Phoenix Mills saw profits increase in its September quarter, with net profit at Rs. 46.2 crores, a growth of 4.9% QoQ. Demonetization is likely to tamp down customer spending in the coming weeks, especially on luxury items, with the government's continued crackdown on black money.
The company however expects to see improved revenues from rentals as well as some deleveraging, which will reduce its debt and interest payments. Approximately 40% of the company's rental portfolio is up for renewal in the next 24 months, and with new international brands vying for premium space in Indian cities, the company is likely to benefit from the influx.