Realty developer Signature Global has reported Rs 1,861.39 crore pre-sales in H1FY24, as against Rs 1,353.01 crore in H1FY23, a growth of 37.57%.
The company also reported 64.92% growth in H1FY24 collections at Rs 1,327.458 crore while sales realization grew to approximately Rs 9,800 per sq. ft. from approximately Rs 7,425 per sq. ft. in H1FY23
The company’s net debt also reduced to Rs 369.967 crores from Rs 1,093.892 crores at the end of FY23
“We have been able to reduce our net debt significantly in the second quarter following funds raised through initial public offer (IPO). The first half has been remarkable in terms of our operational performance. This is likely to reflect positively in the financial performance of second quarter,” said Pradeep Kumar Aggarwal, Chairman and Whole-Time Director.
Backed by investors like HDFC and IFC, Signature Global has delivered over 6 million square feet and has ongoing projects in 17.21 million square feet area along with a pipeline of 21.29 million square feet of saleable area. The total portfolio currently comprises 60 projects, with nearly 28,000 units sold and about 21 forthcoming projects.
Signature Global plans to launch 21 million square feet of projects in the next three-five years, primarily in the mid-income housing sector as it looks to reduce debt.
Originally established as an affordable housing-focused firm in 2014, Signature Global has transitioned toward mid-income housing due to rising costs of raw materials and land.
Given this robust pipeline, the company anticipates achieving annual pre-sales of Rs 10,000 crore in the next two-three years.
Signature Global has also established itself as one of the top 10 developers in terms of annual sales–Rs 1,690 crore in FY21, Rs 2,590 crore in FY22, and Rs 3,430 crore in FY23.
Source : ET