Phoenix Mills Ltd
1 TG 4664.50, 5958.95,
2 SL 3112.25
Phoenix Mills Ltd is engaged in the operation & management of malls, construction of commercial & residential property and hotel business in India. India's leading retail mall developer and operator with approximately 0.64 million square meters of retail space spread across 9 malls in 6 gateway cities of India. It has developed over 2.11 million square meters
Segment Wise Revenue in FY23[1]
Property & Related Services - 81%
Hospitality Services - 19%
Shopping Centre Portfolio[2]
Co. has 10 malls in India as of Q4FY23 spread across Mumbai, Lucknow, Pune, Indore, Bareilly, Chennai and Ahmedabad, with the most profitable being Phoenix Palladium Mumbai.
Commercial Portfolio[3]
Company has 7 commercial projects running in Mumbai and Pune, with 60% of the net leasable area already leased out. Office portfolio to grow from ~2 MSFT to ~7.1 MSFT by FY27. Commercial Offices on top of the mall, Bengaluru to be operational in FY24. Phase 1 ~0.80 msft, Phase 2: ~0.40 msft.[4]
Residential Portfolio[5][6]
It comprises premium and large-scale developments, with a 3.44 mn sq. ft. total saleable area. It recorded a cumulative sale of 1.58 mn sq. ft. for the year ended 31st March 2020. It has 4 residential assets. (3 in Bangalore and 1 in Chennai).
Hospitality Portfolio statistics for H1FY24
1 The St. Regis Mumbai - 395 rooms;
Avg occupancy: 82%,ARR: Rs. 15767.[7]
2 Courtyard Marriot Agra - 193;Avg occupancy: 70%,ARR: Rs. 4303.[8]
New Launches
The company launched a luxury mall Palladium Ahmedabad which commenced operations in Feb 2023. The mall has over 250 national and international brands and over 35 luxury brands like TUMI, Michael Kors, Kate Spade, Coach, etc. for the first time in
Ahmedabad.[9] Tra[10]Trading occupancy ~77% as of Oct,23.[11]
Phoenix Citadel Indore commenced its operations on Dec 22. It is the first retail asset in India to achieve the IFC Edge Advanced Certification. It is the first asset in the PML portfolio to avail of a green loan.[12] Trading occupancy ~90% as of Oct,23.[10]
Phoenix Mall of Asia, Bengaluru was launched on Oct,23 with a retail GLA of ~1.2 msft. It is the largest retail-led mixed space in Bengaluru with a wide range of luxury brands.[13] The mall has ~93% leased occupancy and ~43% trading occupancy as of Oct,23.
Phoenix Mall of the Millennium Pune was launched on Sept, 23. It has 350+ brands with 177 stores operational as of Oct,23 and ~50% trading occupancy.[14]
Under Development
1 Alipore, Kolkata:commenced construction; As of Oct,23, excavation & foundation work under progress.It will have ~1 msft. retail space.[15]
2 Project Rise at Lower Parel, Mumbai: It will be a mixed use development. As of Oct,23, Civil works under advanced stage. It will have a retail GLA of ~0.25 msft. [16]
3 Asia Towers Bangalore : With a GLA of 1.2mnsqft. The first phase of offices is expected to be operational in FY24.[17]
4 Millennium Towers Pune: Construction already started and it is expected to be launched in FY25
5Project Rise Mumbai: construction work commenced in June 2022
6 ISML - Offices,Whitefield,Bangalore: ✓ excavation nearing completion.[18]
7 Palladium Offices Chennai: construction commenced and targeted in FY25.[19]
Key Acquisitions
1) Surat to make it 2nd retail destination of Gujarat. Acquired land parcel of 7acres at a cost of Rs.501crs. Construction to commence in Q3 FY24. [16]
2) Residential space in Hidco, Alipore. It won an auction for a 5.5-acre prime land parcel at a cost of Rs. 414crs.
3) Warehousing space in Sohna, NCR. It has acquired 33 acres of land parcels for Rs. 54crs.
Exceptional Items(FY23)
1. The co. surrendered a part of its land in lower Parel, Mumbai to BMC measuring 1920sqmtrs for FOC. The Company has recognized an exceptional gain of Rs 48.5 crs on the grant of the FSI by MCGM against the surrender of land to BMC on a fair value basis.
2. In May 22, the Company acquired a balance 50% equity stake ln CMDCL from Crest Ventures Limited (46.35%) & Escort Developers (P)Ltd. (3.65%). Thereafter, CMDCL has become the WOS of the Company. The co. measured its previously held equity stake i.e. 50% in CMDCL at fair value on 5th May 2022 resulting in a net gain of Rs. 556.75crs.[20]Cons
Stock is trading at 6.97 times its book value
Company has a low return on equity of 9.88% over last 3 years.
Working capital days have increased from 65.2 days to 114 days
Focus[21]
The company is revamping its brand mix and strengthening its entertainment offerings, with new anchors like Uniqlo opening in the second half of FY24.
Last edited 8 months, 3 weeks ago
Request an update
Pros
Company is expected to give good quarter
Company has delivered good profit growth of 23.8% CAGR over last 5 years
Debtor days have improved from 42.7 to 24.8 days.
