ICICI Direct is bullish on Phoenix Mills has recommended buy rating on the stock with a target price of Rs 725 in its research report dated July 31, 2020.
ICICI Direct's research report on Phoenix Mills
Phoenix Mills (PML) reported a washout quarter as expected, owing to the impact of Covid-19, which led to a decline in its retail and hospitality assets revenues and profitability coupled with zero revenues in the residential segment. Reported revenues de-grew ~78% YoY to Rs 134.7 crore, with core portfolio (commercial + retail + hospitality) revenues down 67% YoY. Reported EBITDA margin was up 460 bps YoY to 52.2%, given cost rationalisation. The company reported a loss of Rs 42.2 crore.
Recommencement of key malls of Mumbai and Pune are likely to provide some relief in cash flows. We maintain BUY rating with a revised SoTP based target price of Rs 725/share.
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