Phoenix Mills Stock Hits A 10-Month High On Sustained Demand Recovery
Shoppers ride the escalators inside a shopping mall in Mumbai, India. (Photographer: Adeel Halim/Bloomberg)

Phoenix Mills Stock Hits A 10-Month High On Sustained Demand Recovery

Shares of Phoenix Mills Ltd. jumped to the highest since March as a recovery in demand sustained across malls, commercial, residential and hospitality properties after the nation lifted lockdown curbs.

“Consumption across our retail portfolio came in at Rs 1,370 crore in Q3 FY21, up 192% sequentially and approximately 66% of Q3 FY20,” India’s largest mall developer said in its quarterly business updates released on the bourses on Friday. Consumption in December was flat compared to November and stood at Rs 500 crore. This was 70% of December 2019 levels, it said.

Retail collections, too, continued to witness a sharp improvement, the company said. Collections during the quarter ended December stood at Rs 260 crore and for the nine months of FY21 at about Rs 390 crore.

Here’s how the company’s various other business segments fared in the third quarter:


  • The company witnessed significant interest from customers for ready-to-move-in inventory at One Bangalore West and Kessaku.
  • The company sold 14 units with an aggregate sales value of about Rs 74 crore in Q3 FY21. For the nine months in FY21, it sold 24 units with an aggregate sales value of Rs 140 crore.
  • Collections stood at Rs 37.8 crore during the quarter and about Rs 100 crore for 9MFY21.

Commercial: Operational Portfolio

  • Rent and CAM (common area maintenance) collections across the commercial portfolio remained strong at around Rs 39 crore during the reported quarter and Rs 114 crore for 9MFY21.
  • Received occupation certificate for Fountainhead Tower 2 in October and leased around 25,000 square feet during December.


  • Hotel properties saw improved traction in social events and F&B (food and beverage) revenue during the quarter.
  • Revenue at The St. Regis, Mumbai has almost doubled quarter-on-quarter to Rs 17.9 crore in the third quarter and is at 28% of Q3 FY20 levels.
  • Revenue at Courtyard by Marriot, Agra stood at Rs 4.5 crore during the quarter, which is at 36% of its Q3 FY20 levels.

Shares of Phoenix Mills gained as much as 8.8% in Friday’s morning trade to Rs 819.50 apiece — the highest since March 11, 2020. All the 21 analysts tracking the company recommend a ‘buy’. The stock crossed its Bloomberg consensus 12-month price target of Rs 809 in Friday’s session.

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