During the 10-year period from FY14 to FY24, PHNX’s retail portfolioreported a 12% CAGR in consumption, aided by ~8% like-for-like growth inexisting malls and the launch of new malls in Lucknow, Indore, andAhmedabad. Moreover, the company’s retail rental income also witnessed12% CAGR over the same period, aligning closely with the growth inconsumption.