- 07 Jul 2022
- ICICIdirect Research
PHOENIX MILLS REPORTS STRONG CONSUMPTION ACROSS MALLS IN Q1FY23
PHOENIXLTD - 3343 Change: -21.40 (-0.64 %)News: The Phoenix Mills in its operational update shared that retail consumption during Q1FY23 was at Rs. 2159.6 crore (1129% of Q1FY20), with like to like consumption at 109%. Commercial segment saw incremental leasing of 0.15 msf, highest ever in Q1. Additionally, occupancy levels for hospitality segment has come back at 85% vs. 83% in pre-Covid. In the residential space, the company achieved overall sales of Rs. 70.4 crore up ~90% YoY, backed by strong demand and faster conversions. Also, collections in residential business in Q4 FY22 were at Rs. 50 crore, up 38% YoY
Views: We highlight that stronger than pre-Covid consumption in Q1 despite some dip (97% of pre-Covid) due to renovation of few large space and stocking issues of hypermarket chains, is positive. With recovery in place, PML remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet & strategic expansion plans
Impact: Positive