Phoenix Mills shares rise 3% on posting Q3 biz update; consumption up 21%

Phoenix Mills shares gained 2.9 per cent in Friday's trade on BSE, logging an intraday high of Rs 1,684.6 per share. The buying sparked after the company released its Q3 business update. 

 

Around 11:06 AM, Phoenix Mills share price was up 1.55 per cent at Rs 1,662.35 per share on BSE. In comparison, the BSE Sensex was down 0.03 per cent at 77,597.44. The market capitalisation of the company stood at Rs 59,429.45 crore. The 52-week high of the stock was at Rs 2,068.15 per share and the 52-week low was at Rs 1,135.53 per share. 

 

In its Q3 update, Phoenix Mills said its consumption (retailer sales) in Q3FY25 stood at Rs 3,998 crore, up 21 per cent over Q3FY24. On a like-to-like basis, which excludes Phoenix Mall of the Millennium and Phoenix Mall of Asia, consumption grew by 10 per cent year-on-year (Y-o-Y). 

 

Its consumption for the quarter was driven by a strong festive season, led by PMC Mumbai, PMC Pune, Phoenix Palassio, and the continued ramp-up at Phoenix Mall of the Millennium and Phoenix Mall of Asia (launched in September and October 2023 respectively).

 

The expansion at Phoenix Palladium, Mumbai was recently completed, adding approximately 250,000 square feet of gross leasable area to this asset. 

 

In the commercial office segment, Phoenix Mills' gross leasing stood at 1.7 lakh sq. ft. in the currently operational assets at Kurla, Mumbai, and Vimannagar, Pune during 9M FY25.

 

Meanwhile, occupancy in the currently operational assets stood at 69 per cent in December 2024. In the residential segment, gross residential sales were at Rs. 58 crore and collections stood at Rs. 38 crore in Q3 FY25.

 

In the hospitality segment, The St. Regis, Mumbai recorded occupancy at 84 per cent up from 82 per cent in Q3 FY24. Its Annual Recurring Revenue (ARR) stood at Rs 22,343 up 11 per cent Y-o-Y.  Revenue per available room (RevPAR) stood at Rs 18,855 up 15 per cent Y-o-Y. 

 

Similarly, Courtyard by Marriott, Agra recorded occupancy at 83 per cent as compared to 84 per cent in Q3 FY24). ARR stood at Rs 7,326, up 18 per cent Y-o-Y and RevPAR was at Rs 6,192 up 19 per cent Y-o-Y.

 

Phoenix Mills Limited is one of India's leading real estate development companies, primarily involved in the development, operation, and management of retail-led mixed-use properties. The company is known for its prominent shopping malls, commercial spaces, and residential projects across India. 

 

In the past one year, Phoenix Mills shares have gained 27.3 per cent against Sensex's rise of 8.3 per cent.