 "housing, housing finance")
In Gurugram, the CEO said the company has a huge land bank in Sector 71, on the Southern Peripheral Road, Sector 37D at Dwarka Expressway, and south of Gurugram, Sohna region
Realty firm Signature Global, which has a significant presence in the Gurugram property market, is looking to enter Delhi, Noida and Greater Noida by launching housing projects in these new locations.
Gurugram-based Signature Global, which got listed in September last year after raising Rs 730 crore through an Initial Public Offering (IPO), has so far delivered 11 million square feet of area.
The company has a pipeline of about 32.2 million square feet of saleable area in the forthcoming projects along with 16.4 million sq ft of ongoing projects.
“We are also open to entering new markets within the NCR region,… be it the main Delhi region, or the Noida market. You may not see a launch happening within this financial year but over the next financial year, you will probably see us kind of coming up with a project which is outside of Gurugram,” Signature Global Chief Executive Officer (CEO) Rajat Kathuria told investors.
According to a transcript of discussion with analysts, the CEO noted that the strategy is to go big in these new locations and capture decent market share.
“The principle will remain that any market we enter, we would want to create a relevant scale,” Kathuria said.
In Gurugram, the CEO said the company has a huge land bank in Sector 71, on the Southern Peripheral Road, Sector 37D at Dwarka Expressway, and south of Gurugram, Sohna region.
Kathuria said the company would keep replenishing land at these locations.
The CEO also expressed confidence that the company would meet the target of achieving sales bookings of Rs 10,000 crore for this fiscal.
In 2023-24, Signature Global achieved sales bookings of Rs 7,270 crore.
During the first quarter of this fiscal, Signature Global’s sales bookings jumped to Rs 3,120 crore from Rs 880 crore in the year-ago period.
Earlier this month, Signature Global reported a consolidated net profit of Rs 6.76 crore for the quarter ended June on higher income. The company had posted a net loss of Rs 7.22 crore in the year-ago period.
Total income rose to Rs 427.98 crore in the April-June period of 2024-25 fiscal, from Rs 178.90 crore in the corresponding period of the previous year.
Signature Global’s net debt has come down by 16 per cent in June quarter to Rs 980 crore on better cash flows amid strong sales in its housing projects.
In its latest investor presentation for the June quarter, the company informed that its net debt stood at Rs 980 crore as on June 30, 2024, as against Rs 1,160 crore at the end of the last financial year.
“The company aims to keep net debt below 0.5 times of the projected operating surplus for the ongoing financial year, as a long term discipline,” the presentation said.
Kathuria said the debt will come down further in the coming quarters but did not give any figure.
Initially, Signature Global was developing only affordable housing projects. Now, it has ventured into mid-income, premium and luxury residential segments.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 15 2024 | 11:00 AM IST
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