- 07 Nov 2022
- ICICIdirect Research
PHOENIX MILLS REPORTS STRONG RECOVERY ACROSS MAJOR OPERATIONAL CATEGORIES
PHOENIXLTD - 1477 Change: -38.45 (-2.54 %)News:
The Phoenix Mills continues to witness strong recovery across all operational categories with many categories exceeding pre-covid levels. With these, total consumption during October 2022 stood at Rs 977.7 crore (133% of October 2019). Excl. Palassio’s contribution, October 2022 consumption was 118% of October 2019. At YTD April to October 2022 level, consumption stood at 5,366.5 crore (127% of YTD April to October 2019). Additionally, occupancy level for hospitality segment has witnessed strong recovery aided by revival in corporate travel and social events. Occupancy level for St Regis, Marriott (Agra) stood at 79%, 80% respectively while Average room rentals (ARR) stood at Rs 14,154, Rs 4,623 in October 2022. In the residential space, the company achieved overall sales of Rs 200 crore in YTD October with good improvement seen backed by strong demand and faster conversions. Further, the company achieved gross leasing of ~2.23 lakh sq ft during YTD October 2022, of which ~1.50 lakh sq ft is new leasing and ~0.73 lakh sq ft is renewal leasing
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Phoenix Mills continues to be a key beneficiary of strong consumption growth. We expect the strong growth momentum to continue in rest-Q3 also led by festivities. We continue to maintain positive stance on the company as quasi play on consumption
Impact:
Positive