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ICICI Securities Report
The Phoenix Mills Ltd. has delivered 15% consumption compound annual growth rate and 14% rental income CAGR over FY13-20 prior to Covid-19 induced mall closures across India from mid-March 2020.
While FY21 will be a tough year with an estimated 50% rental income loss, the recent qualified institutional placement fund raise of Rs 11 billion and all nine operational malls reopening in Q2 FY21 are directionally positive.
We expect gradual improvement from H2 FY21 and expect a strong recovery with FY22E rental income of Rs 11.0 billion versus Rs 10.0 billion in FY20.
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