Earnings Review
Phoenix Mills Jul-Sept numbers miss market estimates
This story was originally published at 06:00 IST on 26 October 2024
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--Phoenix Mills Jul-Sept consol net profit INR 2.18 bln
--Analysts saw Phoenix Mills Jul-Sept consol net profit INR 2.78 bln
--Phoenix Mills Jul-Sept consol net profit INR 2.18 bln vs INR 2.53 bln
--Phoenix Mills Jul-Sept consol revenue INR 9.18 bln vs INR 8.75 bln yr ago
--Phoenix Mills Apr-Sept consol net profit INR 4.51 bln vs INR 4.93 bln
--Phoenix Mills Apr-Sept consol revenue INR 18.22 bln vs INR 16.86 bln
By Apratim Sarkar
MUMBAI- The Phoenix Mills Ltd. reported a consolidated net profit for the 13th consecutive quarter led by a recovery in consumption at malls. However, the company's bottom line and revenue missed the Street's expectations for the September quarter.
The company's consolidated net profit for the quarter was INR 2.18 billion, down 13.7% from INR 2.53 billion in the year-ago quarter. The consolidated revenue rose 4.9% on year to INR 9.18 billion in the September quarter. The consolidated net profit fell 6% sequentially, while the revenue was up marginally by 1.5%. Analysts expected the company to report a consolidated net profit of INR 2.78 billion and consolidated revenue of INR 9.46 billion.
The company's total expenditure in the September quarter was INR 5.81 billion compared with INR 5.32 billion in the year-ago quarter. Finance costs rose 6.9% on year to INR 1.03 billion. The cost of materials consumed increased to INR 489 million, up 45.7% on year from INR 336 million.
The company's depreciation and amortisation expenses were INR 775 million, up 17.6% from INR 659 million last year. Electricity expense for the quarter was INR 585 million, up 31.2% INR 446 million year ago. The company spent INR 885 million on employee benefits, up 21% on year. Other expenses rose 20.7% from the previous year to INR 1.9 billion.
The company's consolidated net profit for Apr-Sept was INR 4.51 billion, down 8.6% from INR 4.93 billion last year.
The consolidated earnings before interest, tax, depreciation and amortisation for the September quarter was INR 5.18 billion, up 2% on year from INR 5.06 billion. The EBITDA margin for the quarter was 56%, down from 58% a year ago.
The company's revenue from property and related services segment for the quarter was INR 7.19 billion, up from INR 5.92 billion in the year-ago period. Revenue from the hospitality services segment increased on year to INR 1.5 billion from INR 1.21 billion. Revenue from the residential business segment fell to INR 480.3 million from INR 1.62 billion for the year-ago period.
The company's Apr-Sept revenue from the property and related services segment increased to INR 14.53 billion from INR 11.61 billion year ago. The revenue from hospitality services segment for the first six months of the financial year grew to INR 2.90 billion from INR 2.56 billion. The revenue from the residential business segment declined to INR 799 million from INR 2.68 billion in the year-ago period.
Phoenix Mills' retail mall consumption for the September quarter increased 24% on year to INR 32.8 billion and the retail rental income for the quarter grew 22% on year to INR 4.74 billion. The company's retail EBITDA grew 22% during the quarter. On a like-to-like basis, the company's consumption in the latest quarter grew 5% from the year-ago period. The gross retail collections for September was INR 8.27 billion with a growth of 32% on year.
The company's total consumption in the Apr-Sept period grew 25% on year to INR 6.5 billion and the consumption in the first six months of the current financial year increased 6% on year. In Apr-Sept, the company's gross retail collections was INR 16.27 billion.
Phoenix Palladium mall in Mumbai posted the highest retail income of INR 950 million for the quarter with a growth of 2% on year. Phoenix MarketCity mall in Bengaluru generated retail income of INR 500 million for the September quarter. The company's retail rental income from new assets was INR 760 million. The Apr-Sept retail rental income was INR 9.58 billion, up 26% on year.
The company's total income for the September quarter from St. Regis hotel in Mumbai was INR 1.18 billion, up 17% on year and total income from Courtyard by Marriot, Agra, was INR 99 million, up 7% on year. Phoenix Mills residential gross sales for the quarter was INR 270 million and collections INR 600 million.
The company announced its results after market hours on Friday and the shares closed 2.7% lower at INR 1,482.60 on the National Stock Exchange. End
Edited by Ashish Shirke
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