The Phoenix Mills (PHNX) saw Dec’22 like-to-like (LTL) consumption across malls at Rs8.2bn or 108% of Dec’19 levels. While the Dec’22 LTL growth is lower than the 15% LTL growth seen between Apr-Nov’22, we believe that a high base in Dec’19 (Black Friday sale was in Dec’19 vs. Nov’22 in FY23) has had a marginal impact.