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PRESS RELEASES

27 January 2010

Q3FY10 – Press Release

MUMBAI, January 27, 2010 Orbit Corporation Limited (“OCL”), a Real Estate Developer with prime focus in the redevelopment sector ofMumbai declared its unaudited consolidated financial results for the quarter ended December 31, 2009. Key Financial Highlights Total income for Q3-FY10 ...

MUMBAI, January 27, 2010

Orbit Corporation Limited (“OCL”), a Real Estate Developer with prime focus in the redevelopment sector of
Mumbai declared its unaudited consolidated financial results for the quarter ended December 31, 2009.

Key Financial Highlights

  • Total income for Q3-FY10 stands at INR 1517.8 mn, an increase of 214% compared to Q3-FY09 and 7% compared to Q2FY10
  • EBITDA margin for Q3-FY10 stands at 25.3%, at a value of INR 384.3 mn
  • PBT for Q3-FY10 has increased to INR 271.8 mn compared to INR 78.2 mn in Q3-FY09, an increase of 248%
  • PAT margin for Q3-FY10 has improved to 21.1% compared to 6.3% in Q3-FY09 , an increase of 1,484 bps
  • PAT for Q3-FY10 has increased to INR 320.2 mn compared to INR 30.2 mn in Q3-FY09 , an increase of more than 10X
  • Value of fresh sales for Q3’FY10 stands at INR 2,077 mn compared to INR 1,731 mn for Q2’FY10 marking an increase of 20%

 

Key Business Highlights

  • Villa Orb conferred “Best Residential Property” (under 1 lakh sft) at the Annual CNBC Awaaz-Crisil CREDAI Real Estate Awards 2009
  • 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
  • Total area sold for Q3FY10 stands at 172,606 sft compared to 62,650 sft in Q2FY10 and 23,768 in Q1FY10
  • Outstanding order book size has grown by 15% QoQ to INR 4616 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

 

Top Management’s Key View Points

  • Prices expected to remain stable in the near term, though undersupply in premium housing segment could lead to spurt in prices
  • Strong support for good properties at the current price levels, across all the markets
  • Home loan rates expected to be stagnant in near future, but could improve for affordable housing
  • Players with strong operational and financial warchest are set to leverage their strengths and lead the industry

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

 
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