Real estate company Signature Global Ltd has set an ambitious goal to sell housing properties worth ₹10,000 crore in the fiscal year 2024-25, marking a 38 percent increase from the previous fiscal year. The company anticipates strong demand for residential properties to continue.
In its investors presentation, Signature Global provided guidance for ₹10,000 crore in sales bookings for the current fiscal year. The company’s sales bookings more than doubled to ₹7,268 crore in 2023-24, up from ₹3,430 crore the year before.
Primarily developing projects in Gurugram, Haryana, Signature Global sold 4,619 units in the last fiscal year compared to 4,512 units in 2022-23. In terms of area, the company sold 6.18 million square feet in 2023-24, up from 4.35 million square feet in the previous year. The average sales realization for 2023-24 was ₹11,762 per square foot, compared to ₹7,886 per square foot in the prior fiscal year.
Pradeep Kumar Aggarwal, Chairman of Signature Global, highlighted the significant achievements in the 2023-24 fiscal year, including a successful IPO, expansion into the premium segment, and a strategic shift from affordable housing to mid-income housing. Aggarwal noted the company’s substantial growth in the National Capital Region, which has increased its market share.
“As we move into FY25, our focus will be on risk mitigation and creating opportunities to ensure sustainable profitability and long-term value for all stakeholders,” Aggarwal said.
On Wednesday, Signature Global reported a more than five-fold increase in its consolidated net profit to ₹41.21 crore for the quarter ended March, driven by higher income, compared to ₹7.60 crore in the same period the previous year. Total income rose to ₹722.73 crore in the fourth quarter of the last fiscal year from ₹709.86 crore in the corresponding period of the previous year.
For the entire 2023-24 fiscal year, the company posted a net profit of ₹16.18 crore, recovering from a net loss of ₹63.86 crore in the previous year. However, total income decreased to ₹1,324.55 crore from ₹1,585.87 crore in the 2022-23 fiscal year.
Signature Global is a leading real estate firm in the Delhi-NCR region, with a portfolio of 48.6 million square feet, including 16.4 million square feet of ongoing projects and 29.3 million square feet of upcoming developments. In September last year, Signature Global successfully launched its IPO, raising ₹730 crore. The public issue, which included a fresh issue of shares worth ₹603 crore and an Offer for Sale of ₹127 crore, was subscribed 11.88 times.