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Updated January 1st, 2024 at 16:04 IST

Signature Global aims 31% increase in sales booking during FY24

The debt level has decreased following proceeds from the Initial Public Offering (IPO) that Signature Global launched in September 2023, raising Rs 730 crore.

Business Desk
Signature Global
Signature Global | Image:Signature Global
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Real estate developer Signature Global is targetting a 31 per cent growth in its sales bookings, aiming to reach Rs 4,500 crore during the fiscal year 2023-24, driven by increased housing demand. 

The Gurugram-based company achieved sales bookings of Rs 3,430.5 crore in the previous fiscal year, reflecting a 32 per cent increase from the year before.

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Signature Global's Chairman, Pradeep Aggarwal, reported that they had achieved pre-sales (sales bookings) of Rs 1,861 crore in the first six months of the current fiscal year, marking a 38 per cent increase compared to the same period in the previous year. When asked about their full fiscal year pre-sales target, Aggarwal stated that they are anticipating Rs 4,500 crore in sales bookings for the entire financial year.

Despite rising property prices and interest rates on home loans, there continues to be strong demand for affordable and mid-income housing, according to Aggarwal. To capitalise on this demand, the company plans to launch several large projects in the latter half of the current fiscal year.

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Furthermore, the debt level has decreased following the proceeds from the Initial Public Offering (IPO) that Signature Global launched in September 2023, raising Rs 730 crore. The IPO consisted of a fresh issue of shares worth Rs 603 crore and an Offer for Sale (OFS) of Rs 127 crore, which was oversubscribed at 11.88 times.

Financial performance

In the second quarter of the current fiscal year, Signature Global reported a consolidated net loss of Rs 19.9 crore, a notable improvement from the net loss of Rs 59.2 crore in the same period in the previous year. Total income for the July-September period of 2023-24 decreased to Rs 121.1 crore, down from Rs 135.6 crore in the corresponding period of the previous year, while total expenses declined to Rs 144.8 crore from Rs 223.3 crore a year ago.

Signature Global, backed by prominent equity investors like HDFC and IFC, has already delivered over 6 million square feet of developed area and has ongoing projects covering 17.21 million square feet. They also have a forthcoming pipeline of 27 million square feet of saleable area.

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The shares of Signature Global have settled 4.91 per cent higher at Rs 920.15, when the market closed today, January 1, 2024.

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Published January 1st, 2024 at 15:43 IST

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