Signature Global reported a rise in sales bookings, reaching INR 4,140 crore in Q4 FY24, driven by strong demand for luxury projects in Gurugram. Full-year sales doubled to INR 7,270 crore. Notably, the company surpassed its FY24 guidance of INR 4,500 crore. Pre-sales and collections grew 112% and 62% respectively, with record quarterly and annual performances. Sales realisation rose by 49% to INR 11,762 per sq. ft. Despite a marginal increase, net debt stood at INR 11.6 billion. Pradeep Kumar Aggarwal, Chairman, attributed the success to execution capabilities and customer trust, anticipating strong growth in FY25.
Signature Global, a realty firm, witnessed an increase in sales bookings during Q4 FY24, reaching INR 4,140 crore, driven by robust demand for luxury projects in Gurugram. This rise continued throughout the fiscal year, with sales more than doubling to INR 7,270 crore compared to the previous year. Notably, the company surpassed its FY24 guidance of INR 4,500 crore. The rise in sales was accompanied by an increase in the number of units sold, with 1,484 units sold in the January-March period of FY24, compared to 1,399 units in the same period of the previous fiscal year.
In addition to the increase in the number of units sold, there was also a significant increase in the volume of area sold, with the company selling 2.98 million sq. ft. in Q4 FY24, compared to 1.41 million sq. ft. in the corresponding period of the previous year. March proved to be a success for Signature Global, as they sold 1008 luxury homes in their new project in Gurugram, contributing significantly to the record sales bookings for the fiscal year.
Looking at the entire fiscal year of 2023-24, Signature Global's sales bookings more than doubled to INR 7,270 crore from INR 3,430 crore in the previous financial year. This growth in sales was accompanied by an increase in the number of units sold, with 4,619 units sold in FY24 compared to 4,512 units in FY23. Moreover, the total area sold also saw an increase, with 6.18 million sq. ft. sold in FY24, up from 4.35 million sq. ft. in the preceding years.
One of the significant contributors to the company's success was the sales realisation, which averaged INR 11,762 per sq. ft. in FY24, an increase from INR 7,886 per sq. ft. in the previous fiscal year. This increase in sales realisation further fuelled the company's growth and exceeded expectations.
Pradeep Kumar Aggarwal, Chairman of Signature Global, attributed the company's exceptional performance to its execution capabilities and the trust it has garnered from homebuyers. He highlighted the successful launch of their first project in the premium segment, which received an overwhelming response and contributed significantly to the company's pre-sales and collections growth.
In summary, Signature Global's stellar performance in FY24, marked by record sales bookings and substantial growth in pre-sales and collections, underscores its strong position in the real estate market and sets a promising trajectory for future growth.
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