New assets, expansion to drive growth for mall firm Phoenix Mills

Brokerages expect double digit earnings growth over the next three years

Acquisitions, expansion and additions offer growth and revenue visibility for India’s largest listed mall operator, Phoenix Mills.
The company recently acquired a seven-acre parcel in Surat, Gujarat, for Rs 510 crore, to set up a million square feet mall that will be commissioned in FY27. This will be the company’s second mall in the state. The one in Ahmedabad is leased out and will open next month.

Phoenix Citadel Indore opened earlier this month, and the company expects to have two other assets ready in FY24. Murtuza Arsiwalla and Prateek Barsagade, analysts with Kotak Institutional Equities, said that the company