3) SIGNATURE

GLOBAL
REALTY. RELIABLLITY. RESPONSIBLTY.
AN S0 9001 2015, 140012015, 650012018 CERTIFED COMPANY

Date: 12" February, 2024

The Manager The Manager

BSE Limited National Stock Exchange of India Limited
Corporate Relationship Department, Listing Department
1* Floor, New Trading Ring, Exchange Plaza
Rotunda Building 5th Floor, Plot no C/1, G Block
Phiroze Jeejeebhoy Towers, Bandra Kurla Complex
Dalal Street, Mumbai 400 001 Bandra (E), Mumbai — 400 051

Scrip Code : 543990 Symbol : SIGNATURE

Subject: Transcript of Investors/Analysts Call held on 5 February, 2024

Dear Sir/Madam,

With reference to our letter dated 31%* January, 2024 in respect of Investors/Analysts Call on 5%
February, 2024, please find enclosed herewith the transcript of discussion held during the said
Investors/Analysts Call.

The aforesaid information shall also be disclosed on the website of the Company at the following
link/path:

www.signatureglobal.in/investor.php > INVESTOR MEET / PRESENTATION > Transcripts of

Investor Call

Kindly take the above information on your record.

Thanking You,

For SIGNATUREGLOBAL (INDIA) LIMITED

(Formerly known as Signatureglobal (India) Private Limited)
MEGHRAJ Digitally signed by
MEGHRAJ BOTHRA

BOTHRA Date: 2024.02.12 18:39:33

+05'30'

(M R BOTHRA)
COMPANY SECRETARY
Encl: A/a

SIGNATUREGLOBAL (INDIA) LIMITED

(FORMERLY KNOWN AS SIGNATUREGLOBAL (INDL3) PRIVATE LIMITED)
‘CIN: L70100DL2000PLC104787
Regd. Off : 13+ FLOOR DR. GOPAL DAS BHAWAN, 28 BARAKHAMBA ROAD, CONNAUGHT PLACE, NEW DELHI- 110001 Phone: 011-49281700
Corp. Off. : UNIT NO.101, GROUND FLOOR, TOWER-A, SIGNATURE TOWER, SOUTH CITY-1 GURUGRAM HR- 122001Phone: 01244398011
E-mail: compliance@signatureglobal.in, Website: ww.signatureglobal.in
 @) SIGNATURE
) GLOBAL
annaois 012018 CERTIED ueANY

“Signatureglobal (India) Limited

Q3 FY '24 Earnings Conference Call”
February 05, 2024

6@ SIGNATURE" 0 » cuon e
\d Y] SropaL.... ICICI Securities

MANAGEMENT: MR. PRADEEP KUMAR AGGARWAL —CHAIRMAN AND

‘WHOLE-TIME DIRECTOR — SIGNATUREGLOBAL
(INDIA) LIMITED
MR. LALIT KUMAR AGGARWAL — VICE CHAIRMAN
AND WHOLE-TIME DIRECTOR — SIGNATUREGLOBAL
(INDIA) LIMITED
MR. RAVIAGGARWAL — MANAGING DIRECTOR —
SIGNATUREGLOBAL (INDIA) LIMITED
MR. DEVENDER AGGARWAL — JOINT MANAGING
DIRECTOR AND WHOLE-TIME DIRECTOR —
SIGNATUREGLOBAL (INDIA) LIMITED
MR. RAJAT KATHURIA — CHIEF EXECUTIVE OFFICER —
SIGNATUREGLOBAL (INDIA) LIMITED

MODERATOR: MR. ADHIDEV CHATTOPADHYAY — ICICI SECURITIES

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 ) SIGNATURE™
)GI,QBAL )
Signatureglobal (India) Limited
February 05, 2024

Moderator: Ladies and gentlemen, good day and welcome to Signature Global (India) Limited Q3 FY24
Earmings Conference Call hosted by ICICI Securities. As a reminder, all paticipants' lines will
be in the listen-only mode and there will be an opportunity for you to ask questions after the
presentation concludes. Should you need assistance during the conference call, please signal an
operator by pressing star then zero on your touchtone telephone. Please note that this conference
is being recorded.

