Phoenix Mills gains as Q3 PAT jumps 30% YoY

The Phoenix Mills rose 1.37% to Rs 885.60 after consolidated net profit soared 29.7% to Rs 91.85 crore in Q3 December 2019 (Q3 FY20) as against Rs 70.83 crore reported in Q3 December 2018 (Q3 FY19).

Net sales surged 16.2% year-on-year (Y-o-Y) to Rs 511.79 crore in Q3 FY20. The Q3 numbers were disclosed after market hours yesterday, 10 February 2020.

Profit before tax jumped 38.5% to Rs 132.26 crore Y-o-Y. Current tax expenses soared 104.5% to Rs 35.77 crore during the period under review.

Earnings before interest, tax, depreciation and amortization (EBITDA) grew 17% to Rs 259.40 crore in Q3 FY20 from Rs 222.50 crore in Q3 FY19. EBITDA margin remained flat at 51% in Q3 FY20 over Q3 FY19.

In the first nine months of FY20, retail segment contributed consolidated revenue of 60% and commercial segment provided 6% during the same period.

Commenting on the Q3 performance, Shishir Shrivastava, the managing director of The Phoenix Mills, said that, "We are delighted to report a robust performance across all our verticals during the quarter. Income from our retail portfolio during the quarter was at Rs 3,218 million, up 11% year on year, driven by strong consumption growth at High Street Phoenix and Palladium, Mumbai and Phoenix Marketcity malls in Bangalore, Pune and Mumbai.

Operational performance of our commercial portfolio remained steady and we are confident about the growth trajectory of this segment. Our flagship hotel, The St. Regis, Mumbai continues to set higher benchmarks in the hospitality sector and recorded the highest ever average room rental (ARR) of Rs 13,857 this quarter at an average occupancy of 84% in Q3 FY20. Our cash flows from operations remain robust and we are focused on maintaining a strong balance sheet by implementing a prudent capital allocation strategy," he added.

The Phoenix Mills is a leading retail mall developer and operator in India and is the pioneer of retail-led, mixed-use developments in India with completed development of over 17.5 million square feet spread across retail, hospitality, commercial, and residential asset classes. The company has an operational retail portfolio of approximately 6.0 million square feet of retail space spread across 8 operational malls in 6 gateway cities of India. The company is further developing 5 malls with over 4.9 million sq. feet of retail space in 5 gateway cities of India. Besides retail, the company has an operating commercial office portfolio with gross leasable area of 1.28 million sq. feet and plans to add approximately 4.0 million sq. feet of commercial office across existing retail properties going forward.

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