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Phoenix reports strong consumption recovery

News: Phoenix Mills in its quarterly operational update said overall consumption at malls at Rs.2057 crore was ~100% of Q3FY20 (pre-Covid), while like to like (excluding Phoenix Palassio) the consumption was at 89% of pre-Covid levels. The collections at Rs.441 crore was up 68% YoY.

Views: The strong consumption and collection indicates that malls recovery were back to pe-Covid levels in Q3. While Omicron led weekend curfews in Karnataka, Tamil Nadu will impact consumption in Q4, we expect a sharper recovery as seen post the second wave.

Impact: Positive