Phoenix Mills Ltd. share price target

The Phoenix Mills (PHNX) has announced the completion of the Surat mall land acquisition for Rs5.1bn in partnership with Ahmedabad based Bsafal Group.

The Phoenix Mills’ (PHNX) saw Nov’22 like-to-like (LTL) consumption across malls
at Rs6.3bn or 113% of Nov’19 levels and is lower than Oct’22 LTL consumption growth of 18% as the festivals of Dussehra and Diwali both fell in the month of Oct’22. For YTD FY23 (Apr-Nov’22).

The Phoenix Mills’ (PHNX) saw Oct’22 like-to-like (LTL) consumption across malls at Rs8.7bn or 118% of Oct’19 levels and mirrors the Q2FY23 LTL consumption growth which was at 118% of Q2FY20 levels.

The Phoenix Mills’ (PHNX) saw Sep’22 like-to-like (LTL) consumption across malls at Rs5.8bn or 115% of Sep’19 levels and mirrors the Jul’22 LTL consumption growth which was at 120% of Jul’19 levels and Aug’22 LTL consumption growth which was at 114% of Aug’19 levels.

The Phoenix Mills’ (PHNX) FY21 and FY22 operations were impacted by mall shutdowns across India owing to successive Covid waves.

The Phoenix Mills (PHNX) saw Aug’22 like-to-like (LTL) consumption across malls at Rs6.7bn or 114% of Aug’19 levels.

The Phoenix Mills (PHNX) saw Q1FY23 (Apr-Jun’22) like-to-like (LTL) consumption
across malls at Rs19.8bn or 111% of Apr-Jun’19 (Q1FY20) levels which translated
into Q1FY23 retail LTL EBITDA of Rs2.9bn or 115% of Q1FY20 levels.

The Phoenix Mills (PHNX) saw Q1FY23 (Apr-Jun’22) like-to-like (LTL) consumption across malls at Rs19.5bn or 109% of Apr-Jun’19 (Q1FY20) levels while overall Q1FY23 consumption of Rs21.6bn stood at 121% of Q1FY20 levels. While Jun’22 was a slower month with LTL consumption at 97% of Jun’19 levels, with retailers’ End of Season sale delayed to Jul’22, we expect consumption to bounce back.