I now hand the conference over to Mr. Adhidev Chattopadhyay from ICICI Sceuities. Thank
you and over to you, sir.
Adhidev Chattopadhyay: Good morning everyone. On behalfof ICICI Securities, I'd like to welcome you to the Signature
Global India Q3 FY24 Results Call. Today, from the management we have with us, Mr. Pradecp
Kumar Aggarwal, the Chairman and Whole-Time Dircctor, M. Lalit Kumar Aggarwal, the Vice
Chairman and Whole-Time Director, M. Ravi Aggarwal, Managing Director, Mr. Devender
Aggarwal, the Joint Managing Director and Whole-Time Director, and Mr. Rajat Kathuria, the
Chief Exceutive Officer and the rest of the team.

Id now like to hand over the call to the management for their opening remarks. Over to you.
Thank you.

Pradeep Aggarwal: Thanks, Adhidev. Good moming everyone. Welcome to the camings conference call for
Signature Global, covering the third quarter and nine months ended 31st December, 2023, We
hope that you have had a chance to review the company's financial performance deails for Q3,
press release and investor presentation available on our website and stock exchanges. Lets
understand some macro aspects of the India cconomy first. The government's ambitious goal of
transforming India into a Viksit Bharat by 2047 is prepared to create a conducive environment
for the expansion of the overall ceonomy and the real estate sector as well.

The third quarter saw a positive shift in investment sentiment as the nation continued its step
towards becoming an cconomic powerhouse notable prior to the upcoming clections. Even in
the recent interim budget, the Finance Minister highlighted the government's commitment
towards the home ownership of the middle class. In her speech, her budget specch, the cffort
stated a housing scheme would be announced soon targeting the middle class, extending to those
living in rented houses with the aim of enabling the construction or purchase their own homes.

This initiative is expected to further boost the middle income housing and affordable housing
scctor. Morcover, with the cconomic seenario improving and the average real income of the
individual with a 50% increase, optimistic expectations abound for the real sstate sector to thrive
across all segments. In a favorable development to the government, fimm focus is on
infrastructure development reflccted in the 11.1% increase in the expenditure for the
infrastructure in the interim budget.

Impressively, the country's growth for the last quarter exceeded expectations, clocking in the
7.6% The robust performance led the Intemational Montary Fund to upwardly revise India's
GDP forecast for both FY24 and FY25. The Reserve Bank of India recently approved a revision

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February 05, 2024

of the forecast to 7% for the fiscal year 2024, assuring that India remains a shining flame in the
fast-changing global cconomic landscape. This foundation of the cconomy's stability and growth
is further proved by the robust performance of the Indian real estate market.

Gurugram stands out as a dynamic real estate matket, especially in the NCR, contributing
significantly to the residential supply. According to the latest Magic Brick report, Gurugram has
experienced a remarkable 43% growth in its average real estate rate over the last cight quarters.
This substantial increase not only reflects the market strength but also points out its sustained
and robust nature.

Millennium City witnessed a remarkable 13.8% quarter-on-quarter rise in the last quarter,
advocating Gurugram's key role in the NCR real estate sector. In the current cconomic scenario,
Signature Global is strategically positioned to leverage the unfolding opportunitics. Our track
record includes steadily achicving operational milestones in recent years.

We were dedicatedto sustain this momentum in the coming quarter. The company has delivered
over 8 million square fect and our ongoing projects arc around 17 million square fect. Signature
Globals forthcoming projects are over 28 million square fect, mainly focusing on mid-income
housing
Moving on to the financial and operational performance of the company, Signature Global
achicved best ever nine-month FY'24 pre-sale performance with a reported growth of 414%.
The realization of the period also grew 30.7% to INR9,800 per square fect, significantly
encouraging company profitability. Strong pre-sales and realization mumbers added our
company to have a net profit of INR21.8 million against the losses in the carlicr quarters. This
is a significant milestone for the company.

