Phoenix Mills - Strong Consumption Growth Sustains In August: ICICI Securities

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..ICICI Securities Report.The Phoenix Mills Ltd. saw August 2022 like-to-like consumption across malls at Rs 6.7 billion or 114% of August-19 levels and mirrors the July-22 LTL consumption growth which was at 120% of July-19 levels on the back of retailers’ End of Season sale. In Q1 FY23 (April-June-22), LTL consumption across malls stood at Rs 19.8 billion or 111% of April-June-19 (Q1 FY20) levels which translated into Q1 FY23 retail LTL Ebitda of Rs 2.9 billion or 115% of Q1 FY20 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). With Indore and Ahmedabad malls to open in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, we expect 17% rental income compound annual growth rate over FY20-25E..Click on the attachment to read the full report:.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 - Strong Consumption Growth Sustains In August: ICICI Securities