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ICICI Securities Report
The Phoenix Mills Ltd.'s FY21 and FY22 operations were impacted by mall shutdowns across India owing to successive Covid waves. In FY22, like-to-like mall consumption was at 64% of FY20 levels with LTL rental income at 72% of FY20 levels (including spill over from FY21).
However, with waning Covid impact, in Q1 FY23 (April-June 2022), LTL consumption across malls stood at Rs 19.8 billion or 111% of April-June-2019 (Q1 FY20) levels which translated into Q1 FY23 retail LTL Ebitda of Rs 2.9 billion or 115% of Q1 FY20 levels.
Similarly, in Q2 FY23, Aug-2022 (LTL) consumption across malls has come in at 114% of Aug-2019 levels with July-22 LTL consumption at 120% of July-2019 levels.
Owing to continued consumption strength, we model for FY23E rental income of Rs 13.7 billion (Rs 12.2 billion on LTL basis versus Rs 10.3 billion in FY20).
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