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Orbit Plaza Orbit WTC Orbit Arya Orbit Haven Orbit Terraces
Date – 27th January 2010
ORBIT CORPORATION LIMITED – QUARTERLY RESULT Q3-FY10
Orbit Heights Villa ORB Orbit Grand Orbit Eternia Orbit Residential Park
AG
EN
DAKey Corporate Announcements
Profit and Loss Details
Balance Sheet Details
Cashflow and Debtor Details
3
5
6
7
Project Data 8
Result Snapshot and Revenue Break-Up 4
Project Data 8
Sales Data
Sales Analysis as on Q3FY10
Revenue Recognition and Outstanding Book
10
11
12
Corporate Information and Compliance 13
Shareholding Details 14
Project Details 9
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SAward - BEST RESIDENTIAL PROPERTY (less than 1 lakh sft)Key Corporate Announcements
� Villa Orb conferred “Best Residential Property” (less than1
lakh sft) at the Annual CNBC Awaaz-Crisil CREDAI Real Estate
Awards 2009
� Appointment of Mr. Shahzaad Dalal, current Chairman and
CEO, ILFS Investment Managers LLC, as Independent Director on
the Board of Directors of Orbit Corporation Limited
� Investment Agreement dated 27th January 2010, for an amount
upto INR 1650 mn in Orbit Highcity Pvt. Ltd. - wholly owned
subsidiary of OCL for construction and development of Orbit
Mandwah - Township Project
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Performance HighlightsKey Performance Highlights
Particulars
Consolidated INR mn
(Unaudited)
Q3-FY10
(Unaudited)
Q2-FY10
(Un-audited)
Q3-FY09
Total Income 1517.8 1419.0 483.1
EBITDA 384.3 451.8 171.2
PBT 271.8 334.3 78.2
PAT 320.2 249.3 30.2
� Total income for Q3-FY10 has grown 214% compared to Q3-FY09
and 7% compared to Q2FY10
� EBITDA margin for Q3-FY10 stands at 25.3%
� PBT for Q3-FY10 has increased to INR 271.8 mn compared to INR
78.2 mn in Q3-FY09, an increase of 248%
� PAT margin for Q3-FY10 has improved to 21.1% compared to
6.3% in Q3-FY09 , an improvement of 1,484 bps
� PAT for Q3-FY10 has increased to INR 320.2 mn compared to INR
30.2 mn in Q3-FY09 , an increase of 960%
EV
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K-UP
Revenue Component Analysis (Amount wise – INR mn) Revenue Component Analysis (Percentage wise)
4
Orbit Arya
19.2%
Orbit
Eternia
0.2%
Orbit
Terraces
26.0%
Orbit
Haven
5.9%
Orbit WTC
48.8%
Orbit Arya
28.60
Orbit
Eternia
0.26
Orbit
Terraces
38.76
Orbit
Haven
8.82
Orbit WTC
72.78
PR
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ILS–
Q3
QoQ Margin Comparison
Tax Rate
Tax write back for the current quarter is INR 48.41 mn.
The Company has provided for current tax amounting to INR 52.97 mn for Q3FY10 as
per MAT provisions as the taxes payable under Regular Tax Regime is less than the
prescribed limit (10%) of book profit. The Company also recognised MAT credit
entitlement amounting to INR 39.06 mn for Q3FY10 to be realised against regular
taxes payable in future.
Profit and Loss Account (Consolidated) INR mn
Quarter ended 31st December 2009
Operating Income 1,496.1
Other Income 21.7
Total Income 1,517.8
Expenditure 1,133.5
EBIDTA 384.3
Profit Before Tax 271.8
Provision for Tax (48.4)
Profit After Tax 320.2
EPS (INR) – Basic 6.07
EPS (INR) – Diluted 5.99
EBITDA PAT
25.3%
21.1%
31.8%
17.6%
31.7%
16.3%
35.4%
6.3%
Q3-FY10 Q2-FY10 Q1-FY10 Q3-FY09
3F
Y10
taxes payable in future.
The Company has further written back INR 62.38 mn in Q3FY10 for deferred tax asset.
This is mainly due to permanent difference arising due to substantial income of the
company attributable to eligible deduction u/s 80IB of the Income Tax Act, 1961 and
also net of various timing differences like depreciation, employee benefits, deferment
of income etc.
Interest Details INR mn
5
QoQ Comparison (INR mn)
Total Interest Cost 163.6
Interest Capitalized 62.3
Interest charged to P&L 101.3
The Company has following Accounting Policy for accounting of ‘Borrowing Costs’ in
compliance of AS 16 “Borrowing Costs”
“Borrowing Costs that are attributable to the acquisition, construction or production of
qualifying assets are capitalised as part of the cost of such assets till such time as the
asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily
takes a substantial period over twelve months of time to get ready for its intended use
or sale.
