Motilal Oswal: Phoenix Mills Q2 Review-Retail Consumption Picking Up; Positive Outlook
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Motilal Oswal Report
The retail segment is seeing strong recovery post the resumption of operations at malls, while the office segment remains steady.
However, the hospitality segment is unlikely to achieve normalcy in the short term.
The company remains one of the best proxy plays on India’s consumption story in the medium-to-long term.
The company’s revenues declined 48% YoY (up 60% QoQ) to Rs 2,149 million (estimate Rs 2,342 million).
Ebitda was down 57% YoY (up 30% QoQ) to Rs 917 million (estimate Rs 1,163 million).
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