Phoenix Mills Q3 Results Review - Strong Growth Aided By New Malls: Motilal Oswal

Motilal Oswal Report

Phoenix Mills Ltd. reported a revenue of Rs 9.8 billion, up 44% YoY/13% QoQ (6% ahead of our estimate), driven by the contribution from four new malls totaling 4 million square feet. Revenue for nine months FY24 stood at Rs 26.7 billion, up 40% YoY.

In line with revenue growth, Ebitda grew 44% YoY to Rs 5.5 billion (in line). Ebitda margins remained flat YoY at 56%, down 250 basis points QoQ. Profit after tax came in at Rs 2.8 billion, up 58% YoY (in line).

Phoenix Mills generated operating cash flow (post interest) of Rs 5.4 billion and incurred a capex of Rs 7 billion. It has a gross debt of Rs 43 billion (flat QoQ), while net debt (Phoenix share) increased by Rs 1 billion QoQ to Rs 16 billion.

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