Signature Global cuts net debt by 66% in last six months to Rs 370 crore

Realty firm Signature Global's net debt declined 66 per cent to Rs 369.96 crore at the end of the September quarter from Rs 1,093.89 crore at the end of last fiscal year.

"Our net debt reduced to Rs 369.96 crore at the end of HI, FY24 from Rs 1,093.89 crore at the end of FY23," Gurugram-based Signature Global said in its latest operational update submitted on stock exchanges.

Last month, Signature Global successfully launched its Initial Public Offering (IPO) to raise Rs 730 crore. The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer For Sale (OFS) component of Rs 127 crore, was subscribed 11.88 times.

"We have been able to reduce our net debt significantly in the second quarter following funds raised through initial public offer (IPO)," Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Global, said.

On operational performance, Signature Global reported a 38 per cent growth in sales bookings at Rs 1,861.39 crore in the first six months of this fiscal year, on better demand for its affordable and mid-income residential projects.

Its sales bookings stood at Rs 1,353 crore in the year-ago period.

The company's sales bookings in volume terms rose to 1.90 million square feet during the April-September period of 2023-24 financial year, from 1.82 million square feet in the year-ago period.

Signature Global has recently reported a consolidated net loss of Rs 7.18 crore for the first quarter of this fiscal year on higher expenses. It had logged a net profit of Rs 32.78 crore in the year-ago period.

Total income declined to Rs 178.9 crore in April-June 2023-24, from Rs 559.01 crore in the corresponding period of the previous year.

The financial result of the second quarter of 2023-24 fiscal has not been declared yet.

Signature Global, which is backed by marquee equity investors like HDFC and IFC, has delivered over 6 million square feet and has ongoing projects in a 17.21 million square feet area. It has a robust forthcoming 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.