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ICICI Securities Report
The Phoenix Mills Ltd.'s FY21 and Q1 FY22 operations have been impacted by mall shutdowns across India owing to successive Covid-19 waves.
For FY21, mall consumption of Rs 33.3 billion was at 69% of FY20 levels while rental income of Rs 5.6 billion stood at 55% of FY20 levels.
To tide over the intermittent Covid-19 related disruptions, Phoenix Mills has raised ~Rs 26 billion of equity capital through qualified institutional placement route and special purpose vehicle level stake dilution between August 2020 to June 2021 and has access to an additional funding pool of Rs 10 billion.
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