily turning positive with rising business and consumer confidence. The market has witnessed a steady rise in customer interest as well as conversions. We are also seeing the return of several buyer classes to the property market. Initially demand picked up in the mass housing projects and those projects where prices saw a marked reduction. Demand has now picked up across all customer segments including the high value and luxury segment. Reduced interest rates and lower property prices will provide the necessary stimulus to convert the huge latent demand into an increase in volumes. The oncoming festive season and the intended government initiatives for the sector are also likely to add to the improving sentiment. We believe that there will be a substantial increase in volumes in the coming quarters. Commercial real estate will lag behind and can take some more time to revive. Mumbai is beneficially positioned to take advantage of this positive turn in sentiments especially with the strong
latent demand as well as government’s increasing allocation to improve the city’s infrastructure.
Orbit is also witnessing a strong demand for its properties with rising enquiries for its projects with improved conversion to enquiry ratio.
Orbit Corporation Limited (OCL)
(BSE: 532837; NSE: ORBITCORP; Reuters: ORCP.BO; Bloomberg: ORB@IN)