The real estate firm reported consolidated net loss of Rs 50.51 crore in Q1 June 2020 compared with net profit of Rs 146.88 crore in Q1 June 2019.
On a consolidated basis, net sales slumped 78.1% to Rs 134.71 crore in Q1 June 2020 compared with Rs 615.04 crore in Q1 June 2019. Pre-tax loss stood at Rs 53.77 crore in Q1 June 2020 as against pre-tax profit of Rs 170.29 crore in Q1 June 2019. The result was announced post trading hours yesterday, 29 July 2020.
EBITDA tanked 75.98% to Rs 70.30 crore in Q1 FY21 as against Rs 292.70 crore in Q1 FY20. EBITDA margin improved to 52% in Q1 FY21 as against 48% in Q1 FY20.
The average cost of borrowing declined to 9.14% in Q1 June 2020 from 9.19% in Q4 March 2020. 86% of debt is long-term. Debt on the operational portfolio is primarily lease-rental discounting for retail and commercial or backed by steady hotel revenues.
The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of of eight retail mall assets across major cities in the country. It also has an office portfolio of in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate in Bengaluru and Chennai.
Shares of The Phoenix Mills rose 3.14% to Rs 614. The stock traded in the range of Rs 595.50 to Rs 628.15 during the day.
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