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Phoenix Mills Q4 PAT tumbles 80% to Rs 47 cr

Capital Market 

The Phoenix Mills' consolidated net profit slumped 79.56% to Rs 46.69 crore on 44.8% drop in net sales to Rs 399.23 crore in Q4 March 2020 over Q4 March 2019.

Consolidated profit before tax (PBT) tanked 76.51% to Rs 76.14 crore in Q4 FY20 as against Rs 324.18 crore in Q4 FY19. Total tax expense skid 45.32% to Rs 27.88 crore during the period under review. The Q4 result was declared after trading hours yesterday, 29 June 2020.

Consolidated EBITDA for the quarter dropped 46% to Rs 204.30 crore in Q4 FY20 over Q4 FY19. EBITDA margin was at 51% in Q4 FY20 as against 52% in Q4 FY19.

Meanwhile, the company's board approved raising an aggregate amount of up to Rs 1,200 crore through rights issue, preferential issue, qualified institutions placement, follow-on public offer, etc., or through a combination thereof, by issue of securities (equity shares, preference shares, debentures or any other convertible instruments or through combination of any of such securities).

During the lockdown period due to COVID-19, the group has taken various measures to rationalize fixed costs but not restricted to energy conservation, resource deployment and deferral of certain non-critical upgrades. Collections of rent and other charges from tenants of commercial offices were not impacted.

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 fell 0.56% to Rs 582 on BSE. The scrip hovered in the range of Rs 572.55 to Rs 606.15 so far.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, June 30 2020. 11:47 IST
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