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ICICI Securities Report
The Phoenix Mills Ltd. has seen March 2022 consumption across malls at Rs 5.6 billion or 105% of March 2019 levels on like-to-like basis (March-2020 saw mall shutdowns hence not comparable) while Q4 FY22 consumption of Rs 14.8 billion stood at 91% of Q4 FY19 levels on like-to-like basis.
In January 2022, like-to-like consumption stood at 70% of Jan-20 levels in spite of Omicron disruption in mall operations for the month, and in Feb-22, consumption levels were back to 94% of pre-Covid levels.
We believe that the reopening of multiplexes and lowering of restrictions on food and beverages have contributed to the improved performance in Mar-22.
We model Phoenix Mills' FY23E rental income of Rs 12.7 billion (Rs 11.0 billion on like-to-like basis versus Rs 10.2 billion in FY20).
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