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Orbit Corporation Limited
Sector:Real Estate Real Estate - Real Estate
BSE:32837NSE:ORBITCORPBloomberg:ORB@INReuters:ORCP.BO
Market Lot: 1Face Value: 10ISIN Demat: INE628H01015
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21-Oct-2013
Business Profile
Orbit Corporation (ORBITCO), incorporated on Mar. 07, 2000, is engaged in the redevelopment of properties in the island city of Mumbai with a mix of open land plots in prime locations of the city. Earlier known as Orbit Cybertech, it got its present name on Aug. 18, 2006.

Prime focus is on redevelopment of existing properties. The company specializes in developing, designing and managing high-end residential and commercial properties. A team of established architects like Hafeez Contractor, Won Chiu Man from Singapore, Talati & Panthky and Atul Desai & Associates have participated in company projects. A strong portfolio has been built at prime locations like Napean Sea Road, Parel, Bandra-Kurla Complex, and Santacruz. Having completed residential projects like Shivam, it has ongoing projects like Orbit Grand, Orbit Arya, Orbit Eternia, Orbit Haven, and Orbit Heights. Ongoing commercial projects include JSW HQ and Hafeez Contractor House.

As on Mar. 31, 2008, it has constructed commercial area of 256,395 sq. ft., sold 440,747 sq. ft. and has 645,747 sq. ft. available for development. A residential area of 198,017 sq. ft. has been constructed and 213,176 sq. ft. sold, with 514,042 sq. ft. available for development. In July 2008, Orbit Residency, a wholly-owned % subsidiary, was acquired to look for small-sized plots of upto 1,000 square meters. The company also acquired 85% equity stake in Ahinsa Buildtech, which has entered into a deed of conveyance with the receiver of debt recovery tribunal for acquiring the Orkay Mills property at Andheri in Mumbai.

The registered office is at The View, 1st Floor, 165, Dr. Annie Besant Road, Worli, Mumbai-400018.



Financials
The company disclosed fall of 57.94% in standalone net profit on y-o-y basis to Rs 134.82 million, while total income declined 78.60% y-o-y basis to Rs 210.90 million for the quarter ended March 2013.

Recent Developments
02-JUL-13
Orbit Corporation, announced that as per decision of the compensation committee of the board of directors of the company has approved to grant options to the extent of 12,00,000 shares to the eligible participants under employee scheme option plan 2012 (ESOP) on Jul. 01, 2013.

17-MAY-13
Orbital Corporation, pioneered by Ralph Sarich, an Australian company based at Balcatta, Western Australia, today reported consolidated net loss of Rs 405.3 million as compared to net loss of Rs 49.71 million.

07-FEB-13
Orbital Corporation, pioneered by Ralph Sarich, an Australian company based at Balcatta, Western Australia, today announced that it is in the business of real estate development in the Mumbai Metropolitan Region.

25-MAY-12
Orbit Corporation witnessed consolidated net loss of Rs 49.71 million for the quarter ended Mar. 31, 2012, as compared to net profit of Rs 190.07 million in the same period last year.

08-NOV-11
Orbit Corporation has posted consolidated net profit of Rs 45.1 million for the quarter ended Sept. 30, 2011 as compared to Rs 159.5 million for the quarter ended Sept. 30, 2010, representing decrease of 71.72%.

10-AUG-11
Orbit Corporation has posted consolidated net profit of Rs 95.47 million for the quarter ended June 30, 2011 as compared to Rs 202.32 million for the quarter ended June 30, 2010 representing decrease of 52.81%.

25-MAY-11
Orbit Corporation has posted on the consolidated basis a net profit of Rs 192.62 million for the quarter ended Mar. 31, 2011 as compared to Rs 200.15 billion for the quarter ended Mar. 31, 2010 reflecting decrease of 3.76%.

11-NOV-10
Sharekhan has recommended `Buy` on Orbit Corporation with a price target of Rs 163 in its report dated Nov. 10, 2010. The brokerage house gave the following investment rationale



Future Plans
Recently the company entered the capital market with the objective to finance advances towards the acquisition cost of new projects that the company proposes to develop/redevelop, project development cost of the existing projects, and investment in wholly-owned subsidiaries. There are currently 10 redevelopment projects and an open plot development project being executed each in Mumbai and near Bandra Kurla Complex, respectively.


In Brief

 
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