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03 November 2010

Unaudited Financial Results for Q1-FY11 – Press Release

MUMBAI, July 27, 2010 Orbit Corporation Limited (“OCL”), a Real Estate Developer with prime focus in the redevelopment sector of Mumbai declared its unaudited financial results for the quarter ended June 30, 2010.

Key Financial Highlights for Q1-FY 2011

  • Total income for Q1-FY11 stands at INR 1208.2 mn, an increase of 8.83% compared to Q1-FY10
  • EBITDA margin for Q1-FY11 stands at 32.60%, at a value of INR 393.9 mn
  • PBT for Q1-FY11 has increased to INR 282.7 mn compared to INR 231.9 mn in Q1-FY10, an increase of approx 22%
  • PAT margin for Q1-FY11 has improved to 16.65% compared to 16.26% in Q1-FY10 , an increase of 39 bps
  • PAT for Q1-FY11 has increased to INR 201.2 mn compared to INR 180.5 mn in Q1-FY10
  • Area sold in Q1-FY11 stands at 54,092 sft at a value of INR 1150 mn.
  • Outstanding order book in Q1-FY11 stands at INR 7079 mn as compared to INR 3707 mn in Q1-FY10, an increase of approx 2X

Key Business Highlights for Q1-FY11

  • Average realization per sft improved by ~20% in South Mumbai and by ~14% in South Central Mumbai
  • Two projects namely Orbit Ocean Parque and Orbit Laburnum launched during the quarter
  • Bonus shares in the ratio of 1:1, allotted on July 1, 2010. Subsequently, the paid-up Equity Share Capital stands at INR 1099.62 mn

Top Management’s Key View Points

  • South Mumbai to continue having low supply of merely 30-40 units for next 4 years while Central Mumbai may witness excessive supply for next 5 years based on current projections
  • Following levies are not likely to have any significant impact on real estate prices –
    (a) 1% VAT on Agreement for Sale from 1 July 2010 in Maharashtra
    (b) 10.3% Service Tax to be levied on the Sale Transaction for ongoing projects from 1 July 2010
  • Focus on maturity of current pipeline in to execution phase

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

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