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News: The Phoenix Mills (PML) total consumption during Q1 stood at ₹ 3214 crore, up 25% YoY, largely boosted by ramp up in new malls . Excl. new malls, like to like consumption would be in mid to high single digits, as per our understanding. Retail collections stood at ₹ 794 crore in Q1, showing a YoY growth of 38%. Occupancy level for St Regis, Marriott (Agra) stood at 85% and 63%. Commercial segment saw gross leasing (including renewals of 1.5 lakh square feet in Q1.
Views: The performance is largely on expected lines, albeit like to like growth is well below company’s guidance. Nonetheless, 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. Like to like growth ahead remain key monitorable.
Impact: Neutral