From where we stand today I feel privileged to be associated with an inspired team ofpeople for whom delivering consistently is now a way of life.
To start I would like to dedicate this year's report to a man that has been the mostinfluential and important person in my life and that of our company. We shall all greatlymiss the guidance wisdom and love that my father Mr. Ashok Ruia bestowed on us. It iswith a heavy heart that I take on his responsibilities and am fully committed to thefuture of the Phoenix Mills family. This year the theme of our annual report is based onour organisation's ability to perform with practice and precision. We compare the way wework to the execution of a complex symphony. Like a team of skilled musicians led by anconductor to execute the vision of a composer over the years we too have the clearvision the time-tested strategic blueprint the experienced leadership teams and seasonedtalent to ensure precision and success in our execution going forward. The year underreview was a year of exceptional performance growth and success. From where we standtoday I feel privileged to be associated with an inspired team of people for whomdelivering consistently is now a way of life. Our management team and our dedicatedemployees are adding value to your Company every single day while dealing adeptly withthe complexities of market conditions and business challenges. In particular we haveresponded well to managing multiple moving parts of an increasingly complex enterpriseand countered the challenges of slower than expected economic growth. Your Company'snotable success year after year is a monument to our strong management skills and thelong-lasting bond we've established with the consumers of the cities we operate in.
Our Financial Performance
FY2019 was an excellent year for PML and was well in line with our strategies andexpectations. In most part our performance for the year was the outcome of theoperational excellence we exhibited. Our strategies for culling in effciencies no matterhow small they might be also contributed to the growth in our aggregate profitability.FY2019 has been the first full year of operations after we consolidated our stakes acrossour multiple assets through FY2018 and not surprisingly the benefits of bolstering ourownership across multiple assets can now be observed in our consolidated numbers.
By the end of FY2019 our operations recorded a consolidated revenue of र 19816million which grew by 22% YoY. Underlining our performance our EBITDA landed a total ofर 9931 million which grew by a commendable 28% YoY. Our portfolio that encompassesretail developments commercial offces residential development and hotels witnessedsustained improvements in our operational performance across the board leading to anexceptional 74% YoY jump in our Profit After Tax (PAT) to finally stand at र 4210million. In all respects FY2019 produced an excellent year's performance numbers andsets the Company even stronger for the future.
Growing consumption trends within India's Urban Centres
Year after year India's consumer market is steadily realizing its long-term promise.We saw this trend early on and planned for it with perfect timing. Years in the making werelied on vision conviction and smart capital to develop our Phoenix MarketCity concept.Our irreplaceable assets are a true reflection of today's urban lifestyle and we areadvantageously placed within the urban consumption story of India. Every year as themiddle class widens and our shoppers become more prosperous we are witnessing consistentgrowth in quality footfalls and aggressive demand for space from leading global anddomestic brands. We remain highly confident in our capabilities to continuously attracthigher quality footfalls catered to by relevant and admirable brands in the years tocome.
Acquiring Marquee Land parcels and Brownfield Projects
In line with our strategy to own and operate around 12 million square feet of retailassets by 2023 more than double than what we have today FY2019 saw several strategicacquisitions taking place towards achieving this goal. During financial year under reviewwe successfully acquired 13 acres of land at Hebbal Bengaluru. Hebbal is almost 19 kmaway from Phoenix MarketCity Bangalore with strategic and easy access to key commercialand residential clusters. Here we plan to build another retail-led mixed-use assetfeaturing next-gen design concepts and innovation. Over the coming years we will have twoprized retail assets in Bengaluru each catering to their respective micro-marketcatchments within this increasingly prosperous city. We also bought out anunder-construction mall in Lucknow the capital city of India's most populous state -Uttar Pradesh. Spread over 13.5 acres of land we expect to complete our constructionworks and commence fit-out during FY20. Apart from these PML has entered into a 50:50Joint Venture with BSafal Group to develop a luxury retail development Palladium'of 0.7 Million Sq. Ft.. The city of Ahmedabad is well known for its prosperity and affuentmiddle-class population base. We expect this luxury mall to fit in well as a highlydifferentiated offering to serve an un-tapped upmarket segment.
Segment Wise Business Performance of PML
I am pleased to inform you that we continue to show a good showing secularly across allour business segments. To begin with we clocked up र 68.87 billion in the retailconsumption at all our malls for FY2019. This was an improvement of 9% compared to theprevious year. Our rental income stood at र 9913 million up strongly by 14% YoY.During the year under review our total top-line numbers also benefited from thecompletion of our marquee residential development Kessaku' in Bangalore. Overallthe residential portfolio contributed a revenue of र 3795 million. Finally our coreportfolio comprising of our retail developments commercial offces and hotels continuedto deliver their robust performances through the year and reported a combined top line ofर 16020 million for the full year and a PAT of र 3222 million which grew by51% YoY. This outcome is a vivid testimony to our strong efforts on continuously improvingthe consumption density per square feet at each of our malls.
Phoenix MarketCity Mumbai
Joining the Club of Stellar Performers
During FY2019 Phoenix MarketCity Mumbai produced remarkable performance for a thirdyear in a row. In FY2019 consumption at the mall rose by 17% to र 9599 millionwith a CAGR growth of 17% over the last three years. Today helped by the multipliereffect of thousands of people working within our large leased-out offce spaces at ArtGuild House adjacent to the mall the outlook for Phoenix MarketCity Mumbai appears to bequite promising. With great urban transport connectivity and various re-generationactivities taking shape in and around the Kurla area we are witnessing steadyimprovements in the property's trading density which approached nearly र 1200 persquare foot in FY2019. The strong operational performance has also resulted in the solid28% growth in the mall's EBITDA to reach र 1188 million by the end of FY2019. As Ihad mentioned at the outset three years ago Mumbai has continued to deliver on myexpectations of healthy performance year after year. Just as High Street Phoenix in LowerParel has demonstrated over its long history I expect Phoenix MarketCity Mumbai to beanother true example of how a retail mixed-use iconic asset can be transformed into adestination centre within a city.
The St. Regis Mumbai The Best in Class
Our flagship hotel The St. Regis Mumbai is renowned for its unmatched Indian luxuryand personalised service creating extraordinary experiences and a contemporary ambiancefor all its guests. It has accomplished a strong acceptance by affuent travellers fromacross the world and has elevated Mumbai's luxury hospitality landscape to another level.During FY2019 The St. Regis Mumbai witnessed another year of strong operatingperformance. The average occupancy at the hotel was 80% during the year with an AverageRoom Rate (ARR) of र 12154 up 4% YoY. This resulted in an increase of 9% YoY intotal income to र 3042 million while the operating profit increased 15% YoY toर 1234 million. We have utilized the strong cash flows from the hotel to reduceoverall debt by र 1720 million from र 6500 million to र 4780 millionover a span of 30 months.
Today PML stands as an undisputed retail-led property leader within India. Given therising consumption story of India we are strategically placed across key urbanconsumption centres for growth and continue to maintain a strong balance sheet to expandour asset base. Our rich experience goodwill with retailers and customers and ability toconsistently generate strong free cash flows has put us in a comfortable position to makeour journey towards future targets. With each passing year PML continues to become astronger institution that is highly committed to deliver exceptional long-term value. Welook forward to an exciting FY2020 with our readiness to make the most of theopportunities that the year has to offer.
On behalf of the management and the Board of Directors I would like to take thismoment to thank all our staff shareholders business partners and associates for theirunceasing support and commitment to your Company. Thank you for being a part of ouron-going success story.