Phoenix Mills Q2 PAT rises 6% to Rs 65.7 cr

The Phoenix Mills declared Q2 earnings after market hours on Monday, 11 November 2019.

Consolidated net profit rose 6% to Rs 65.7 crore in Q2 September 2019 from Rs 62 crore in Q2 September 2018.

The company reported 2.72% increase in consolidated total income from operations to Rs 434.52 crore on YoY basis.

Phoenix Market City Mumbai, Pune and Bangalore were the top performing retail assets demonstrating strong consumption and rental income growth. The company reported that the retail consumption increased by 1% to Rs 1694.8 crore in Q2 2019 over Q2 2018.

Consolidated EBITDA stood at Rs 210.7 in Q2 2019, a rise of 6% on YoY basis. The EBITDA margin showed a marginal improvement to 51% in Q2FY20 from 49% in Q2FY19.

Commenting on the company's performance, Shishir Shrivastava, joint managing director, The Phoenix Mills said, "We are pleased to report a robust performance. Consumption at our malls was resilient, our commercial portfolio across Mumbai and Pune continued to deliver a strong operational performance. I am glad to inform that work across our under-construction retail and commercial projects is progressing well and we are on course to double our retail portfolio and substantially increase our office portfolio over the next five years."

Shares of Phoenix Mills closed 1.71% higher at Rs 742.1 on BSE on Monday, 11 November 2019.. The stock has surged 6.59% in one month compared to a 14.6% rise in Nifty Realty index. The stock currently trades near its 52-week high of Rs 766 registered on 23 September 2019.

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.

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