Signature Global reports profit in September quarter
The real estate developer recorded a net profit for the second quarter of the current fiscal year.
Signature Global Ltd reported a consolidated net profit for the quarter ended September, according to reports by The Economic Times and Business Standard. The company recorded a net profit of Rs 66.90 crore for the quarter, compared to a net loss of Rs 46.86 crore during the same period last year.
The company's total income for the second quarter rose to Rs 870.70 crore from Rs 372.51 crore in the previous year's corresponding quarter. For the first six months of the fiscal, the company posted a net profit of Rs 50.37 crore, up from a net loss of Rs 12.42 crore in the year-ago period.
Signature Global Chairman Pradeep Kumar Aggarwal said demand for quality housing in Gurugram remains healthy. He noted that well-planned launches, such as the Tonino Lamborghini Residences, were received positively by the market and helped improve realisations.
Aggarwal stated that the company is continuing to build a land bank in Farrukhnagar to provide a pipeline for future launches. He added that the balance sheet remains robust with a comfortable liquidity position to pursue growth opportunities.
The developer has delivered 19.9 million sq ft of real estate since its inception.