The Phoenix Mills (PHNX) reported standalone 3QFY15 PAT of Rs 381mn, in line with our estimates. On consolidated basis, PHNX?s consolidated 3QFY15 PAT of Rs 430mn was marginally higher than standalone PAT owing to lower accounting losses of Rs 229mn at the Palladium hotel(loss of Rs 389mmn in 2QFY15 and Rs 268mn in 1QFY15) .