Press Trust of India
Realty firm Signature Global Ltd has set a target to sell housing properties worth Rs. 10,000 crore in 2024-25, up 38 percent from the last fiscal, as it expects demand for residential assets to remain strong.
In its investors’ presentation, the company has given a guidance of Rs.10, 000 crore for sale bookings in the current fiscal. The company’s sales bookings more than doubled to Rs. 7,268 crore in 2023-24 from Rs. 3,430 crore in the preceding year.
The company which is mainly developing projects in Gurugram in Haryana, sold, 4,619 units’ last fiscal as against 4,512 units in 2022-23.
In terms of area, Signature Global sold 6.18 million square feet in 2023-24, up from 4.35 million square feet in the preceding years. Sales realisation for 2023-24, averaged Rs. 11,762 per square foot compared to Rs. 87,886 per square foot in the previous fiscal.
Pradeep Kumar Aggarwal, Chairman, Signature Global said, “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. ”
He said the company has achieved substantial growth in its presence in the National Capital Region (NCR) leading to an increase in its share price.
“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,” Aggarwal said.
On Wednesday, Signature Global reported a more than 5-fold jump in its consolidated net profit to Rs. 41.21 crore for the quarter ended March, driven by higher income.
Its net profit stood at Rs. 76.60 crore in the year ago-period.
Total income increased to Rs. 722.73 crore in the fourth quarter of the last fiscal year from Rs. 709.86 crore in the corresponding period of the preceding year, according to a regulatory filing.
During the entire 2023-24 fiscal, the company posted a net profit of Rs.16.18 crore as against a net loss of 63.66 crore in the preceding year.
However, total income decreased to Rs.1,324.55 crore in the last fiscal from Rs. 1,585.87 crore in the 2022-23 fiscal.
Signature Global is one of the leading real estate firms in the Delhi-NCR region.
It currently has a portfolio of 48.6 million square feet with 16.4 million square feet ongoing and 29.3 million square feet forthcoming.
In September last year, Signature Global successfully launched its IPO (Initial Public Offer) to raise Rs. 730 crore. The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer of Sale of Rs.127 crore, was subscribed 11.88 times.
