Phoenix Mills: Festive Season Ushers In Consumption Revival, Says ICICI Securities  
A shopper rides an escalator at a mall  (Photographer Anita Pouchard Serra/Bloomberg)

Phoenix Mills: Festive Season Ushers In Consumption Revival, Says ICICI Securities  

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 Securities Report

Phoenix Mills Ltd. has informed exchanges that Q3 FY21 mall consumption of Rs 13.7 billion was at 66% of previous year levels and up 192% QoQ.

Consumption in December 2020 was approximately Rs 5 billion and at the same level as November 2020 and at 70% of Dec-19 levels.

Retail rental collections (including common area maintenance charges) in Q3 FY21 were also healthy at Rs 2.6 billion (Rs 3.9 billion for nine month-FY21).

With higher than expected consumption across malls, we now expect a lower like-to-like FY21E rental income loss of 45% versus 50% earlier.

Click on the attachment to read the full report:

ICICI Securities Phoenix Mills Update.pdf

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