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Strong bookings; on track to meet guidance

Highest-ever 3Q collections; 87% pre-sales guidance achieved

* Signature Global reported 3QFY25 pre-sales of INR27.7b (26% beat), up 119% YoY and flat QoQ.

* Strong pre-sales were aided by volumes of 2.49msf, up 117% YoY and 5% QoQ. For 9MFY25, volumes jumped 127% YoY to 6.9msf.

* For 9MFY25, pre-sales stood at INR86.7b, up 177% YoY (best ever 9M presales), achieving 87% of FY25 pre-sales guidance. Additionally, the company has launched projects worth GDV of INR135b (INR90b in 1HFY25) against the full-year guidance of INR160b.

* During 9MFY25, the company added 2.9msf at the strategic location of Sector 37D, and parts of the projects in Sector 88A (SCO I & II) have been converted from JDA to Owned. The company continues to focus on consolidation in three micro markets – Sec 71, Sec 37 D, and Sohna.

* The company achieved its best-ever quarterly collections at INR11b, up 40% YoY/17% QoQ (42% below estimate).

* 9MFY25 collections stood at INR32b, up 53% YoY. The company has achieved 52% of the collection guidance, and management is confident of achieving the remaining target for FY25. Further, the company achieved an operating cash surplus before land investment at INR12.1b.

* Debt declined to INR7.4b from INR10.1b in 2QFY25 and INR11.6b in FY24.

* P&L performance: In 3QFY25, the company reported revenue of INR8.3b, up 194% YoY/10% QoQ (26% below estimate).

* EBITDA stood at INR135m vs. a loss of INR69m in 3QFY24 and a loss of INR116 in 2QFY25. Margin was 1.6% (7% below estimate).

* PAT was at INR291m, up 14x YoY/7x QoQ (64% below estimate).

* For 9MFY25, revenue stood at INR19.7b, up 3.6x YoY (53% of FY25E). EBITDA was INR7m (vs. a loss of INR465m in 9MFY24) and margin was negligible. Adj. PAT stood at INR401m vs. a loss of INR238m in 9MFY24. PAT margin was 2%.

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