Signature Global achieves record pre-sales increase of 112% in FY24
Signature Global, a premier real estate development company in India, known for its strong presence in Delhi-NCR, has reported its best ever annual and quarterly pre-sales figures, marking significant milestones in the company’s history. For the fiscal year ending March 31, 2024, Signature Global achieved pre-sales totaling INR 72.7 billion, registering a remarkable year-on-year growth of 112%. This performance not only surpassed the company’s annual guidance of INR 45 billion but also set a new benchmark in the real estate sector.
The fourth quarter of FY24 alone saw pre-sales skyrocket to INR 41.4 billion, a staggering 240% increase from the previous year, largely attributed to the successful launch of Signature Global’s inaugural premium housing project. This venture into the premium segment has evidently paid off, contributing significantly to the overall annual pre-sales figures.
Alongside the impressive pre-sales growth, Signature Global’s collections for FY24 rose to INR 31.1 billion, up by 62% from the previous year, comfortably beating the annual forecast of INR 29 billion. The fourth quarter collections witnessed a 71% increase, amounting to INR 10 billion. These figures highlight the company’s robust financial health and operational efficiency.
A noteworthy aspect of Signature Global’s financial performance is the sales realization, which saw a 49% increase to INR 11,762 per square foot in FY24, compared to INR 7,886 per square foot in FY23. This indicates a strong demand for the company’s real estate offerings and a favorable market reception to its projects.
Despite the substantial increase in pre-sales and collections, the company’s net debt saw a marginal rise to INR 11.6 billion at the end of FY24 from INR 10.9 billion in FY23, suggesting prudent financial management amid significant growth.
Mr. Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Global, expressed his satisfaction with the company’s performance, attributing the success to its execution capabilities and the trust placed by home buyers. Aggarwal’s outlook for FY25 is optimistic, with plans to expand into the mid-income and premium segments.
This remarkable financial performance by Signature Global not only underscores its leadership in the real estate development sector but also reflects the growing confidence of consumers in the brand. As the company prepares to build on its success, the future looks promising for Signature Global and its stakeholders.