Signature Global cuts net debt by 16% for the quarter ending June 2024 to Rs 980 crore

Real estate major Signature Global’s net debt declined 16 per cent in the June quarter to Rs 980 crore on the back of improved cash flows on the back of strong sales in residential projects. In its latest investor presentation for the June quarter, the company said its net debt stood at Rs 980 crore as of June 30, 2024, as against Rs 1,160 crore at the end of the last fiscal.

“The company aims to maintain net debt below 0.5 times the projected operating surplus in the current fiscal year as a long-term discipline,” the presentation reads.

Earlier this week, Signature Global reported a consolidated net profit of Rs 6.76 crore for the quarter ended June on the back of higher revenue.

During the corresponding period last year, the company had reported a net loss of Rs 7.22 crore.

Total income rose to Rs 427.98 crore during the April-June period of fiscal 2024-25 from Rs 178.90 crore in the corresponding period of the previous year.

Pradeep Kumar Aggarwal, president and director of WholeTime, highlighted that “in the first quarter alone, we achieved 30 per cent of our annual pre-sale target.”Signature Global’s pre-sale bookings rose to Rs 3,120 crore in the first quarter of the current fiscal year from Rs 880 crore in the same period last year.

“We are planning to launch several projects in the coming quarters, which is likely to drive up our operational targets,” Aggarwal said.

Signature Global achieved sales of Rs 7,270 crore in 2023-24.

The company has set a sales target of Rs 10,000 crore for this fiscal.

Gurugram-based Signature Global has delivered 11 million sq ft of space so far. The company has a pipeline of around 32.2 million sq ft of retail space in upcoming projects, along with 16.4 million sq ft of ongoing projects.

Signature Global made its stock market debut in September last year after raising Rs 730 crore through an initial public offering (IPO).

In the initial public issue, the company offered shares at Rs 385 per share. The shares were put up for sale at Rs 444 per share.

On Friday, the company’s share price on the BSE closed at Rs 1,417.50 per unit.

The company’s market capitalisation is nearly Rs 20,000 crore.

Initially, Signature Global only developed affordable housing projects. Now, it has entered the mid-income, premium and luxury housing segments.

Geographically, most of its projects are in Gurugram. However, the company is looking for land in Noida and Greater Noida.

(This story has not been edited by News18 team and is published from a PTI news agency feed)