Signature Global report 113.92% growth pre-sales at 879.78cr

13 Oct 2023 CW Team

For the entire first half of FY24 (H1 FY24), Signature Global recorded a 37.57% increase in pre-sales, reaching Rs 1,861.39 crore, compared to Rs 1,353.01 crore in H1 FY23. These figures reflect a robust operational performance for the company in the real estate sector.

Pradeep Kumar Aggarwal, Chairman and Whole-time Director of Signature Global, expressed his satisfaction with the company's progress. He mentioned, "We are delighted to share that we have been able to reduce our net debt significantly in the second quarter following funds raised through the initial public offer (IPO). The first half (H1FY24) has been truly remarkable in terms of our operational performance, with our pre-sales growing by 37% and sales realization reaching Rs 9,800 per square foot. The collections for the company have also grown nearly 65% in H1 FY24, showcasing the significantly robust financial position of the company."

The company's report further reveals a 64.92% growth in collections during H1 FY24, reaching Rs 1,327.45 crore, while sales realization improved to approximately Rs 9,800 per square foot, up from about Rs 7,425 per square foot in H1 FY23. Additionally, Signature Global managed to significantly reduce its net debt, which now stands at Rs 369.96 crore, down from Rs 1,093.89 crore at the end of FY23.

Despite its strong financial performance, the company reported a decrease in revenue from operations, which amounted to Rs 165.85 crore in Q1 FY24, compared to Rs 542.08 crore in Q1 FY23. This reduction was attributed to the absence of any new occupation certificates (OC) received during the quarter, as stated in the regulatory filing. Signature Global's impressive growth in various financial aspects underscores its position as a prominent player in the real estate industry.

Real estate developer Signature Global has announced substantial growth in its pre-sales, collections, and financial performance for the first half of the fiscal year 2024. According to the company's filing with the Bombay Stock Exchange (BSE), pre-sales for Q1 FY24 saw a remarkable surge of 113.92%, amounting to Rs 879.78 crore. For the entire first half of FY24 (H1 FY24), Signature Global recorded a 37.57% increase in pre-sales, reaching Rs 1,861.39 crore, compared to Rs 1,353.01 crore in H1 FY23. These figures reflect a robust operational performance for the company in the real estate sector. Pradeep Kumar Aggarwal, Chairman and Whole-time Director of Signature Global, expressed his satisfaction with the company's progress. He mentioned, We are delighted to share that we have been able to reduce our net debt significantly in the second quarter following funds raised through the initial public offer (IPO). The first half (H1FY24) has been truly remarkable in terms of our operational performance, with our pre-sales growing by 37% and sales realization reaching Rs 9,800 per square foot. The collections for the company have also grown nearly 65% in H1 FY24, showcasing the significantly robust financial position of the company. The company's report further reveals a 64.92% growth in collections during H1 FY24, reaching Rs 1,327.45 crore, while sales realization improved to approximately Rs 9,800 per square foot, up from about Rs 7,425 per square foot in H1 FY23. Additionally, Signature Global managed to significantly reduce its net debt, which now stands at Rs 369.96 crore, down from Rs 1,093.89 crore at the end of FY23. Despite its strong financial performance, the company reported a decrease in revenue from operations, which amounted to Rs 165.85 crore in Q1 FY24, compared to Rs 542.08 crore in Q1 FY23. This reduction was attributed to the absence of any new occupation certificates (OC) received during the quarter, as stated in the regulatory filing. Signature Global's impressive growth in various financial aspects underscores its position as a prominent player in the real estate industry.

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