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Buy Phoenix Mills; target of Rs 870: ICICI Direct

ICICI Direct is bullish on Phoenix Mills has recommended buy rating on the stock with a target price of Rs 870 in its research report dated November 13, 2019.

November 15, 2019 / 02:14 PM IST
 
 
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ICICI Direct's research report on Phoenix Mills


Phoenix Mills’ (PML) topline grew 2.6% YoY to Rs 415.1 crore. Adjusting for residential business (Rs 11.2 crore), core portfolio (retail, commercial & hospitality) revenues grew 6.1% YoY to Rs 403.9 crore. The EBITDA margin expanded 180 bps YoY to 50.8%. RPAT grew 6.0% YoY to Rs 65.8 crore, which includes Rs 7.8 crore net exceptional item. Adjusting for residential business PAT, core portfolio PAT grew 14.2% YoY to Rs 70.8 crore.


Outlook


We remain positive on PML given its quasi play on India’s consumption story, quality of retail & commercial assets, healthy balance sheet & strategic expansion plans. We roll over our valuation on FY21E estimates and maintain BUY recommendation with an SoTP based TP of Rs 870/share.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Nov 15, 2019 02:14 pm

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