Phoenix Mills Q1 Update: Retailer Sales At Rs 3,214 Crore, Rises 25%
Newly launched malls continue to see a rise in trading occupancy as of June.
Phoenix Mills Ltd.'s retailer sales stood at Rs 3,214 crore, up 25% in the first quarter of fiscal 2025, backed by strong double-digit growth in Phoenix Market City.
Gross retail collection of the company was at Rs 794 crore, higher by 28% as compared to the same quarter of the previous fiscal, according to an exchange filing on Monday.
Newly launched malls continue to see a rise in trading occupancy as of June. Phoenix Mall of Asia was at 72% in June as against 57% in March and Phoenix Mall of the Millennium was at 80% in June from 76% in March, it said.
Weighted average trading occupancy across major malls stood at 90% and weighted average leased occupancy across major malls stood at 97% in June.
Residential Segment
The sales trajectory of the retail developer saw good improvement backed by strong demand and faster conversions.
The gross residential sales stood at Rs 50 crore in the first quarter of fiscal 2025 and achieved average selling price of approximately Rs 26,000 per sq. ft. in Q1.
Commercial Offices
The developer witnessed strong leasing traction in Q1, with gross leasing of approximately 1.51 lakh sq. ft. in the operational assets at Kurla, Mumbai and Vimannagar.
Operational assets have seen a rise in its occupancy to 71% in June 2024 as against 70% in March 2024.
Shares of Phoenix Mills closed 0.53% lower at Rs 3,729.90 apiece, as compared to a 0.05% fall in the benchmark BSE Sensex.
