Phoenix Mills Q2 Results Review - Beat On P&L Driven By Higher Residential Recognition: Motilal Oswal

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Phoenix Mills Ltd. reported revenue of Rs 8.8 billion, which was up 35% YoY/ 8% QoQ, and was 14% above our estimate. The beat was led by higherthan-expected recognition from residential business in Q2 FY24.  In line with revenue growth, Ebitda grew at 35% YoY to Rs 5.1 (14% above estimate). Ebitda margins remained about flat YoY at 58.7% and declined by 200 basis points QoQ. profit after tax came in at Rs 2.5 billion, up 36% YoY and 31% above our estimate..Phoenix Mills generated an operating cash flow (post-interest) of Rs 4.9 billion and spent Rs 3.3 billion on capex. Gross debt increased Rs 2 billion to Rs 43 billion, while net debt (Phoenix share) declined Rs 1.3 billion QoQ to Rs 15 billion..We believe the company’s growth trajectory remains intact, but current valuations indicate that near-term growth is priced in. We roll forward our valuations to September- 25E and also incorporate the upcoming mall in Surat in our valuations, which resulted in an increase in our target price to Rs 2,000 (versus Rs 1,850 earlier), indicating 3% downside potential. Reiterate 'Neutral'..Click on the attachment to read the full report:.Zee Q2 Results Review - Second Consecutive Quarter Of Positive Surprise, Merger Closure Key: Dolat Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Phoenix Mills Q2 Results Review - Beat On P&L Driven By Higher Residential Recognition: Motilal Oswal

Steady hospitality performance; office rentals to scale up from FY25E

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