Signature Global sales bookings up 38% to Rs 1,861 cr during Apr-Sept

Realty firm Signature Global has 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.

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

According to its operational update, 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 collected Rs 1,327.45 crore during the first six months of this fiscal, from Rs 804.89 crore in the corresponding period of last fiscal year.

Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Global, said "the first half (H1FY24) has been truly remarkable in terms of our operational performance with our pre-sales growing 37 per cent and sales realization reaching Rs 9,800 per square feet. This is likely to reflect positively in the financial performance of the second quarter."

Signature Global had posted 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 also declined to Rs 178.9 crore in April-June 2023-24, from Rs 559.01 crore in the corresponding period of the previous year.

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 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.