Phoenix Mills Q3 Review - Retail Consumption Picking Up; Outlook Positive: Motilal Oswal 
Shoppers ride the escalators inside a shopping mall in Mumbai, India. (Photographer: Adeel Halim/Bloomberg)

Phoenix Mills Q3 Review - Retail Consumption Picking Up; Outlook Positive: Motilal Oswal 

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.

Motilal Oswal Report

Phoenix Mills Ltd.’s retail continues to witness a demand recovery, while the same for the office segment largely remains steady with the recently completed office space seeing increased leasing activity.

The hospitality segment is likely to remain subdued in the short term.

The company remains one of the best proxy plays on India’s consumption story in the medium-to-long term.

Q3 FY21 revenue declined 34% YoY (up 57% QoQ) to Rs 3,378 million (versus our estimate of Rs 3,695 million).

Ebitda stood at Rs 1,588 million (versus our expectation of Rs 1,849 million), down 39% YoY (up 73% QoQ).

Click on the attachment to read the full report:

Motilal Oswal Phoenix Mills Q3FY21 Result Update.pdf


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