Updated January 1st, 2024 at 15:36 IST
Signature Global reports Q2 recovery with narrowed loss
Signature Global anticipates a total capital expenditure on land and approvals of around Rs 750 crore.
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Real estate company Signature Global reported a narrowed consolidated net loss of Rs 19.92 crore in Q2 of the current fiscal year, a significant improvement from the Rs 59.25 crore loss in the same period last year. Total income for July-September 2023-24 declined to Rs 121.16 crore compared to Rs 135.68 crore in the corresponding period of the previous year. Total expenses also decreased to Rs 144.84 crore from Rs 223.33 crore in the previous year.
Additionally, Signature Global revealed its acquisition of Gurugram Commercity Pvt Ltd (GCPL), obtaining a 100 per cent stake in the entity, which owns 25.14 acres of land in Sector 71 Gurugram. The enterprise value of GCPL is Rs 495 crore. This strategic move is expected to result in a mixed-use development with a potential of approximately 5.49 million square feet.
Signature Global anticipates a total capital expenditure on land and approvals of around Rs 750 crore, including the enterprise value and payment of various approval charges to government authorities.
On the operational front, Signature Global reported a 38 per cent growth in sales bookings, reaching Rs 1,861.39 crore in the first six months of the fiscal year, driven by increased demand for its affordable and mid-income residential projects.
The company launched its Initial Public Offering (IPO) in September to raise Rs 730 crore. The IPO, comprising a fresh issue of shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore, was subscribed 11.88 times. Signature Global, supported by equity investors like HDFC and IFC, has a robust portfolio with delivered and ongoing projects, reflecting positive momentum in the real estate market.
(With PTI inputs)
Published November 10th, 2023 at 11:02 IST