All other borrowing costs are recognized as
expense in the period in which they are incurred”.
Total Income EBITDA PBT PAT
1,518
384272
320
1419
452334
249
1,110
352232
180
483
17178 30
Q3-FY10 Q2-FY10 Q1-FY10 Q3-FY09
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AILS
–Q
3F
YDebt Position
� Net worth* as on 31st December 2009 stands at
INR 8,089.4 mn
� Debt including CCD is at INR 7,995.6 mn,
implying a Debt/Equity ratio of 0.988 times
� Debt excluding CCD is at INR 5,995.6 mn
implying a Debt/Equity ratio of 0.741 times
� Debt Obligation for Q4FY10
� NCD – INR 300.0 mn
� Term Loan from Financial Institutions –
INR 159.9 mn
Balance Sheet (Consolidated) ** INR mn
Q3-FY10 Q2-FY10
Sources of Funds
Equity Share Capital 529.8 522.0
Preference Share Capital 1.6 1.6
Money Pending allotment (Promoter Warrants) 189.7 206.7
Reserves and Surplus 7,368.3 7,086.0
Net Worth* 8,089.4 7,816.4
Borrowings 4,195.6 3,715.4
NCD 1,800.0 1,900.0
CCD 2,000.0 2,000.0
Deferred Tax Liability 568.2 630.6 FY1
0
� There are no material changes in the terms and
conditions of loans taken from various financial
institutions
� Total Debt has increased by INR 380.2 mn
during the quarter
� Total Investment in properties (INR 6,258.2 mn)
and investment in land and construction
activities (INR 5,334.0 mn) stands at INR
11,592.2 mn
6
Total 16,653.2 16,062.4
Application of Funds
Net Fixed Assets 279.8 222.7
Cash and Cash Equivalents 285.0 471.0
Investments (including liquid funds) 389.4 1,104.6
Inventory 5,334.0 5,789.3
Debtors 4,206.7 2,823.6
Advance for Properties 6,258.2 5,377.6
Other Net Current Assets 674.9 722.8
Mat Credit Entitlement 296.2 257.1
Advances from Customers (1,071.0) (706.3)
Total 16,653.2 16,062.4
Note –
* The Warrant money has been considered in calculating the Net worth,
as the same is non-refundable.
** The provision for interim dividend and the dividend distribution tax
thereon has not been accounted for in the presented balance sheet.
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Cashflow Statement (Consolidated) INR mn
Quarter ended 31st December 2009
Cashflow from/(used in)
Operating Activities (1,016.3)
Investing Activities 660.4
Financing Activities 169.9
Net Cashflow (186.0)
Cash and Cash Equivalents at the beginning of the
quarter471.0
Cash and Cash Equivalents at the end of Q3-FY10* 285.0
*Note –
DE
TA
ILS
Debtors as on 31st December 2009 INR mn
INR mn
7
Debtors Net off advances at start of Q3 – FY10 2,117.3
Revenue Recognised for Q3-FY10 1,492.2
Cash received during Q3-FY10 473.9
Debtors Net off advances at end of Q3 – FY10 3,135.6
Investments totaling to INR 389.4 mn have been made during the
quarter.
Hence, total funds available with the company including cash and
cash equivalents stand at INR 674.4 mn
PR
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Projects under Revenue Recognition (Cumulative % completion)
Construction progress for properties under Revenue Recognition*
Orbit Arya
Orbit Eternia
Orbit WTC
Orbit Terraces
Orbit Haven
93.8%
92.4%
86.7%
44.4%
25.4%
Construction progress for properties under Revenue Recognition*
8
*Note –
Drop in % completion of Orbit Terraces (earlier known as Hafeez Contractor House) in Q1FY10 is due to change in the construction budget on
account of conversion to residential property.
Budgets have been revised for Orbit Arya, Orbit Eternia, Orbit Haven and Orbit WTC.
