Phoenix Mills reports strong recovery across major operational categoriesPHOENIXLTD - 2358 Change: -12.70 (-0.54 %)
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 Q2FY23 was at Rs 2,197.7 crore (130% of Q2 FY20). Excluding Palassio’s contribution, Q2FY23 consumption was 118% of Q1FY20. Similarly, retail collections remained strong at Rs 538.7 crore in Q2FY23 (vs. Rs 525.3 crore in Q1FY23). Occupancy level for St Regis, Marriott (Agra) was at 85%, 68%, respectively, while average room rentals (ARR) were at Rs 13,269, Rs 3,709 in September, 2022 . In the residential space, the company achieved overall sales of Rs 99.6 crore in Q2 FY23 with good improvement seen backed by strong demand and faster conversions.
PML continues to be a key beneficiary of strong consumption growth. We expect the strong growth momentum to continue in Q3 led by festivities. We continue to maintain our positive stance on PML as quasi play on consumption.