As per company, The Phoenix Mills (PHNX) has clocked mall consumption of Rs6.6bn in Nov’21 which is 116% of Nov’19 levels and Rs6.7bn in Oct’21 which is 91% of Oct’19 levels. While the threat of a fresh round of Covid induced mall closures remains a risk, we expect mall rentals to revert to pre-Covid levels by Q4FY22 as consumption continues to improve.