55.0%
67.6%
78.0%
91.8%92.4%
75.5%80.7%
85.0%
91.5%93.8%
53.2%
60.4%
68.8%
77.2%
86.7%
33.5%
40.1%34.7%
37.9%
44.4%
13.0%16.0% 18.0% 19.8%
25.4%
Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10
Orbit Eternia
Orbit Arya
Orbit WTC
Orbit Terraces
Orbit Haven
PR
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Orbit Arya Napean Sea Road 81,247 Residential 100% 2007 2010
Orbit Haven Napean Sea Road 45,685 Residential 100% 2008 2011
Orbit Eternia Lower Parel 35,363 Residential 100% 2007 2010
Orbit Terraces Lower Parel 279,081 Residential/Retail 100% 2008 2012
Orbit WTC Bandra Kurla Complex
316,100 Commercial 100% 2007 2010
Orbit Grand Lower Parel 79,600 Residential 100% 2009 2012
Orbit Residency Park 1 Andheri Saki Naka 284,000 Residential 100% 2009 2012
Orbit Grandeur Santacruz 569,5072 Residential 46% 2009 2014
Total 16,90,583
Location Saleable Area (sft) 1
Project Type Company’s % Share Project Start DateProject Name Expected Completion3
Ongoing Projects/Projects Under Development
9
1 Note: Saleable areas are as per Architect certificates for respective projects except ‘Orbit Grandeur’ for which saleable area is as per Company estimates. Final saleable area maychange based on various factors2 Note: The maximum saleable area for this project as per Architect's certificate is 659,000 sft However, the Company expects that the actual saleable area for this project will be569,507 sft due to certain regulatory restrictions that may be applicable3Note: Completion date indicates Calendar year of completion4Note: Aggregation/ acquisition for the land in respect of these projects is in progress5Note: First phase proposed to be launched in Q1FY11 (applications under progress)
Orbit Laburnum4 Gamdevi Residential
Orbit Mandwah5 Mandwa Gated Township
Orbit Enclave Prarthna Samaj Residential
Orbit Residency Park 2 Andheri Saki Naka Residential
Villa Orb – Annex 4 Napean Sea Road Residential
Orbit Ocean Parque4 Napean Sea Road Residential
N. S. Road Block4 Napean Sea Road Residential
Lalbaug Block 4 Lalbaug Residential
Location Project TypeProject Name
Projects in the Pipeline (Construction activities for projects in the pipeline are yet to commence)
SA
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New Sales in Q3FY10
Location Number of Units Area (sft) Value (INR mn) Avg. rate in Q3’FY10
Napean Sea Road/Worli 1 6,963 243 34,899
Lower Parel 37 68,953 1,127 16,345
Nana Chowk/Prarthna Samaj - - - -
BKC/Kalina/Andheri 100 96,690 707 7,312
Total 138 172,606 2,077 12,034
Location-wise average rate of realization (INR per sft)
10
LocationAvg. rate
in Q3’FY10
Avg. rate in
Q2’FY10
Avg. rate in
Q1’FY10
Avg. rate
since 2004
to Q1’FY10
Napean Sea
Road/Worli34,899 40,785 39,473 38,698
Lower Parel 16,345 17,278 15,000 13,328
Nana
Chowk/Prarthna
Samaj
- -24,662
14,416
BKC/Kalina/
Andheri7,312 - - 21,777
QoQ Comparison - Area sold (sft)
Q3-FY10 Q2-FY10 Q1-FY10 Q3-FY09
1,72,606
62,650
23,768
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Q3
-FY
10
Sales Analysis
Particulars Area (sft) Value in Sale (INR mn)
Sales achieved till Q2-FY10 763,461 18,335
Fresh sales in Q3-FY10 172,606 2,077
Total sales achieved as on Q3-
FY10936,067 20,412
� Total sales of 172,606 sft for Q3FY10 vs. 62,650 sft for Q2’FY10
marking an increase of 175%
� Value of fresh sales for Q3’FY10 stands at INR 2,077 mn
compared to INR 1,731 mn for Q2’FY10 marking an increase of
20%
� Buyers confidence and sentiments returning to early 2007
levels
� Strong sales seen in Orbit Residency Park at Andheri
Key HighlightsF
Y1
0
11
Key Trend – Outstanding Order Book Size
-26%
-10%-8% -9%
-18%
-7%
9%
15%8,693
6,448
5,783
5,326
4,843
3,995 3,707
4,031
4,616
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
3,500
4,500
5,500
6,500
7,500
8,500
9,500
Q3FY08 Q4FY08 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10
Qo
Q C
ha
ng
e (
%)
Ou
tsta
nd
ing
Bo
ok
Siz
e (
INR
mn
)
RE
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NU
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EC
OG
NIT
ION
AN
ALY
SIS
Sales up to Q2’FY10
• 18,335.3
Revenue recognized up to Q2’FY10
• 14,304.6
Outstanding book size @ Q2’FY10
• 4,030.7
New sales in Q3’FY10
• 2,077.2
Total available for Revenue recognition
Revenue recognized in Q3’FY10
All figures on consolidated basis, in INR mn
NA
LYS
IS• 2,077.2Revenue recognition
• 5,522.8
Q3’FY10
• 1,492.1
Balance available for revenue recognition
• 4,615.6
12
CO
RP
OR
AT
EIN
FO
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AT
ION
AN
DDetails of shares pledged by Promoter/Promoter Group Warrant Details
Particulars*Shares as on
Dec 31, 2009
Pledged Shares as on
Dec 31, 2009
Ravi Kiran Aggarwal 8,606,952 NIL
Ravi Kiran Aggarwal(HUF) 10,000 NIL
Pujit Aggarwal 9,359,838 NIL
Emgee Foils Pvt. Ltd. 3,508,400 NIL
