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Signature Global, a leading real estate developer in India, has announced robust financial results for the third quarter of fiscal year 2024 (FY24), accompanied by strategic acquisitions and notable achievements, highlighting its continued momentum and market positioning.
In Q3 FY24, Signature Global witnessed impressive growth across various operational metrics. Pre-sales surged by a noteworthy 47.38% to INR 12,627.34 million compared to the same period in FY23, indicating sustained demand for the company's projects. Collections also saw a significant uptick, increasing by 45.9% to INR 7,690.52 million.
Moreover, the number of units sold rose by 8.26% to 1,179, while the area sold jumped by an impressive 19.09% to 1.31 million sq. ft in Q3 FY24 compared to FY23. These figures underscore Signature Global's ability to capitalise on market opportunities and deliver value to its customers.
For the first nine months of FY24, Signature Global continued its growth trajectory, with pre-sales expanding by 41.38% to INR 31,241.29 million and collections surging by a remarkable 57.40% to INR 20,965.10 million year-over-year. Despite relatively stable numbers in the total units sold at 3,135, the area sold recorded a notable increase of 8.84% to 3.20 million sq. ft compared to the same period in FY23.
In addition to its strong financial performance, Signature Global reported a substantial increase in revenue from operations, reaching INR 2,818.05 million in Q3 FY24 compared to INR 1831.59 million in Q3 FY23. This growth was primarily attributed to the issuance of new Occupation Certificates (OC) for units, demonstrating the company's ability to drive operational efficiency and project execution.
Furthermore, Signature Global marked a significant turnaround in profitability, reporting a profit of INR 21.79 million in Q3 FY24, compared to losses incurred in previous quarters. However, the company noted slight declines in adjusted gross profit margin, which reduced to 27.31%, and adjusted EBITDA margin, which decreased to 9.78% in Q3 FY24 compared to Q3 FY23.
Amidst its financial achievements, Signature Global's project "Signature Global Park II" received accolades as the "Best Residential Project in the Mid Segment," reaffirming the company's commitment to delivering high-quality developments that resonate with customers.
Additionally, Signature Global expanded its portfolio through strategic acquisitions, acquiring 100% equity share capital of GCPL. This acquisition includes land parcels totalling approximately 25.14 acres in Village Fazilpur Jharsa, further strengthening Signature Global's land bank and positioning in key growth markets.
With a strong performance in Q3 FY24, coupled with strategic initiatives to enhance its portfolio and operational efficiency, Signature Global remains well-positioned for sustained growth and leadership in the Indian real estate sector.
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