Phoenix Mills - Consumption Recovery Faster Than Anticipated In Q3: ICICI Direct
Shoppers wearing protective masks ride an escalator at the mall (Photographer Emilie Richardson/Bloomberg)

Phoenix Mills - Consumption Recovery Faster Than Anticipated In Q3: ICICI Direct


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ICICI Direct Report

The key highlight for Phoenix Mills Ltd. was consumption recovery at retail malls with festivities.

During Q3FY21, total consumption was at Rs 1,380 crore (up 195% QoQ; at approximately 67% of Q3 FY20) and the improving trend continued in January 2021 – growing 5% month-on-month to Rs 530 crore (~83% of January 2020).

Reported revenues de-grew ~34% YoY to Rs 337.8 crore, with core portfolio (commercial, retail, hospitality) revenues down ~39% YoY to Rs 282.3 crore, dragged by weak hospitality performance (down 74% YoY).

Reported Ebitda margin was down 366 basis points YoY to 47%.

Click on the attachment to read the full report:

ICICI Direct Phoenix Mills Q3FY21 Result Update.pdf


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