Signature Global, a Gurugram-based real estate firm, is set to expand with new housing projects in Delhi, Noida, and Greater Noida. The company has already delivered 11 million square feet of space and plans to develop 32.2 million square feet of new projects. CEO Rajat Kathuria noted that major projects outside Gurugram are expected to launch in the next financial year. For Q1 2024-25, Signature Global reported a substantial rise in sales bookings to INR 3,120 crore from INR 880 crore and achieved a net profit of INR 6.76 crore, reversing last year's loss. Net debt fell by 16% to INR 980 crore.
Signature Global, a Gurugram-based real estate firm that went public in September last year with an IPO raising INR 730 crore, plans to expand its operations by launching new housing projects in Delhi, Noida, and Greater Noida. The company has already delivered 11 million square feet of space and aims to extend its strong presence beyond Gurugram. Signature Global has about 32.2 million square feet of saleable area planned for upcoming projects and 16.4 million square feet in ongoing projects.
CEO Rajat Kathuria indicated that while Signature Global is exploring opportunities in new NCR markets such as Delhi and Noida, any major projects outside Gurugram are expected to be launched in the next financial year rather than the current one. In a discussion with analysts, CEO Rajat Kathuria stated that Signature Global's strategy is to expand significantly in new locations to capture a good market share. He emphasized that in any new market they enter, they aim to establish a strong presence. In Gurugram, the company has a large land bank in Sector 71 on the Southern Peripheral Road, Sector 37D at Dwarka Expressway, and the Sohna region in South Gurugram.
Rajat Kathuria mentioned that Signature Global plans to continue acquiring land in these areas. He also expressed confidence in achieving the company's target of INR 10,000 crore in sales bookings this fiscal year.
In 2023-24, the company achieved sales bookings of INR 7,270 crore. In the first quarter of this fiscal year, sales bookings rose to INR 3,120 crore, compared to INR 880 crore in the same period last year. Earlier this month, Signature Global reported a consolidated net profit of INR 6.76 crore for the quarter ending in June, a turnaround from the INR 7.22 crore net loss in the same quarter last year. Signature Global's total income increased to INR 427.98 crore in the April-June period of the 2024-25 fiscal year, up from INR 178.90 crore in the same period the previous year.
The company's net debt decreased by 16% to INR 980 crore in the June quarter, driven by strong sales and improved cash flow. According to their latest investor presentation, net debt as of June 30, 2024, was INR 980 crore, down from INR 1,160 crore at the end of the previous fiscal year. The company aims to keep its net debt below 0.5 times the projected operating surplus for the current financial year as part of its long-term strategy.
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