Gunjan Aggarwal 424,165 NIL
Renu Sharma 11,500 NIL
Dinesh Kiran Aggarwal 14,155 NIL
Rekha Aggarwal 5,733 NIL
Announcement
Date
Conversion
Period
Conversion
PriceWarrants Converted
Oct 6, 2008 Oct 03, 2008
- Jan 02, 2009
Rs 319.23 10 equity shares
allotted on Jan 19,
2009
Jan 5, 2009 Jan 03, 2009 -
Apr 03, 2009
Rs 146.45 No applications
received
April 6, 2009 Apr 02, 2009
- July 02,
2009
Rs 42.85 80,93,686
equity shares allotted
on July 15, 2009
July 6, 2009 July 03, 2009
- Oct 05,
2009
Rs 61.22 7,75,673 equity
shares allotted on
Oct. 28, 2009*
AN
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OM
PLIA
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Disclosures
Accounting Policy
� There has been no change in the Accounting Policy of the
Company
Insider Trading
� Mr. Ramashrya Yadav – Head Finance & Strategies has
purchased 78,000 equity shares of the company through
open market on December 23, 2009
Promoter Loan
� Loan from Promoter Directors stands at INR 87.81 mn as of
31st December 2009
Headcount
13
ParticularsDirect
Employees
Contract
WorkersTotal
Opening Headcount
as on 1st Oct 2009142 88 230
Attrition during Q3-
FY10(10) (2) (12)
New recruits in Q3-
FY1022 12 34
Closing Headcount
as on 31st Dec 2009154 98 252
*Note – Out of 91,00,000 warrants, 2,30,631 warrants have lapsed. The
total equity shares stand at 52.98 mn as on 31st Dec, 2009
*Note – 4 mn warrants convertible into equity shares have been allotted
to the Promoters at a conversion price of INR 189.75, on 16th Nov, 2009
SH
AR
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OLD
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Shareholding Pattern as on 31st December, 2009
Category No. of Shares Percentage
Promoter Group 2,19,40,743 41.4%
Mutual Funds/Financial Institutions 13,14,153 2.5%
FII 1,24,84,258 23.6%
Bodies Corporate 91,77,812 17.3%
Other Public 80,63,979 15.2%
Total outstanding shares 5,29,80,945 100.0%
Shareholding Pattern as on 31st December, 2009
Promoter
Group,
41.41%
Mutual
Funds/Fina
ncial
Institutions,
2.48%
FII, 23.56%
Bodies
Corporate,
17.32%
Other
Public,
15.22%
Institutional Holding Trend
� The total number of shareholders are 20,618 as on December
31, 2009 compared to 20,020 as on September 30, 2009.
14
10
24
15
34
8.7%
13.0%
9.6%
26.0%
0
5
10
15
20
25
30
35
40
0%
5%
10%
15%
20%
25%
30%
06-2007 12-2007 12-2008 12-2009
No. of Institutional Investor % Institutional Investor
Summary
DIS
CLA
IME
RThe Corporate Presentation (the “Presentation”) is based on management estimates and is being provided to you
(herein referred to as the “Recipient”) only for information purposes. The sole purpose of this Presentation is to
provide preliminary information on the business activities of the Company, in order to assist the recipient in
understanding the Company. This Presentation does not purport to be all inclusive or necessarily include all
information that a prospective investor may desire in evaluating the Company. The Company expressly disclaims any
and all liability for any errors and/or omissions, representations or warranties, expressed or implied as contained in
this document.
This Presentation contains certain forward looking statements which are 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, changes in laws governing the company including the tax regimes and
exchange control regulations.
The Company does not undertake to update any forward looking statements that may be made from time to time by
or on behalf of the Company. By receiving this Presentation, the Recipient agrees to keep confidential the information
contained herein or made available in connection with any further evaluation of the company. This Presentation has
been prepared for information purposes relating to this company only and upon the express understanding that it will
be used only for the purposes set forth above. This Presentation may not be photocopied, reproduced or distributed
to others at any time without prior consent of the Company. Upon request, the Recipient will promptly return all
material received from the company without retaining any copies thereof.
In furnishing this Presentation, the company do not make any obligation to provide the Recipient with access to any
additional information on the company or its subsidiaries. This Presentation should not be deemed an indication of the
state of affairs of the company nor shall it constitute an indication that there has been no change in the business or
state of affairs of the company since the date of publication of this Presentation.
Any clarifications / queries on the proposal as well as any future communication regarding the Company should be
addressed to Orbit Corporation Limited / the company.
15
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