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29 October 2012

Un-audited Results for the Quarter ended 30 September 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 September 2012.

Key Financial Highlights

  • Area sold in Q2FY13 stands 36,041 sft at value of INR 707 mn, an increase of 34% in value terms over Q1FY13 of 33,571 sft at value of INR 527 mn
  • Total income for Q2FY13 stands at INR 1,034 mn, an increase of 18% as compared to INR 876 mn in Q1FY13
  • EBITDA Margin for Q2FY13 at 38%  as compared to EBITDA for Q1FY13 at 34% and Q2FY12 at 28% 
  • Profit for Q2FY13 stands at INR 81 mn as compared to Loss of INR 22 mn in Q1FY13

Key updates during quarter

Company acquired 75.19% holding in Mazda Construction Company Pvt. Ltd. and in step down subsidiary Karmik Designs Pvt. Ltd. on 1st September 2012, which provides 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

  • Overall sentiments are improving which is visible through uptick in enquiries
  • Regulatory environment stabilizes providing an enabler for new launches
  • With the better macro-economic parameters, Interest rates are expected to decelerate in the coming months

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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