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