October 13, 2024 |
Signature Global Net Debt Up 4% in Q2 to Rs 1,020 Cr; Looks to Tap Strong Housing Demand
Realty firm Signature Global’s net debt rose by 4 per cent in September quarter to Rs 1,020 crore as it looks to expand business amid strong consumer demand for housing properties. The company’s net debt stood at Rs 980 crore at the end of June quarter FY25.
Earlier this week, Signature Global reported that it has achieved a nearly three-fold increase in its sale bookings to Rs 2,780 crore during the second quarter on better demand for its housing projects.
Its sale bookings or pre-sales stood at Rs 980 crore in the year-ago period.
“Despite the ‘shradhh’ period, Q2, FY25 pre-sales amounted to Rs 27.8 billion, a 184 per cent increase against Q2, FY24,” Signature Global had said in a regulatory filing.
The company’s sale bookings jumped over threefold to Rs 5,900 crore in April-September 2024-25 from Rs 1,860 crore in the year-ago period.
Signature Global, which has a significant presence in the Gurugram market, clocked sale bookings of Rs 7,270 crore in 2023-24 and has a target of Rs 10,000 crore for the current fiscal.
Signature Global Chairman Pradeep Kumar Aggarwal is optimistic about maintaining this sales momentum.
“Our resilience in the face of market fluctuations underscores the strength of our business model and our ability to adapt to evolving industry dynamics. As we scale new heights, we remain dedicated to enhancing shareholder value and driving sustainable growth. Our focus on premium and mid-housing projects, strategic land acquisitions, and the introduction of new customer-centric initiatives will ensure we stay ahead of the curve,” he said.
Signature Global has so far delivered 11 million square feet of housing area. It has a pipeline of about 32.2 million square feet of saleable area in forth coming projects along with 16.4 million square feet of ongoing projects.
According to data analytic firm PropEquity, housing sales in Delhi-NCR rose 22 per cent to 10,263 units in September quarter from 8,411 units in the year-ago period.
Source : ET
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