Phoenix Mills Ltd. share price target

Retail rental income impacted sharply by Covid-19 PML reported retail rental income decline of 11% YoY to | 222.7 crore mainly due to Covid-19 led lockdown and consequent lower trading density in March, 2020. Operational malls reported overall consumption decline of 15% YoY to | 1387.4 crore in Q4FY20 despite strong consumption growth of 15-16%, 8-9% in January, February, 2020 for HSP and other properties, respectively. The monitorable will be resumption of malls in Mumbai, which forms ~45%+ of retail revenue. Near term pain is imminent. We expect...

30 June 2020 The near-term uncertainty in PHNXs business, especially retail malls (one of the worst hit businesses due to COVID-19), remains a challenge. However, in the medium-to-long term, PHNX still remains one of the best proxy plays on Indias consumption story. Revenue declined 45% YoY to INR3,992m (v/s est. EBITDA margin declined 100bp YoY to 51.2% (in line with est. EBITDA stood at INR2,043m (v/s est. Adj. PAT declined 75% YoY to INR467m (v/s est. Retail revenue declined 7% YoY to INR2,705m, largely impacted by COVID-19 led countrywide lockdowns in the second half of Mar20.

Real estate players (like all major sectors) have faced the brunt of Covid-19, which is apparent from the stocks having seen a sharp correction in the past month. Segment wise, mall developers would be the first casualty with closure of malls and invocation of Force Majeure by at least some tenants. Similarly, home buyers' demand as well as construction stoppage will impact the residential segment. On the other hand, office segment cash flows remain protected. We expect the ground level situation to remain operationally challenging for all companies in our coverage universe amid...

Strong All Round Performance: PHNX's revenue grew 16% YoY to Rs. 5118 mn and EBITDA grew by 17% YoY toRs. 2594 Mn. EBITDA margins of 51% remained same.

Retail rental income grows 8% YoY in Q3FY20 PML reported retail rental income growth of 8% YoY to | 277.7 crore mainly driven by PMC Bengaluru, PMC Pune, PMC Mumbai and HSP & Palladium. Overall, operational malls reported strong overall consumption growth of 10% YoY to | 2,067.2 crore in Q3FY20 on the back of a festive October and December, 2019. Consumption growth also remains strong at 8-12% YoY in January, 2020, which is encouraging. On the trading density front, HSP & Palladium, PMC Bengaluru, PMC Pune, PMC Mumbai reported 13%, 11%,...

Steady Performance, H2FY20 Expected to be Better: PHNX s revenue grew 3 percent YoY to Rs. 4150 Mn and EBITDA grew by 6 percentYoY to Rs. 2107 Mn.

PML reported retail rental income growth of 7% YoY to | 259.4 crore while retail consumption growth was slow at 1% YoY to | 1,694.8 crore in Q2FY20. Consumption was impacted largely on account of higher area under fit outs at a couple of assets and ongoing metro work near PMC Bangalore. On a positive note, the festive month of October, 2019 saw consumption growth of more than 20% over that witnessed in last year's festive month (November, 2018), which is encouraging. PMC Lucknow (Phoenix Palassio) is expected to get operationalised in January/February, 2020. With this and...

PHNX's revenue grew 49% YoY to Rs. 6150 Mn. The significant growth in revenue was on account of revenue recognition from tower 6 of its residential project One Bangalore West which has received OC in Q1FY20.

Core portfolio PAT grows 40% YoY: 1QFY20 revenue grew 49% YoY to INR6,150m (v/s est. of INR4,447m). The beat was primarily driven by lopsided revenue growth in the residential segment driven by revenue recognition of One Bangalore West Tower 6'. EBITDA margin expanded 30bp YoY to 47.6% (v/s est. of 51.5%). Its core portfolio comprising retail malls, commercial and...

Steady Performance Across Malls; Capex Activity on Track: PHNX revenue grew 66%/64% YoY/QoQ to Rs. 7233 Mn. The significant growth in revenue was on account of revenue recognition from the company residential project Kessaku which has received OC in Q4FY19.