Signature Global hits 52-week high after com achieves best-ever first 9 months pre-sales performance

Signature Global shares rise: The shares of real estate developer Signature Global have surged 3.8 per cent to a 52-week high of Rs 1,092.20 on Monday, January 8, 2024, after the company said it achieved its best-ever first nine-month pre-sales performance for a financial year, with pre-sales of Rs 3,124.129 crore, a growth of 41.38 per cent over the same period last year. The company also reported strong growth in sales realisation, collections, and net debt reduction.

Highlights

• Pre-sales of Rs 3,124.129 crore for 9MFY24, up 41.38 per cent from Rs 2,209.78 crore in 9MFY23.
• Sales realisation of approximately Rs 9,800 per square foot in 9MFY24, compared to Rs 7,500 per square foot in 9MFY23.
• Collections of Rs 2,096.51 crore for 9MFY24, up 57.40 per cent from Rs 1,331.96 crore in 9MFY23.
• Net debt of Rs 835.46 crore at the end of 9MFY24, down from Rs 887.881 crore at the end of 9MFY23.

"We are extremely pleased with our performance in the first nine months of FY24," said Pradeep Aggarwal, Chairman and Managing Director of Signature Global. 

"Our strong pre-sales growth is a testament to the strength of our brand and the quality of our projects. We are also seeing good traction in our sales realisation and collections, which is helping us to reduce our net debt," Aggarwal added.

The company expects collections for FY24 to be significantly higher than FY23. It has also planned significant launches in the current quarter based on acquisitions of land as already announced.

Signature Global is a leading real estate developer in India, with a focus on affordable housing. The company has a strong presence in the National Capital Region (NCR) and other key markets in Northern India.

At 10:00 am on Monday, January 24, 2024, Signature Global shares were trading 2.83 per cent higher at Rs 1,085.40 apiece on the NSE.