Signature Global (India) reported a net profit of INR 6.79 crore in Q1 FY25, recovering from a INR 7.18 crore loss in the same quarter last year. The company's total income surged 139.23% to INR 427.98 crore, with pre-sales reaching INR 31.2 billion, a 255% year-on-year increase. Collections rose 102% to INR 12.1 billion. Chairman Pradeep Kumar Aggarwal noted achieving 30% of the annual pre-sales target in Q1. The company reduced its net debt to INR 9.8 billion and appointed Gaurav Malik as CFO, with Manish Garg re-designated as Deputy CFO, effective 8 August 2024.
Signature Global (India) reported a significant turnaround in its financial performance for the quarter ending 30 June 2024, with a net consolidated profit after tax of INR 6.79 crore. This marks a substantial improvement from the net loss of INR 7.18 crore it recorded in the corresponding quarter of the previous financial year, according to a filing made by the company with the Bombay Stock Exchange (BSE).
The company's net consolidated total income for Q1 FY25 was INR 427.98 crore, reflecting an impressive growth of 139.23 per cent compared to the INR 178.90 crore recorded in the same quarter of the previous year. This surge in income underscores the company's robust performance and strategic initiatives that have begun to yield positive results.
Commenting on the company's performance, Pradeep Kumar Aggarwal, the Chairman and Whole-time Director of Signature Global, expressed satisfaction with the quarterly achievements. He highlighted that the company had already reached 30% of its annual pre-sales target within the first quarter.
In addition to its financial achievements, Signature Global also announced significant leadership appointments aimed at strengthening its management team. The board of directors appointed Gaurav Malik as the Chief Financial Officer (CFO) and a key managerial personnel of the company, effective from 8 August 2024. Additionally, Manish Garg has been re-designated as the Deputy Chief Financial Officer, also effective from 8 August 2024. These appointments are expected to further bolster the company's financial management and strategic planning as it continues on its growth path.
For Q1 FY25, Signature Global achieved pre-sales amounting to INR 31.2 billion, marking a remarkable year-on-year growth of 255%. This substantial increase in pre-sales underscores the strong market demand for the company's projects and its successful execution of its sales strategy. Additionally, the company's collections for Q1 FY25 rose to INR 12.1 billion, representing a 102% increase compared to the INR 6 billion collected in Q1 FY24. This improvement in collections indicates effective cash flow management and reflects the company's ability to convert sales into revenue efficiently.
Furthermore, Signature Global reported a reduction in its net debt, which decreased to INR 9.8 billion at the end of Q1 FY25, compared to INR 11.6 billion at the end of the previous financial year, FY24. This reduction in debt is indicative of the company's ongoing efforts to deleverage its balance sheet, thereby improving its financial stability and reducing interest expenses.
Overall, Signature Global's Q1 FY25 results reflect a strong start to the financial year, with significant improvements in profitability, income, and debt management. The company's strategic focus on achieving its pre-sales targets, launching new projects, and strengthening its leadership team positions it well for continued growth and success in the coming quarters.
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