Signature Global aims 31% growth in sales bookings to Rs 4,500 crore during FY24

Realty firm Signature Global expects a 31 per cent annual growth in its sales bookings to Rs 4,500 crore this fiscal year on better housing demand.

Gurugram-based Signature Global had achieved sales bookings of Rs 3,430.58 crore in 2022-23, up 32 per cent from the previous year.

In an interview with PTI, Signature Global Chairman Pradeep Aggarwal said, "We have achieved pre-sales (sales bookings) of Rs 1,861 crore in the first six months of this fiscal year, which is 38 per cent higher than the year-ago period." Asked about the pre-sales guidance for the full fiscal, he said, "We are expecting Rs 4,500 crore sales bookings in the entire financial year." Aggarwal said the demand for affordable and mid-income housing continues to be strong despite an increase in prices as well as interest on home loans.

To encash this rise in demand, he said the company plans to launch a few large projects during the second half of this fiscal.

Further, Aggarwal said the company is looking to acquire land parcels outright and through joint ventures to develop housing projects in future.

"The business is generating operating surplus and this will support growth," he added.

From the proceeds of the Initial Public Offer (IPO), Aggarwal said the debt level has come down significantly.

In September, Signature Global successfully launched its 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) of Rs 127 crore, was subscribed 11.88 times.

Recently, Signature Global reported a consolidated net loss of Rs 19.92 crore in the second quarter of this fiscal.

Its net loss stood at Rs 59.25 crore in the year-ago period.

Total income also fell to Rs 121.16 crore in the July-September period of 2023-24 year from Rs 135.68 crore in the corresponding period of the previous year.

Total expenses declined to Rs 144.84 crore in the second quarter of this fiscal from Rs 223.33 crore a year ago.

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

It has a forthcoming pipeline of 27 million square feet of saleable area.