Real estate developer Signature Global, on Saturday announced that it has achieved a pre-sales of Rs 3120 crore during the first quarter of FY25, recording a jump of 255 per cent in comparison to Rs 880 crore reported during the same period last year. This was supported by high demand for residential projects. The company said that the pre-sales during the period was over 30 per cent of the sales already achieved on the guidance of Rs 10 thousand crore for FY25. “A large proportion of the sales came from the successful launch of a large group housing project in Gurugram during Q1FY25, which also drove up average sales realization for the quarter,” it said in a regulatory filing.
Pradeep Kumar Aggarwal, Chairman and WholeTime Director, said, “Signature Global continues to ride a high growth trajectory, showcasing robust pre-sales and collection figures for the third consecutive quarter. We ended the last fiscal year on an exceptional note, exceeding our guidance by a substantial margin in both pre-sales and collections. This fiscal year, we have set an ambitious target of achieving Rs 100 billion in pre-sales. Remarkably, in the first quarter alone, we have already surpassed 30 per cent of this target.”
“Our second successful launch in the premium segment stands as a testament to our capabilities and our dedication to delivering excellence. We are committed to ensuring that the trust of our valued customers remains steadfast, as we continue to innovate and expand our offerings. Our performance thus far underscores our strategic vision and the effectiveness of our growth initiatives, reinforcing our position in the industry,” he added.
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During Q1FY25, Signature Global sold 968 units as against 894 units sold during the first quarter of last year. Average sales realization has grown to Rs 15,369 per sqft in Q1FY25 versus Rs 11,762 per sqft in FY24. “This however is expected to normalize to a lower level with planned launches in the mid income housing segment during this year,” it said.
The company’s collections in Q1FY25 grew by 102 per cent to Rs 1210 crore, up 102 per cent on-year, and this, Signature Global said, was the best ever collection done by the company during any quarter since inception.
Further, Signature Global’s net debt reduced by 16 per cent to Rs 980 crore at the end of Q1FY25 in comparison to Rs 1160 crore as at the end of FY24.
From: financialexpress
Financial News
