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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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

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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