Phoenix Mills Q4 Results Review - Strong Growth Aided By Opening Of New Malls: Motilal Oswal

Motilal Oswal Report

Phoenix Mills Ltd. reported revenue of Rs 13.1 billion, up 79%/32% YoY/ QoQ, which was 20% ahead of our estimate due to a higher contribution from the residential segment as Tower 7 of its project in One Bangalore West received OC.

During FY24, its revenue jumped 51% YoY to Rs 39.7 billion.

However, on account of a higher residential mix, the Ebitda margin contracted 11% to 48%. As a result, Ebitda growth was restricted to 46% YoY at Rs 6.3 billion (in line). Adjusted profit after tax rose 59% YoY to Rs 3.3 billion (in line).

During FY24, adjusted PAT stood at Rs 11 billion, up 37% YoY.

Phoenix Mills generated an operating cash flow (post-interest) of Rs 17.8 billion (up 27% YoY) and incurred a capex of Rs 16.7 billion. Its gross debt was flat QoQ at Rs 43.7 billion; however, net debt declined Rs 1 billion to Rs 15.6 billion.

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