The Phoenix Mills reports strong set of numbersPHOENIXLTD - 2209 Change: -49.40 (-2.19 %)
News: The Phoenix Mills reported a strong set of numbers during Q3FY22. Reported revenues grew by ~14.5% YoY to Rs.425 crore, with growth driven by retail and hospitality portfolio. On the core portfolio (commercial + retail + hospitality) front, revenues grew ~35% YoY to Rs.380 crore. Retail revenues grew ~24.8% YoY at Rs.278.2 crore while hospitality revenues were up ~136% YoY at Rs.65.6 crore. EBITDA margins were up 722 bps YoY to 54.2%. Consequently, EBITDA at Rs.230.5 crore, was up 45.1% YoY. PAT was at Rs.98.9 crore, up 51.1% YoY. Gross debt was at Rs.4,306 crore (net debt 1,810 crore , down by ~Rs.1169 crore QoQ) aided by CPPIB investment.
Views: The retail growth recovery has been quicker than anticipated and Omicron hit will be relatively lesser (January, 2022 consumption was at ~79% of pre-Covid levels). The Phoenix Mills remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet & strategic expansion plans.