Shares of The Phoenix Mills opened nearly 2 percent higher at Rs 1,833.75 on the NSE on October 10, a day after the company reported a steady growth in consumption in Q2FY24.
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According to a business update for the quarter, The Phoenix Mills reported a total consumption of Rs 5,211 crore for H1 FY24, a 19 percent on-year growth. On a like-to-like basis, consumption in H1 FY24 has grown by 10 percent over H1 FY23. Retail collections for the same half-yearly period stood at Rs 1,252 crore, a 20 percent increase over H1 FY23.
For Q2FY24, the total consumption stood at Rs 2,637 crore, a 20 percent YoY growth, while retail collections stood at Rs 638 crore in Q2 FY24, with a growth of 23 percent over last year.
For H1 FY24, the company reported residential sales of Rs 433 crore as against Rs 466 crore in HY1FY2023. For Q2FY24, total residential sales were Rs 292 crore, up by 193 percent against Q2 FY23.
Also read: Neutral Phoenix Mills; target of Rs 1845: Motilal Oswal
JM Financial initiated coverage on Phoenix Mills with a buy call. "We believe Phoenix Mills is a well-run company that has stuck to its core skill-set of running malls and is scaling this up well," analyst Sumit Kumar said.
According to the brokerage, rental revenue from the retail portfolio is expected to grow at 29 percent over FY23-26. Additionally, the office portfolio will increase to 7.1 million square feet (msf) by FY2027 and the revenue potential after expansion is expected to be Rs 6.8 billion . JM Financial initiated coverage with a buy rating and a target price of Rs 2,010 (11 percent upside).
The Phoenix Mills is one of India's largest mix use retail developers with a presence in over 8 cities and encompassing retail malls, entertainment complexes, commercial spaces and hospitality units.
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