Signature Global posts 112% surge in pre-sales to ₹7,270 crore in FY24; shares rise up to 4%
Upstox
2 min read • Updated: April 8, 2024, 12:39 PM
Summary
Signature Global’s collections went up by 62% to ₹3110 crore in FY 2023-24 against ₹1,920 crore in FY 2022-23, driven by robust demand for luxury housing projects.
Shares of real estate developer Signature Global (India) Ltd spurted by 4% on Monday after the company reported around 112% jump in sales and around 62% growth in collections in the last 2023-24 financial year.
The company informed bourses that its pre-sales soared by 112% to ₹7,270 crore in FY2023-24 (FY24) compared to ₹3,430 crore in the previous year.
Signature Global’s collections also jumped by 62% to ₹3110 crore in FY24 against ₹1,920 crore in 2022-23, driven by strong demand for luxury housing projects mainly in Gurugram.
The company reported a 2.4% growth in unit sales to 4,619 units in 2023-24 against 4,512 units in FY23.
In terms of area, Signature Global sold 6.18 million square feet of area in FY24 against 4.35 million sq feet in FY23, reflecting a growth of 42%.
Its sales realisation jumped by 49.2% to ₹11,762 per sq foot in FY24 against ₹7,886 per sq foot in FY23.
Signature Global’s sales bookings rose by around 240% to ₹4,140 crore in the last quarter of FY24 compared to ₹1,220 crore in FY23. It sold 1,484 units in January-March against 1,399 units in the year-ago period. Area sold was 2.98 million square feet in Q4 of FY24 against 1.41 million square feet in the year-ago period.
The real estate developer sold 1008 luxury homes for ₹3,600 crore in its new project at Gurugram, Haryana, in March.
“In the last quarter, we launched our first project in the premium segment, which received an overwhelming response,” Pradeep Kumar Aggarwal, Chairman and WholeTime Director of Signature Global said.
On both fronts – pre-sales and collections, the company was able to beat the guidance very comfortably and is confident that FY25 will also be the year of robust growth as the focus is on expanding footprints in mid-income and premium segments, Aggarwal said
Signature Global shares rose by more than 4% to hit a high of ₹ 1,366 per share on NSE. The stock is trading 3.31% higher at ₹1,349.6 apiece on the NSE at 12:30 pm.