Prime Highlights
- Consolidated profit rose 23.3% year-on-year to ₹296.9 crore, with revenue up 12.8% to ₹1,074.9 crore.
- Retail consumption surged 32%, while office income jumped 44% during the quarter.
Key Facts
- Phoenix Mills is a realty firm operating malls, offices, residences and hotels across India.
- The company operates 12 malls in eight cities and aims to expand retail space to 18 million square feet by 2030.
Background
Realty firm Phoenix Mills Ltd has reported a 23.3% year-on-year rise in consolidated profit, reaching ₹296.9 crore for the quarter ended June, up from ₹240.7 crore in the same period last year. Consolidated revenues were up 12.8% at ₹1,074.9 crore, while EBITDA was up 13.7% at ₹641.5 crore, and the EBITDA margin was up to 59.7%.
The retail arm of the company had robust performance, with consumption growth of 32% to ₹4,730 crore. Retail rental revenues were up 17% at ₹594 crore, while retail asset EBITDA was up. Phoenix Mills currently runs 12 malls across eight cities and aims to expand its retail area to over 18 million square feet by 2030.
Commercial office income rose 44% to ₹75 crore during the quarter. Occupancy at operational offices in Mumbai and Pune improved to 84%, compared with 70% a year earlier. The firm plans to grow its office portfolio to around nine million square feet by the end of the decade.
On the residential front, the company recorded gross sales of around ₹64 crore and collections of ₹51 crore. Its hospitality arm, which currently runs two hotels, is targeted to expand to nearly 2,200 keys by 2030.
Operating free cash flow rose 20% to ₹602 crore. Gross debt stood at ₹5,658 crore as of June-end, while net debt rose to ₹3,658 crore. Liquidity remained steady at ₹2,000 crore.
Shares of the company closed marginally lower on the BSE following the results.