Phoenix Mills Q1 Review - Maharashtra Malls Reopening To Be Key: ICICI Direct
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ICICI Direct Report
Phoenix Mills Ltd.’s Q1 FY22 results were impacted by lockdowns.
Retail revenues grew ~12% YoY but were down ~57% QoQ at Rs 115.3 crore while hospitality revenues were up 57% YoY but declined ~49% QoQ at Rs 15.1 crore.
Commercial remained a resilient segment, which witnessed revenue growth of ~61% YoY at Rs 36.2 crore.
Revenue recognition of Rs 37.6 crore in residential segment versus nil revenues in Q1 FY21.
Phoenix Mills' Ebitda margins at 37.3% were down ~15% owing to negative operating leverage, resulting in losses at the bottomline level.
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