Orbit Corporation Limited (“OCL”), a Real Estate Developer focusing in the Mumbai Metropolitan Region (MMR), has posted a consolidated net profit of Rs.18.22 crore for the Quarter ended June 30, 2008. Total Revenue on consolidated basis grew by 27.48% to Rs. 82.10 crore over the same quarter last year.

The earnings per share (Basic/Diluted) on a consolidated basis is Rs. 5.02 per equity share for Q1 FY09.Q1-FY09 Performance
On a stand-alone basis, Orbit Corporation Ltd. had posted a profit after tax of Rs. 4.8 crore and total income of Rs. 25.44 crore for quarter-ended June 30, 2008.On a consolidated basis, the company has posted a net profit of Rs 18.22 crores and total income of Rs. 82.10 crores for the quarter ending June 30, 2008.

Management Outlook

Ramashrya Yadav, Head – Finance & Strategies Orbit Corporation Ltd, said, “We are in a very challenging environment today. With a healthy mix of location in the portfolio and with high level of pre sales, we are confident of maintaining healthy growth rate for FY09. On the collection front, we have further realized almost 15% of the debtors in this quarter, and are now focusing on execution to improve visibility of our projects.”

As on the quarter ended 30th June 2008 the company has a cash balance of Rs. 120 crores Mr. Yadav further added “The company is self reliant on internal cash accruals which has worked in its favor to keep the liquidity position robust and the company would aggressively thrive on lucrative opportunities as it believes that the markets should stabilize in coming quarters.”

Other Key Developments

The Company has acquired 100% Equity Stake in Orbit Residency Pvt Ltd following which it has become a wholly owned subsidiary of Orbit Corporation Ltd. The prime objective is to acquire small size plots of up to 1000 sq meters or yielding a saleable area of less than 35000 SFT. The Company wants to increase its market share in the re-development sector where most of the plots are 10,000 SFT and less. These projects require a special focus and expertise which will help the company increase its foothold and command greater share of the Re-development market.

Orbit has also acquired 85% stake in Ahinsa Buildtech Pvt Ltd, consequent to which it has become a subsidiary of Orbit Corporation Ltd. Ahinsa Buildtech Pvt Ltd has entered in to a deed of conveyance with the receiver of Debt Recovery Tribunal (DRT) for acquiring the property of Orkay Mills situated at Kurla Andheri Road, Saki Naka, Andheri East.

Commenting on the Orkay Mills acquisition Mr. Ravi Kiran Aggarwal, Chairman Orbit Corporation Ltd said, “This acquisition is in line with our strategy of expanding in the Mumbai Metropolitan Region (MMR). The property will give us approximately 275,000 SFT of saleable area. We plan to develop a 5 star Residential Serviced Apartment with office complex having state of the art facilities.”

Tags: calls, daytrading, free calls, intraday, tips

Similar Posts:

• HDFC Bank total income grew by 59.6% to Rs 4215.2cr
• Havells net revenue increased by 24% to Rs 548cr
• Vipul’s revenue up by 49% to Rs 81.07cr
• 3i Infotech’s revenue grows by 82% to Rs 323.4cr
• JK Tyre net sales up by 18% to Rs 849cr