Signature Global, one of the country’s leading real estate companies, saw its shares jump 4.5% in today’s trading session, reaching ₹1,366 each, after the company on Sunday reported strong numbers for the March quarter (Q4FY24) and the full fiscal year (FY24).
In a regulatory filing, the company said it achieved its best-ever quarterly and annual pre-sales performance of ₹4,140 crore and ₹7,270 crore, respectively, with year-on-year growth rates of 240% for the fourth quarter and 112% for the full year.
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With this growth, the company significantly exceeded its guidance of ₹4,500 crore in FY24 due to the successful launch of its first ever premium housing project.
The company’s collections in FY24 grew 62% to ₹3,110 crore, again comfortably beating its annual guidance of ₹2,900 crores. It achieved its best ever quarterly and annual collections.
The most important contribution to sales came from sales realization, which soared 49% to ₹11,762 per sq ft in FY24 as compared to ₹7,886 per sq ft in FY23.
In the January-March period of the last fiscal year, the company sold 1,484 units, marking an increase from 1,399 units sold in the same period of the previous year.
Additionally, the company sold 2.98 million square feet by volume, compared to 1.41 million square feet in the year-ago period.
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In March, the company sold 1,008 luxury apartments in a new Gurugram residential project for more than ₹3,600 crore within days of its pre-launch.
Net debt stood at ₹1,160 crore at the end of FY24, as compared to ₹1,090 crore in FY23. There is a very marginal increase in net debt, however, it is on top of much larger pre-sales, which more than doubled over the year, according to the company’s regulatory filing.
Commenting on the company’s performance, Mr. Pradeep Kumar Aggarwal, Chairman and Whole Time Director, said, “The company’s pre-sales and collection growth in the last quarter is a testament to its execution capabilities and the trust it receives from home buyers. . “
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“In the last quarter, we launched our first project in the premium segment, which received an overwhelming response. On both fronts – pre-sales and collections, we were able to beat the lead very comfortably, and we are confident that FY25 will also be the year of robust growth. for the company as we focus on expanding our footprints in the mid-income and premium segment.”
The company’s shares debuted on the secondary market in September 2023, with a listing gain of 19.1% at ₹458.6 per, exceeding the issue price of ₹385 each. From the current market price, the stock is trading 251.7% higher than its issue price.
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Disclaimer: The opinions and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 08 Apr 2024, 10:25 IST