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  • 02 May 2025
  • ICICIdirect Research

PHOENIX MILLS POSTED Q4FY25 RESULT WITH CONSOLIDATED REVENUE OF RS 1016 CRORES

News: Phoenix Mills posted Q4FY25 result with consolidated revenue of Rs 1016 crores (down by 22% YoY), while EBITDA declined by 11% YoY to Rs. 560 crore and PAT dipped 18% YoY to Rs. 269 crore (owing to lower income from associates). Core business (retail, offices, Hotel) revenues were up 8% YoY at Rs. 894 crore and EBITDA was up 4% YoY at Rs. 510 crore. grew by 4% YoY to Rs 510 crores. Operating cash flows (ex-Resi) was up 44% YoY at Rs. 520 crore for Q4FY25. Like-to-like consumption growth for Q4FY25 stood at 8% YoY. For Q4FY25, Income from commercial office grew by 8% YoY to Rs 53 crores & EBITDA grew by 10% to Rs 33 crores. Hospitality business, revenue grew by 4% to Rs 167 crores while EBITDA was up 12% YoY at Rs. 85 crore. Gross residential sales stood at Rs 77 crores. 

View: The management expects double digit growth for FY26. It has outlined its growth map for 2027 and 2030. Retail/commercial offices/hotels to grow to 14msf/7msf/988 keys (from 11.5 msf/3msf/588 keys in 2025) respectively by FY27 while by 2030, retail is expected to grow to 18 msf. Its residential business is expected to grow to 4.5 msf (from 3.5 msf in 2025) by FY27. The company has acquired 11.5 acre/9 acre/13.1 acres land parcel in Thane/Coimbatore/Mohali having development potential of 3 msf /1msf /mixed use may add the company’s operational mall by FY30. The company’s strategy is likely to remain on new store additions and strategic restructuring of retail brand churn. The capex for the next five years is expected to be upto Rs. 1200 crore per annum.

Impact: Positive