ICICI Direct: Phoenix Mills Q2 Review - Well Capitalised For Growth Ahead
Men ride an escalator at the shopping mall in Amritsar. (Photographer Brent Lewin/Bloomberg)

ICICI Direct: Phoenix Mills Q2 Review - Well Capitalised For Growth Ahead

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Key highlight for Phoenix Mills Ltd. was improving consumption at retail malls with festivities amid the expected weak Q2 FY21 prints.

While Q2 FY21 consumption was at 40-55% of Q2 FY20, October 2020 consumption was up 44% month-on-month.

Furthermore, the first seven days of November were approximately 85% of last year (approximately 75% on adjusted basis).

In Q2 FY21, reported revenues degrew ~ 48% YoY to Rs 214.9 crore, with core portfolio (commercial, retail, hospitality) revenues down ~58% YoY to Rs 170.1 crore, amid retail rental waivers and weak hospitality performance.

Click on the attachment to read the full report:

ICICI Direct Phoenix Mills Q2FY21 Result Update.pdf

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