We believe the robust housing demand from Gurugram or subutbs, which are the focus of our
operations, would help s to continuously delivering value to our sharcholders, investors and
customers. Thank you for your attention and we look forward to your continued support and
engagement.

Iwill now hand over to our CEO, Mr. Rajat Kathuria, for sharing financial performance in detail.
Thank you.

Rajat Kathuria: Hi. Good morning, everyone. Thanks a lot for joining us this Monday momning, first thing.
Thanks a lot. And Il like to go a little decper into some of the key operational and financial
aspects and then happy to take up any questions.

So, pre-sales tend to be good. I think we are going through a fairly good phase wherein a lot of
supply which is being created by the company is getting absorbed at a fairly comfortable pace
and this is happening across our portfolio of projects.

So, stepping back a littl, if we really look at our sales growth over the last two years, we grew
from about INR1,600-0dd crores of sales which was done back in fiscal year'21. We doubled it

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February 05, 2024

by fiscal year '23. We took it up to about INR3,400-0dd crores. And this year also we took up a
target to achieve about INR4,500-0dd crores which is about 30% higher than the previous year.

So, by and large we are fairly comfortable in stating that we stick to that guidance and we look
fairly comfortable in achievingit. So, if you look at the first nine months itsclf, we have crossed
INR3,100-0dd crores of sales. This is about 70% of the anmual target.

Breaking it down a lttle further, we sold about 3,100-0dd — 3,135 units of homes or retail shops
which averaged about INRI crore each. So, very much playing that mid-income theme across
our portfolio of projccts. So, for about INR3,100-odd crores of pre-sales, we sold roughly similar
number of units.

So, sales have been good. This was deconcentrated. So, if I look at the projects, we made these
sales across six or seven of our projects. Top six projects contributed more than 80% of the sales.
And it's kind of a comfortable run at various locations or micro-markets within Gurugram.

If we look at the geography, most of these sales came from the Gurugram region. About 95% of
the sales were done in the Gurugram region. About 5% came from the Sohna region. And as this
entire ninc-month block, we clocked a growth of almost 41% over the previous year which is
quite staggering sort of a growth number.

So, our intent remains the same on a forthcoming project basis that we continue to do mid-
income housing, play across the spectrum, these homes which are in INR1 crore to INR3 crores
sort of range and actoss various micro-matkets, we intend to sell similar sort of products only.
As far as collections are concerned, I think they were also faitly robust, We clocked more than
2,100 odd crores of collections during the first nine months.

This was more than a 50% rise in collections over the same period past year. And we are in a
fairly comfortable position to achieve our annual guidance of about INR2,000-0dd crores of
operating cash flows. We've already done about 72%. Both sales and collections are growing on
quartet-on-quarter basis. So, one, there is an annual increase and sccond, there's a quarter-on-
quarter increase which shows like a systemic change in the housing market on a continuous
basis. We are sceing an uptrend in both of these key business parameters.

Also, to add on, as a thumb rule, we've witnessed about an operating surplus being created in
the company which is about roughly 35% of the operating cash flows. So, even during this nine-
month period, we achieved about 36% operating surplus of about INR756 crores. This is the
operating surplus which is available for cither growth or distribution purposes. But this
somchorw, it's more of a thumb rule, but it tends to be in this range of 35%-0dd even in the
previous period.
If we jump on to the portfolio, the way it stands and so the on-going portfolio, as Pradeep ji
mentioned, is at about 17-0dd million square foot of which about 30% is in the AHP category,
the affordable homes category, and about 70% is in the mid-income category. So, while we've

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February 05, 2024

pivoted a lttle more towards mid-income, but these are projects which we arc completing and
we are very hopefil of completing them in the rightful timeline.

So, this 17 million square foot is under development. Almost 90% of this on-going portfolio is
already sold out. The balance 10% is being sold at a fairly good pace. And in terms of
completion, this should get completed by quarter ending March 2026, Two months catlier or
Inter is something which we can't predict with absolute precision at this stage. But, our guidance
and our endeavour is that we complete entire portfolio, the entire block by March 2026.

