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ICICI Securities Report
The Phoenix Mills Ltd. has seen February 2022 mall consumption recovering to 94% of pre-Covid levels on like-to-like basis after January 2022 LTL consumption stood at 70% of January 2020 levels in spite of Omicron-led disruption during that period consumption stood at 89% of Q3FY20 levels).
With ~95% of retailers having moved back to pre-Covid minimum guarantee rentals from January 2022, we expect PHNX to clock Rs 8.0 billion of FY22E retail rental income (30% LTL loss).
We model for FY23E rental income of Rs 12.7 billion (Rs 11.0 billion on LTL basis versus Rs 10.2 billion in FY20).
With Indore and Ahmedabad malls to open in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, we expect 14% rental income CAGR over FY20-25E.
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