Phoenix Mills Ltd.

NSE: PHOENIXLTD | BSE: 503100 | ISIN: INE211B01039 |Industry: Realty
|Expensive Performer

Phoenix Mills Ltd.    
11 Feb 2019
721.15
1.77%
Nirmal Bang Institutional
Earnings Driven By Lower Tax Expenses And Retail Rental Growth Phoenix Mills (PML) reported a net profit of Rs620mn for 3QFY19, up 48.4% YoY and 3.9% QoQ. Retail rental income at Rs2,916mn was up 17% YoY, driven by Phoenix Market City or PMC - Kurla and Pune . St. Regis reported ARR of Rs12,422, up 2% YoY, and an occupancy rate of 77% (industry is operating below 70%). Revenues and EBITDA of St. Regis grew 14% QoQ and 23% YoY to Rs839mn and Rs353mn, respectively. Earnings growth of PML was primarily driven by: 1) Lower tax expenses with an effective tax rate of 18%. 2) Strong retail rental income growth of 17% YoY. 3) Continued growth in St. Regis and Courtyard Marriot Agra, as occupancy and rental rates remained strong. We have...
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Number of FIIs/FPIs holding stock rose by 11 to 193 in Sep 2019 qtr.
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