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Phoenix Mills spurts on witnessing strong traction across portfolios in Q3 FY21

Capital Market 

The Phoenix Mills jumped 7.15% to Rs 807.30 after the said that it witnessed sustained recovery in the consumption at its malls since reopening.

The company said that consumption across its retail portfolio came in at Rs 1370 crore in Q3 FY21, up 192% quarter-on-quarter (QoQ) and at approximately 66% of Q3 FY20.

Consumption in December 2020 was steady at approximately Rs 500 crore, at the same level as November 2020 and at 70% of December 2019.

In line with consumption, retail collections continue to witness sharp improvement. Q3 FY21 collection was at approximately Rs 260 crore.

In its residential portfolio, Phoenix Mills witnessed significant interest from customers for ready‐to‐move‐in inventory at One Bangalore West and Kessaku. It sold 14 units with aggregate sales value of approximately Rs 74 crore and the collections were at Rs 37.8 crore in Q3 FY21.

In its commercial portfolio, the company's rent & CAM collections across the commercial portfolio remained strong at approximately Rs 39 crore in Q3 FY21. It received occupation certificate for Fountainhead Tower 2 in October 2020 and leased approximately 25,000 sq ft during December 2020.

In the hospitality segment, the company's hotel properties saw improved traction in social events and F&B revenue during Q3FY21. Revenue at The St. Regis, Mumbai has almost doubled sequentially to approximately Rs 17.9 crore in Q3 FY21 and is at 28% of Q3FY20. Revenue at Courtyard by Marriott, Agra stood at approximately Rs 4.5 crore in Q3 FY21, at 36% of Q3FY20.

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.

On a consolidated basis, the company posted a net loss of Rs 39.98 crore in Q2 September 2020 as against a net profit of Rs 64.26 crore reported in Q2 September 2019. Net sales declined 48% year on year to Rs 214.9 crore in Q2 September 2020.

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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: Fri, January 08 2021. 11:14 IST