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Motilal Oswal Report
Phoenix Mills Ltd.’s revenues declined 78% YoY to Rs 1,347 million (versus estimate Rs 1,48 6million) in Q1 FY21.
Ebitda margin was up 460 basis point YoY to 52.2% (versus estimate 40.9%). Ebitda was down 76% YoY to Rs 703 million (versus estimate Rs 608 million).
This was largely on account of significantly lower operating costs like power and fuel, raw material and other expenses.
Adjusted profit after tax level losses stood at Rs 424 million (versus estimate adjusted PAT level loss of Rs 12 million), against adjusted PAT of Rs 1,304 million.
Due to the Covid-19 led crisis, real estate segments such as retail, residential and hospitality faced near-term challenges. However, the commercial segment has shown resilience.
Further, the latest directive by the Government of Maharashtra to commence mall operations from the first week of August 2020 bodes well for Phoenix Mills Ltd.
Phoenix still remains one of the best proxy plays on India’s consumption story in the medium-to-long term.
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