6 November 2018 PHNXs revenue increased 9.2% YoY to segment (+11% to INR2,839m). EBITDA grew 11% YoY to INR1,981m (our 2QFY19/1HFY19 includes a realized gain of INR358m on the sale of investments of 0.5m equity shares of Graphite India. Interest expense of INR917m (+7% YoY) came in higher than our estimate of INR865m. Consequently, PAT of INR620m (48.5% YoY) missed our estimate of INR664m. Revenues grew by 7% YoY to INR8,179m, EBITDA by 11% YoY to INR3,935m and PAT by 44% YoY to INR1,217m. investment of INR18b, ISML has already invested INR12.8b on acquisitions (including Indore asset, PMC 2 at Wakad in Pune, PMC 2 at Hebbal in Bangalore), which also includes land cost and initial expenses. (2) Lucknow retail asset to begin operations by Diwali next year. We believe that PHNX provides a unique way to play Indias retail growth story.