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