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13 August 2012

Un-audited Results for the Quarter ended 30 June 2012 – Press Release

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 un-audited financial results for the quarter ended 30 June 2012.

Key Financial Highlights

  • Area sold in Q1FY13 stands 33,571 sft at value of INR 527 mn, an increase of 237% in volume terms over Q1FY12 of 9,958 sft at value of INR 117 mn
  • Total income for Q1FY13 stands at INR 876 mn, as compared to INR 867 mn in Q1FY12
  • EBITDA Margin for Q1FY13 at 34%  as compared to EBITDA for Q4FY12 at 28% and Q1-FY12 at 26%
  • Q1FY13 stands at Loss of INR 22 mn as compared to Loss of INR 50 mn in Q4FY12

Key updates during quarter

The Company to acquire majority stake in Mazda Construction Company Private Limited (owner of a property at Kemps Corner) as a subsidiary, which would provide a potential development of approx. 70,000 sft (Orbit’s economic interest) in core South Mumbai Market

  • Top Management’s Key View Points on Industry and Outlook
  • Regulatory environment expected to ease out in Mumbai
  • Volumes steadily picking up in certain areas in Mumbai Metropolitan Region (MMR)
  • Execution speed lackluster, likely to take 2 to 3 quarters before normalisation
  • 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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