by THO
NCR-based real estate developer Signature Global has reported sales bookings of ₹41.4 billion (4140 crore) in the fourth quarter of last fiscal year and ₹72.7 billion (7270 crore) in 2023-2024 fiscal respectively with year-on-year growth rate of 240% for the fourth quarter and 112% for the full year, the company said in a regulatory filing.
The company has exceeded its guidance of ₹45 billion ( ₹4500 crore) in FY24, due to successful launch of its first ever premium housing project, it said.
During the entire 2023-24 fiscal, the company’s sales bookings more than doubled to ₹7,270 crore from ₹3,430 crore in the previous financial year.
Major contribution in sales came from sales realization that soared 49% to ₹11,762 per sq. ft in FY24 compared to ₹7,886 per sq. ft in FY23.
Net debt stood at ₹11.6 billion (1160 crore) at the end of FY24 in comparison to ₹10.9 billion (1090 crore) in FY23. There is a very marginal increase in net debt, however, it is on a much larger pre sales which has more than doubled for the year, the company said.
The company sold 1,484 units in the January-March period of last fiscal year as against 1,399 units in the year-ago period. In terms of volume, the company sold 2.98 million square feet of area as opposed to 1.41 million square feet.
“The company’s pre-sales and collections growth in the last quarter is a testimony of its execution capabilities and the trust that it gets from the home buyers. In the last quarter, we launched our first project in the premium segment, which received an overwhelming response,” said Pradeep Kumar Aggarwal, chairman and whole-time director.
“On both fronts – pre-sales and collections, we were able to beat the guidance very comfortably and we are sure FY25 will also be the year of robust growth for the company as we focus on expanding our footprints in the mid-income and premium segment,” he said.
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Signature Global has delivered 6.7 million square feet approximately till December 2023. It has ongoing projects in 16.9 million square feet area along with a robust forthcoming pipeline of 28.4 million square feet of saleable area.
Signature Global has been following a disciplined approach to land acquisition, with a lead-time from land acquisition to project launch of close to 18 months. All the projects are located in Delhi NCR and micro markets such as South of Gurugram (Sohna), Golf course extension road, Dwarka Expressway, Vaishali (Ghaziabad), and Karnal.
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