This block of 17 million square foot has a revenue potential of INR12,000 crores. So, which
means substantial collections and even more revenue recognition, since it's done on a completed
contract basis should happen by March 2026. So, that's on the on-going portfolio. But if we talk
of the fortheoming portfolio, which is more exciting, this is almost now stands at about 28.4
million square foot.

The portfolio gives us cnough comfort and inventory to grow at a good pace over the next few
years to come. I I was to break down this forthcoming portfolio of about 28-0dd million square
foot, bulk of it is in our three prime strategic locations. Sector 71, which is on the southern
peripheral road is the most strategic and the most prime location within our portfolio, in which
now we have 12 million square foot.

A Dot of you who are seeing us over the last one or two years we've been talking about this
acquisition, but we reported a couple of joint development agreements getting registered last
week. So, this entire 12 million square foot is majorly owned by us. And there is a small portion,
which is now held in the form of JDAs, is all, is almost kind of now coming towards the
completion.
Besides that, we have about close to 7 million square foot, which is in the Sohna belt, Sohna
clevated coridor, which we usually use itin owr sort of communications. That's another strategic
location where we've been selling a lot of products in the past. And about 3 million odd square
foot is on the northem peripheral road, which is the Dwarka Expressway cxpested to be flagged
off sometime soon, the Gurgaon portion of it.

So, if you add up these three primary locations of the company, 12 million in sector 71, about 7
odd million in Sohna clevated corridor and about 3 million on the Dwarka Expressway adds up
o a little more than 22 million square foot. The balance 6 million square foot is held across
multiple locations. And that's also in our core arca, which is the Gurgaon and Sohna and nearby
regions.

Ifwe look at the GMV for this entire portfolio that will be upwards of INR35,000 or INR40,000
crores. So, that gives us a lot of comfort that on a continuous basis for the next three to four
years, we'll continue to create more supply. And we are fairly hopeful that the upward trend in
the housing market is here to stay. So, we arc fairly comfortable with our land position in the
land inventory, so to say, in the company at this point in time.

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As far as completions are concerned, we expect a lot of completions to take place during this
coming calendar year. On the basis of the completions which happencd over this nine month,
there arc a couple of interesting points to be noted. So, we completed, we recognize a revenue
of about INR519 odd crores, in which 60% of the recognition has come from the mid-income
projects, mid-income housing projects, and about 40% has come from affordable homes.

On a weighted average basis, we've reported an adjusted gross margin of about close to 32%-
odd. Margins on the mid-income side are - so if you look at the trend, as we are doing more
completions on the mid-income side as the proportion of mid-income completions is improving,
our gross margin percentages are going up, because on the mid-ncome side, the margins tend
to be good. Or rather, I would say better. However, AHP also is profitable, and our GP margins
have usually varied in that 23% to 24%-0dd level, whercas on the mid-income side, they've tend
to cross 35% in the past.

Also to add on, while we arc witnessing all of this growth, both on sales, collcetions, we've
managed to put together a fairly robust sort of forthcoming inventory on the land side. We've
stayed fairly disciplined on the debt aspect of the balance shect. So our net debt is above just
INR840-0dd crores. This stays within our guidance that we will keep our net debt lower than 1x
of the operating surplus. So within nine months itsclf, we've created an operating surplus of
about INR756-0dd crores. The net debt as of today stands at about INR843 crores.

During this ninc-month period, we've done a fair bit of investment on the land side. And hence,
nct debt rumber has gone up a lttle, but that's because a lot of investments have gone in sector
71 primarily, which is going to be a strategic location for us on a going forward basis. Just to
add on, as an estimate, if we were to talk of this INR3,100-0dd crores of sales which the company
has done, we anticipate that, the embedded or implicit EBITDA margin on this, sales which has
been done is upwards of 30%.

