Signature Global has reported impressive financial growth, solidifying its position as a significant player in the real estate industry. In a BSE filing, the company disclosed an astounding 113.92% surge in pre-sales, amounting to Rs 879.78 crore in Q1 FY24. This remarkable achievement underscores the company’s commitment to excellence and innovative business strategies.
The growth story extends to the first half of FY24, where Signature Global witnessed a remarkable 37.57% increase in pre-sales, totaling Rs 1,861.39 crore. This surge is particularly noteworthy when compared to the Rs 1,353.01 crore achieved in H1 FY23, demonstrating the company’s dedication to delivering quality and value to its customers.
Pradeep Kumar Aggarwal, Chairman and whole-time director, expressed his satisfaction with the company’s performance, highlighting their ability to significantly reduce net debt following funds raised through the initial public offering (IPO). The first half (H1FY24) showcased outstanding operational performance, with pre-sales growing by 37%, and sales realization reaching Rs 9,800 per sq. ft. The collections also grew by nearly 65% in H1FY24, indicating the company’s robust financial position.
Signature Global also reported an impressive 64.92% growth in collections, totaling Rs 1,327.45 crore in H1 FY24. Additionally, their sales realization significantly increased to approximately Rs 9,800 per sq. ft., up from about Rs 7,425 per sq. ft. in H1 FY23. These figures reflect the company’s unwavering commitment to customer satisfaction and financial growth.
A notable achievement for Signature Global is the substantial reduction in net debt. From Rs 1,093.89 crore at the end of FY23, the company’s net debt has decreased to a commendable Rs 369.96 crore, showcasing prudent financial management and a strong financial position.
While revenue from operations decreased to Rs 165.85 crore in Q1 FY24 from Rs 542.08 crore in Q1 FY23 due to the absence of new occupation certificates (OC) in this quarter, the company’s performance remains robust. It’s worth noting that they registered a loss after tax of Rs 7.18 crore in Q1 FY24, compared to a profit after tax of 32.78 crore in Q1 FY23. However, the adjusted gross profit margin improved to 34.33% in Q1 FY24, compared to 26.91% in Q1 FY23, indicating the company’s focus on sustainable profitability.
In conclusion, Signature Global’s remarkable growth in pre-sales, collections, and sales realization in Q1 FY24, along with the reduction in net debt and improved profit margins, underscores the company’s commitment to excellence and its robust financial position. As a major player in the real estate industry, Signature Global continues to set high standards for others to follow.