Mumbai — Signature Global India reported a consolidated net loss of Rs 16.5 crore for the quarter ended June 30, reversing a profit of Rs 34.4 crore in the same period a year earlier.
Revenue from operations declined to Rs 552 crore from Rs 865.6 crore in the first quarter of the previous fiscal year, according to a stock exchange filing.
At the operating level, the Gurugram-based real estate developer posted an EBITDA loss of Rs 44.7 crore, compared with an EBITDA profit of Rs 33 crore a year earlier.
Chairman and Whole-Time Director Pradeep Kumar Aggarwal said revenue recognition during the quarter was affected by project timelines, but maintained that the company’s underlying business fundamentals and construction activity remained strong.
“While revenue recognition was influenced by project timelines, our underlying business fundamentals and execution momentum remain strong, supported by a robust project pipeline and steady construction progress,” Aggarwal said.
He added that healthy demand, a stronger product mix and higher sales realizations supported pre-sales during the quarter.
Signature Global also entered the branded residences market through a partnership with Tonino Lamborghini. Aggarwal said the response to the launch supported the company’s strategy of expanding further into premium housing.
Signature Global, which has a significant presence in the Delhi-NCR market, initially focused on affordable housing but has expanded into mid-income and premium residential developments. It also develops commercial projects in the region.
Shares of the company closed 0.33% lower at Rs 811 on Thursday. The stock has gained 2.82% over the past month but remains down 8.88% over six months and 28.15% since the beginning of the year. (Source: IANS)