As per our estimates, if's actually closer to 32% of embedded EBITDA, which we are caming
on these sales. And while Iagre that accounting tends to be, a little confusing to me personally,
but yes, I think if you, look at our estimates on the embedded EBITDA being camedon the sales,
or if you look at the operating surplus, which is almost stands at about, 35% of collections, which
is again about INR756-0dd crores, these two parameters or yardsticks, are critical for
understanding, development company, which uses complete contract method of accounting. So
with that, I would broadly, leave it to the floor for any questions.

Moderator: Thank you very much. We will now begin the question and answer session. The first question is
from the line of Mr. Adhidev Chattopadhyay from ICICI Securities. Please go ahead.

Adhidev Chattopadhyay: Yes, thank you. You could just tell us about the upcoming launches which are planning around
Dwatka Expressway and especially on sector 71. If you could give us a flavour of what are the
sort of ticket sizes and what sort of product and what is going to be a sales strategy for these
projects? And also how would you want to phase out these launches? That is the first question.

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Rajat Kathur So, Adhider, thanks for the question. So, our next two launches are of group housing projects.
The first one in line is on the Northern Peripheral Road. This is about 2.7 million square foot of
group housing being launched. We are just awaiting the final stage approvals before we launch
this project. As you arc aware that, we have a massive sort of, distribution at play. There are
hundreds of channel partners who arc associated with us and there’s almost like 150, sales
‘members which are within the company. So, with this massive sort of, sales sort of distribution
strength, we are fairly confident of a good response and a good outreach, of these projects. So,
that's the first project which is going to come up sometime soon.

Immediately thereafter, we are readying our seeond project which is on the, Southern Peripheral
Road in sector 71. This is again going to be another group housing project to be launched by the
company.

Adhidev Chattopadhyay: Sure. And also, in the beginning, Pradecpii in is offering remarks alludedto the Gurgaon market
and how it is now pretty hot. Do you also help us understand the recent infrastructure
developments or the infrastructure which is going to come up in various bels in that arca? How
it will or maybe already has had a positive impact on the property prices in and around that arca?
If you could just help us understand that.

Rajat Kathuria: Aditya, cffectively, if you look at the entire last decads, Gurgaon has really scen lot of changes
both in terms of physical and social infrastructure. If you talk of the physical infrastructure, there
have been good sort of, highway development which has been driven a lot by NHAL and the
local authorities.

So, whether if's the, you know, Golf Course Road or the Sohna Elevated Corridor or, you know,
this new elevated, you know, Dwarka Expressway which is now getting opencd and so many
other sort of, interlinkages between these highways, have happencd.

So, that's on the hard infrastructure side. But more importantly, a lot of growth has happened on
the social infrastructure. So, whether it be the best in class, schools in the entire NCR region or
healtheare facilities or retail spos.

So that's whats created lot of buzz around Gurgaon and has prompted lot of peaple especially
from Delhi or South Delhi or affluent places in Delhi to move towards Gurgaon. In parallel, if
you really look at the housing growth over the last deeade, cnough homes weren' buik, you
know, in Gurgaon to the extent that demand got created. So, that's why, because of this why we
sce some sort of sudden price jump which has happened over the coming few years, we feel that
demand will stay robust

Supply should be better than what it was over the last five to scven years. But still prices may
20 up but at a more moderate pace. But I think Gurgaon now stands out clearly as a preferred
sort of, you know, location in the entire Delhi NCR region for a lot of familics while it tends to
be a personal decision. But for a lot of families, you know, it quite a sort of preferred location
to stay.

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Adhidev Chattopadhyay: Sure, sure. Thank you. That was very helpful. I'l come back if there are more questions. Thank
you.

Moderator: Thank you very much. The next question is from the line of Prem Khurana from Anand Rathi,
Shares and Stock Brokers. Please go ahcad.

Prem Khurana: Good morning, sir. Thanks for taking my questions. So, I have two questions. One was, I think
in your opening remarks, somebody mentioned that the prices would have gone up by another
46%-0dd over the last 7, 8-0dd quarters, which appears to be, I mean, I think on the basis of it
appears to be very, very sharp jump we've seen over the last 7, 8 quarters.

