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May 16, 2024

Signature Global Targets Rs 10,000 Crore Sales in FY25: A 38% Increase

Signature Global Ltd, a prominent real estate developer, has set an ambitious goal for the fiscal year 2024-25, aiming to sell housing properties worth Rs 10,000 crore. This target represents a 38% increase from the previous fiscal year, driven by the company’s confidence in the sustained demand for residential assets.

In its recent investor presentation, Signature Global outlined its guidance for sales bookings at Rs 10,000 crore for the current fiscal year. The company experienced significant growth in the previous year, with sales bookings more than doubling to Rs 7,268 crore in 2023-24, compared to Rs 3,430 crore in the preceding year. This growth was primarily fueled by the strong market demand in Gurugram, Haryana, where the company predominantly operates.

During the last fiscal year, Signature Global sold 4,619 units, a slight increase from 4,512 units in 2022-23. The total area sold also saw a significant rise, reaching 6.18 million square feet in 2023-24, up from 4.35 million square feet the previous year. Additionally, the sales realization per square foot improved markedly, averaging Rs 11,762 in 2023-24 compared to Rs 7,886 in the prior fiscal year.

Pradeep Kumar Aggarwal, Chairman of Signature Global, reflected on the company’s milestones, stating, “The financial year 2023-24 marked a significant period for our company, characterized by several achievements, including a successful IPO, expansion into the premium segment, and a notable transition to mid-income housing from affordable housing.” Aggarwal emphasized the company’s substantial growth in the National Capital Region (NCR), leading to an increased market share.

Looking ahead to FY25, Aggarwal highlighted the company’s strategic focus: “As we move into FY25, our focus will be on risk mitigation and the creation of opportunities to ensure sustainable profitability and long-term value for all stakeholders.”

In a notable performance for the quarter ended March, Signature Global reported a more than five-fold increase in its consolidated net profit, reaching Rs 41.21 crore, compared to Rs 7.60 crore in the same quarter the previous year. This impressive growth was driven by higher income, with total income for the fourth quarter rising to Rs 722.73 crore from Rs 709.86 crore in the corresponding period of the preceding year.

For the entire fiscal year 2023-24, the company posted a net profit of Rs 16.18 crore, a significant turnaround from a net loss of Rs 63.86 crore in the previous year. However, the total income for the year decreased to Rs 1,324.55 crore, down from Rs 1,585.87 crore in the 2022-23 fiscal year.

Signature Global, a leading player in the Delhi-NCR real estate market, currently boasts a substantial portfolio of 48.6 million square feet, including 16.4 million square feet of ongoing projects and 29.3 million square feet of forthcoming developments. The company’s successful IPO launch in September last year, which raised Rs 730 crore, marked a pivotal moment. The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer for Sale (OFS) of Rs 127 crore, was overwhelmingly subscribed 11.88 times.

As Signature Global advances into FY25, its strategic initiatives and robust market presence position it well to achieve its ambitious sales targets and continue its growth trajectory in the highly competitive real estate sector.

Jhumpa Lahiri

Jhumpa Lahiri

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