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Pujit Aggarwal, managing director and chief executive officer, says the company will have a total of seven projects on track by the fiscal year end.
While demand and enquiries for properties in Mumbai is good, Pujit Aggarwal, mananging director and chief executive officer, Orbit Corporation, adds that it is yet to translate into real sales.
Orbit Corporation feels that high interest costs have hurt the company's performance till now. The company will now focus on paring debt to reduce the interest costs going forward.
Bad luck continues to plague infrastructure company Orbit Corporation which has posted disappointing results yet again. However, managing director Pujit Aggarwal maintains a positive outlook going forward.
The April-June quarter is unlikely to spell any cheer for real estate companies, whose stocks have been underperforming the market for a while now. Soaring interest rates have hit real estate companies on two fronts: it has pushed up their borrowing costs and at the same time, prompted many potential buyers to defer their purchases.
As sales slumped at a fast pace in Jan-March earnings of the leading Mumbai developer, Pujit Aggarwal, managing director of Orbit Corporation, reasoned that the sluggish execution due to several commercial and regulatory norms have delayed supply by about 12-18 months.
Orbit Corporation Q3FY11 net profit is seen at Rs 17.26 crore versus Rs 16.04 crore, quarter-on-quarter, q-o-q.