So, given the fact that you expect the price o appreciate even further, I mean, do you see a risk
where there could be a situation wherein some of these end users start fecling that they're already
being priced out and it is no more affordable? Because I think this entire recovery in the cycle
side, because of the fact that its a comveyor bel, if's a comer...

Moderator: Prem sir, sorry to distutb you. Your audio is not that clear.

Prem Khurana: Is it better now?

Moderator: Sir, its echo. Can you use your hands-free device? Yes, sir, it's now.

Prem Khurana: Ithink if you could share your thoughts on, T mean, whether there's a risk of the end users start
thinking about only seeing 45%, 46% of price growth, and then ther's this perception that the
prices will keep on rising. And since the entire, [inaudible] because of the fact that people started
fecling that it's become affordable, because wages have gone up and the prices have not been
able to keep up with the wage inflation. And you feel that it is possible to be able to buy a
residential unit today. How do you see the price appreciation in the recent past?

Rajat Kathuria: So, Prem, that's a good question. And the ideal way to look at this price increase or the way we
look at itis that while in last 6 to 8 quarters, the prices have riscn significantly. But if you look
at almost like, 4 to 6 years prior to this block period you'l find that prices were almost stagnated.
So it has so happened that, this re-rating has happened, in terms of capital valucs after a
reasonable time. But if you look at, prices over the last six to seven years, the rise is kind of
moderate only.

Talking of affordability, yes, if you talk of now prime areas within Gurgaon, it is more
expensive. And with prices going up, needless to say that, yes, it is less affordable than what it
was two years ago. But what has also happened is that, with this infrastructure developments
happening, there are new arcas of inhabitation or, choices which are being opted by customers
who want more affordable homes.

And a perfect example of that would be, let's say, the Sona Corridor. So while it s called, Sona
as a separate, subsidy, but if's just on the periphery of Gurgaon, with the Sona Elevated Corridor,
you can actually, do like a 12 to 15 minute ride and be into, prime areas of Gurgaon with lots of,
IT offices.
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We still continue to sell homes at these locations which are mid-income with all sort of, good
specs at roughly about a crore per unit. So, or INR90 lakhs or less than a INR1 crore as well. So
point is, if somecone wants more affordable homes, yes, there arc options available. They wort
be at the prime locations, but there are still options which are within a drivable distance of the,
city center.

Moderator: Oh, Prem s, you're ot audible.

Prem Khurana: Hello.

Moderator: Yes, sir. Please go ahead.

Prem Khurana: 1 think you shared it, wherein I mean, you don't intend to kind of Iet the debt go beyond one
time.

Moderator: Prem sir, there is some disconnection from your end.

Rajat Kathuria: So, Prem, while we can't hear you, you can email us your query. And, we've done a bit of, more
detailed analysis of the cash which was created and the way it was spent, during the year. In our
presentation, you could refer to that. It clearly shows on how, we've collected almost close to
about INR2100 odd crores of, cash, the way the surplus was about INR756 odd crores. And how
we've, spent the surplus and the IPO proceeds, and how that has impacted the debt level.

With current level of our ongoing and fortheoming inventory, we feel that leverage levels are,
fairly, disciplined. And on a going forward basis, we are going to stay cautious that this stays
within sort of very disciplined levels. And at some stage, we would want to bring cven our net
debt to a zero level for which, we'll talk more in times to come. But we are very cautious of the
debt level in the company.

Moderator: Thank you very much. As there are no further questions,

I would now like to hand the conference
over to the management for closing comments.

Rajat Kathuria: So, thanks everyone again. I think thanks for taking out time Monday morning. Mondays tend
to be very disorienting for me because of random things. But Yes, I think thanks for your time
out first thing Monday moming and wish you a great week ahead. Thank you.

Management: Thanks. Tharks, everyone, Thanks a lot. Thank you, everyone.

Management: Thank you.

Moderator: On behalf of ICICI securities, that concludes this conference. Thank you for joining us. And you
may now disconnect your lines. Thank you.

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