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ICICI Securities Report
The Phoenix Mills Ltd. clocked mall consumption of Rs 10.1 billion in Q2 FY22 versus Rs 4.7 billion in Q2 FY21 or 63% of Q2 FY20 (pre-Covid-19 levels) as malls reopened in a calibrated manner across India during the quarter.
The momentum has carried forward into Oct'ober 2021 where consumption is at 90% of pre-Covid levels and minimal rental waivers from November 2021 onwards.
As per Phoenix Mills, rentals are expected to revert to pre-Covid levels by Q4 FY22 assuming no third Covid wave across India.
We assume a 30% loss to lease rental income loss for FY22E owing to rental waivers in H1 FY22 and retain our FY23E estimates as we believe that the long-term growth story for grade A malls in India remains intact.
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