- 09 Jan 2023
- ICICIdirect Research
PHOENIX MILLS REPORTS HEALTHY CONSUMPTION ACROSS MALLS; ALBEIT MODERATES SLIGHTLY
PHOENIXLTD - 1607 Change: 55.60 (3.59 %)News: The Phoenix Mills (PML) continues to witness consumption across malls exceeding pre-Covid levels, albeit with moderate growth in December 2022. With these, total consumption during December 2022 was at Rs 922.6 crore (122% of December 2019). Excluding Palassio’s contribution, December 2022 consumption was 108% of December 2019 with 9MFY23 like to like consumption at 114% of pre Covid. Similarly, retail collections remained strong at Rs 1,590 crore at YTD FY23 level. Occupancy level for St Regis, Marriott (Agra) was at 80%, 81%, respectively, with highest ever revenues in December 2022. In the residential space, strong sales momentum continued backed by strong demand and faster conversions, with gross residential sales of Rs 275 crore and collections of ~Rs 250 crore during YTD FY23
Views: Q3 is likely to remain robust for PML, albeit trend ahead will be key . PML continues to be a key beneficiary of healthy consumption recovery at malls and remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet & strategic expansion plans. New malls such as Indore (started in December) and Ahmedabad (likely to begin in February, 2023) will boost the overall growth ahead
Impact: Positive