Signature Global reported a 65 percent growth in collections to Rs 1,327.4 crore in the first half of this financial year from Rs 804.8 crore a year earlier.
Pre-sales – residential units booked before their construction or completion – climbed 38 percent to Rs 1,861.3 crore in H1, the Gurugram-based real estate developer said in regulatory filings.
Pre-sales grew 4.23 percent to Rs 981.6 crore in the second quarter from a year earlier, after more than doubling to Rs 879.7 crore in the first quarter, said the company, which listed on the stock exchange in September.
Collections increased 58 percent to 723.6 crore in the second quarter from a year ago and 74 percent to Rs 603.8 crore in Q1. The area sold rose 4.4 percent to 1.9 million square feet in the first half of FY24, with 980,000 sq. ft sold in the second quarter.
Also Read: Signature Global to develop 21 msf of affordable, mid-income housing in 6-7 years
Signature Global, which focusses on the affordable and mid housing segments in the National Capital Region, said net debt reduced to Rs 369.9 crore in HI from Rs 1,093.8 crore at the end of FY23.
“We have been able to reduce our net debt significantly following funds raised through initial public offer,” chairman Pradeep Kumar Aggarwal said. The Rs 730 crore IPO took place from September 20 to 22.
He added that the growth of pre-sales and collections and sales realisation reaching Rs 9,800 per sq. ft showcase the company’s robust financial position.
Also Read: Puravankara sees record quarterly sales value in Q2; performance of realty cos upbeat
“This is likely to reflect positively in the financial performance of the second quarter,” he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
