Finance Update

Phoenix Mills Q3 FY19 revenue rises by 6% y-o-y

Phoenix Mills Q3FY19 result, revenue up by 6%, margin stable

  • Revenue from operations at Rs.440.43 crore, up 6% y-o-y
  • EBITDA at Rs.222.47 crore, up 8% y-o-y with a corresponding margin expansion of 89 bps

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The Phoenix Mills Limited (PML), India’s largest retail-led mixed-use asset developer and operator, today reported its unaudited financial results for the third quarter and nine months ended on December 31, 2018 as approved by its Board of Directors.

“The Phoenix Mills Limited, India’s largest Retail mall developer and operator, has once again delivered a robust Q3 and 9M FY2019 performance, with our portfolio of Retail malls continuing to set a high benchmark. Consumption was up 10% in Q3FY19 to INR 18,879 mn and Retail Rental Income was up 16% at INR 2,565 million. Our Commercial and Hospitality businesses also had strong performance in Q3FY19.

We have commenced work at all three our under-development assets – at Hebbal Bengaluru and Pune & Palladium at Ahmedabad in Q3FY19. Work at Lucknow is going on in full swing while work at Indore should commence in Q4FY19.

We are well placed to achieve our target of 11-12 msft of operational retail portfolio by FY23. We continue to scout for opportunities in select Tier-1 under-served retail markets.” Mr. Shishir Shrivastava, Joint Managing Director, The Phoenix Mills Limited.

“We remain focused on creating long-term shareholder value through superior financial performance, maintaining a strong balance sheet, and efficiently allocating capital. Favourable consumption trends across our retail assets and our efforts to bring more operational efficiencies across the portfolio are visible in our financial performance and this augurs well for the company going ahead. We had strong EBITDA and PAT performance for Q3 and 9M; Cash flows from operations remained strong, and our blended cost of borrowing was at 9.29%.

We have very modest debt maturities of Rs. 2-3 bn per year over the next 3 years, which are backed by strong cash flows from our annuity-type assets.” said Mr. Pradumna Kanodia, Director – Finance, The Phoenix Mills Limited.

Shares of The Phoenix Mills Ltd was last trading in BSE at Rs.587.05 as compared to the previous close of Rs.571.25. The total number of shares traded during the day was 508 in over 108 trades.

The stock hit an intraday high of Rs.592 and intraday low of Rs.576.55. The net turnover during the day was Rs.297806.

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