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%.
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