2 SL 3112.25
Phoenix Mills Ltd is engaged in the operation & management of malls, construction of commercial & residential property and hotel business in India. India's leading retail mall developer and operator with approximately 0.64 million square meters of retail space spread across 9 malls in 6 gateway cities of India. It has developed over 2.11 million square meters
Segment Wise Revenue in FY23[1]
Property & Related Services - 81%
Hospitality Services - 19%
Shopping Centre Portfolio[2]
Co. has 10 malls in India as of Q4FY23 spread across Mumbai, Lucknow, Pune, Indore, Bareilly, Chennai and Ahmedabad, with the most profitable being Phoenix Palladium Mumbai.
Commercial Portfolio[3]
Company has 7 commercial projects running in Mumbai and Pune, with 60% of the net leasable area already leased out. Office portfolio to grow from ~2 MSFT to ~7.1 MSFT by FY27. Commercial Offices on top of the mall, Bengaluru to be operational in FY24. Phase 1 ~0.80 msft, Phase 2: ~0.40 msft.[4]
Residential Portfolio[5][6]
It comprises premium and large-scale developments, with a 3.44 mn sq. ft. total saleable area. It recorded a cumulative sale of 1.58 mn sq. ft. for the year ended 31st March 2020. It has 4 residential assets. (3 in Bangalore and 1 in Chennai).
Hospitality Portfolio statistics for H1FY24
1 The St. Regis Mumbai - 395 rooms;
Avg occupancy: 82%,ARR: Rs. 15767.[7]
2 Courtyard Marriot Agra - 193;Avg occupancy: 70%,ARR: Rs. 4303.[8]
New Launches
The company launched a luxury mall Palladium Ahmedabad which commenced operations in Feb 2023. The mall has over 250 national and international brands and over 35 luxury brands like TUMI, Michael Kors, Kate Spade, Coach, etc. for the first time in
Ahmedabad.[9] Tra[10]Trading occupancy ~77% as of Oct,23.[11]
Phoenix Citadel Indore commenced its operations on Dec 22. It is the first retail asset in India to achieve the IFC Edge Advanced Certification. It is the first asset in the PML portfolio to avail of a green loan.[12] Trading occupancy ~90% as of Oct,23.[10]
Phoenix Mall of Asia, Bengaluru was launched on Oct,23 with a retail GLA of ~1.2 msft. It is the largest retail-led mixed space in Bengaluru with a wide range of luxury brands.[13] The mall has ~93% leased occupancy and ~43% trading occupancy as of Oct,23.
Phoenix Mall of the Millennium Pune was launched on Sept, 23. It has 350+ brands with 177 stores operational as of Oct,23 and ~50% trading occupancy.[14]
Under Development
1 Alipore, Kolkata:commenced construction; As of Oct,23, excavation & foundation work under progress.It will have ~1 msft. retail space.[15]
2 Project Rise at Lower Parel, Mumbai: It will be a mixed use development. As of Oct,23, Civil works under advanced stage. It will have a retail GLA of ~0.25 msft. [16]
3 Asia Towers Bangalore : With a GLA of 1.2mnsqft. The first phase of offices is expected to be operational in FY24.[17]
4 Millennium Towers Pune: Construction already started and it is expected to be launched in FY25
5Project Rise Mumbai: construction work commenced in June 2022
6 ISML - Offices,Whitefield,Bangalore: ✓ excavation nearing completion.[18]
7 Palladium Offices Chennai: construction commenced and targeted in FY25.[19]
Key Acquisitions
1) Surat to make it 2nd retail destination of Gujarat. Acquired land parcel of 7acres at a cost of Rs.501crs. Construction to commence in Q3 FY24. [16]
2) Residential space in Hidco, Alipore. It won an auction for a 5.5-acre prime land parcel at a cost of Rs. 414crs.
3) Warehousing space in Sohna, NCR. It has acquired 33 acres of land parcels for Rs. 54crs.
Exceptional Items(FY23)
1. The co. surrendered a part of its land in lower Parel, Mumbai to BMC measuring 1920sqmtrs for FOC. The Company has recognized an exceptional gain of Rs 48.5 crs on the grant of the FSI by MCGM against the surrender of land to BMC on a fair value basis.
2. In May 22, the Company acquired a balance 50% equity stake ln CMDCL from Crest Ventures Limited (46.35%) & Escort Developers (P)Ltd. (3.65%). Thereafter, CMDCL has become the WOS of the Company. The co. measured its previously held equity stake i.e. 50% in CMDCL at fair value on 5th May 2022 resulting in a net gain of Rs. 556.75crs.[20]Cons
Stock is trading at 6.97 times its book value
Company has a low return on equity of 9.88% over last 3 years.
Working capital days have increased from 65.2 days to 114 days
Focus[21]
The company is revamping its brand mix and strengthening its entertainment offerings, with new anchors like Uniqlo opening in the second half of FY24.
Last edited 8 months, 3 weeks ago
Request an update
Pros
Company is expected to give good quarter
Company has delivered good profit growth of 23.8% CAGR over last 5 years
Debtor days have improved from 42.7 to 24.8 days.
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