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PRESS RELEASES

09 November 2010

Orbit Corp Consolidated Income for Q2 FY10 at Rs. 141.9 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.24.94 Crore for Q2-FY10 vs. Rs.13.71 Crore for Q2- FY09.

Key Highlights

  • Consolidated Income at Rs. 141.9 Crore
  • Consolidated Net profit at Rs. 24.9 Crore
  • Closed a QIP of Rs.145 Crore in August 2009
  • Launched two projects – Orbit Terraces and Orbit Grand
  • Interim Dividend for FY10 @ 10% i.e. Rs.1/- per equity share

MUMBAI, October 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.24.94 Crore for Q2-FY10 vs. Rs.13.71 Crore for Q2- FY09. Total Income on consolidated basis stands at Rs.141.90 Crore for Q2-FY10 vs. Rs.74.07 Crore for Q2-FY09.
The earnings per share (Basic) on a consolidated basis stood at Rs.5.34 for Q2-FY10 vs. Rs. 3.78 for Q2- FY09.  Mr. Satish Anand Sharma has been appointed as the Company Secretary and Compliance Officer of OCL in view of resignation of Ms. Bhavini  Modi.

Takeaways

  • Total Sales of 62,650 sft for Q2-FY10 Vs 9,599 sft for Q2-FY09 and 23,768 sft for Q1-FY10
  • Total Value of Sales stands at Rs.173.08 Crs for Q2-FY10  
  • Orbit Terraces and Orbit Grand (both at Lower Parel) contributed 52% to the overall sales for Q2-FY10
  • Good Traction seen in Debtors realization
  • Company looking to increase its footprint in Lalbaug, Lower Parel Area and improve its market share in Napean Sea Road
  • High Focus on Sales in Lower Parel and increasing pace of execution across all projects 

View on Business & Real Estate Market

  • Prices have moved up 10-15% across the board in last three months
  • Exponential volume growth possible only at current prices 
  • Consumer buying highly influenced by positive sentiments. Consumer confidence and buying trends along with enquiries returning to early 2007 levels.

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

 
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