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Phoenix Mills: Strong recovery drives operational beat

News: Phoenix Mills (PML) reported a  strong performance with strong retail and hospitality revenues recovery and overall operational beat. Reported revenues grew ~72.8% YoY to Rs.371.3 crore,. On the core portfolio (commercial + retail + hospitality) front, revenues grew by ~82% YoY to Rs. 310 crore. The retail revenues grew by ~71.6% YoY at Rs.233.5 crore, while hospitality revenues were up ~275% YoY at Rs. 34.5 crore. We note that on a like to like basis, Retail Rental are at ~67% of Pre-Covid level. Oct 2021 consumption across retail portfolio stands at ~Rs.660 crore, at 90% of October 2019. Commercial remained resilient segment, which witnessed revenue growth of ~70% YoY at Rs.42.1 crore, driven by new leasing of tower in Pune (Fountainhead 2). Reported EBITDA margins were up 750 bps YoY to 50.2%. The company reported a PAT of Rs.59.5 crore, vs. losses in base quarter.

Views: The reopening of economy in full steam by H2FY22, will drive retail growth (beyond pre-Covid levels) as seen in Q2.  PML remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet  & strategic expansion plans.