Phoenix Mills Q4 Review - Healthy Performance: ICICI Direct
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ICICI Direct Report
The key highlight for Phoenix Mills Ltd. was consumption recovery at retail malls.
During Q4 FY21, total consumption was at Rs 1,435 crore (up 5% QoQ; at ~100% (~94% on like to like basis) of Q4 FY20).
Reported revenues de grew ~3.4% YoY to Rs 385.9 crore, with core portfolio (commercial, retail, hospitality) revenues down ~14.7% YoY to Rs 329.5 crore, dragged by weak hospitality performance (down ~66% YoY).
Reported Ebitda margin were down 620 basis points YoY to 44.9%, given the higher mix of residential revenues.
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