New Delhi, Realty firm Signature Global Ltd has set a target to sell housing properties worth ₹10,000 crore in 2024-25, up 38 per cent from the last fiscal, as it expects demand for residential assets to remain strong.
In its investors presentation, the company has given a guidance of ₹10,000 crore for sales bookings in the current fiscal.
The company's sales bookings more than doubled to ₹7,268 crore in 2023-24 from ₹3,430 crore in the preceding year.
The company, which is mainly developing projects at Gurugram in Haryana, sold 4,619 units last fiscal as against 4,512 units in 2022-23.
In terms of area, Signature Global sold 6.18 million square feet in 2023-24, up from 4.35 million square feet in the preceding years.
Sales realisation for 2023-24 averaged ₹11,762 per square feet compared to ₹7,886 per square feet in the previous fiscal.
Pradeep Kumar Aggarwal, Chairman of Signature Global, said, "The financial year 2023-24 marked a significant period for our company, characterised by several achievements, including a successful IPO, expansion into the premium segment, and a notable transition to mid-income housing from affordable housing."
He said the company has achieved substantial growth in its presence in the National Capital Region leading to an increase in its market share.
{{/usCountry}}He said the company has achieved substantial growth in its presence in the National Capital Region leading to an increase in its market share.
{{/usCountry}}"As we move into FY25, our focus will be on risk mitigation and the creation of opportunities to ensure sustainable profitability and long-term value for all stakeholders," Aggarwal said.
On Wednesday, Signature Global reported a more than 5-fold jump in its consolidated net profit to ₹41.21 crore for the quarter ended March, driven by higher income.
Its net profit stood at ₹7.60 crore in the year-ago period.
Total income increased to ₹722.73 crore in the fourth quarter of the last fiscal year from ₹709.86 crore in the corresponding period of the preceding year, according to a regulatory filing.
During the entire 2023-24 fiscal, the company posted a net profit of ₹16.18 crore as against a net loss of 63.86 crore in the preceding year.
However, total income decreased to ₹1,324.55 crore in the last fiscal from ₹1,585.87 crore in the 2022-23 fiscal.
Signature Global is one of the leading real estate firms in the Delhi-NCR region.
It currently has a portfolio of 48.6 million square feet with 16.4 million square feet ongoing and 29.3 million square feet forthcoming.
In September last year, Signature Global successfully launched its IPO to raise ₹730 crore.
The public issue, comprising a fresh issue of shares worth ₹603 crore and an Offer for Sale of ₹127 crore, was subscribed 11.88 times.