- 07 Dec 2022
- ICICIdirect Research
PHOENIX MILLS REPORTS STRONG RECOVERY ACROSS MAJOR OPERATIONAL CATEGORIES
PHOENIXLTD - 1771 Change: -33.65 (-1.86 %)News:
The Phoenix Mills (PML) continues to witness a strong recovery across all operational categories with many categories exceeding pre-Covid levels. With these, total consumption during November 2022 was at Rs 722.3 crore (127% of November 2019). Excluding Palassio’s contribution, November 2022 consumption was 113% of November 2019. Similarly, retail collections remained strong at Rs 1,397.7 crore at YTD FY23 level. Occupancy level for St Regis, Marriott (Agra) was at 84%, 76%, respectively, while average room rentals (ARR) were at Rs 14,884, Rs 4,305, respectively, in November 2022. In the residential space, strong sales momentum continues to be backed by strong demand and faster conversions, with gross residential sales of ~Rs 234 crore and collections of ~Rs 200 crore during YTDFY23
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With strong consumption growth in October and November, Q3 is also likely to remain robust for PML. PML continues to be a key beneficiary of a strong consumption recovery at malls and remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet and strategic expansion plans
Impact:
Positive