Earnings Outlook
Phoenix Mills Oct-Dec PAT seen up; margin expansion likely
This story was originally published at 15:19 IST on 29 January 2025
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By Akash Mandal
MUMBAI – Homes-to-malls developer The Phoenix Mills Ltd. is expected to report strong earnings for the December quarter, along with an expansion in margins, analysts have said. This improvement will be led by a recovery in demand and strong consumption at malls operated by the company, brokerages said.
According to an average of estimates from five brokerages, the Mumbai-based company is expected to report a consolidated net profit of INR 2.93 billion for Oct-Dec, up 5% on year and just over 34% sequentially. The company's consolidated revenue is expected to be INR 10.70 billion, up 8.5% on year and up 16.5% on quarter. For the December quarter, the average expected earnings before interest, tax, depreciation and amortisation of the five brokerage firms was INR 6.14 billion, up 11% on year. For the September quarter, the company's consolidated net profit and revenue had both missed analysts' estimates.
Nuvama Wealth Management Ltd. had the highest estimates for Phoenix Mills' consolidated net profit and revenue for the September quarter at INR 3.81 billion and INR 11.67 billion, respectively. On the other hand, the lowest estimates have been provided by HDFC Securities Ltd. for the company's consolidated net profit and revenue at INR 2.49 billion and INR 10.10 billion, respectively.
Nuvama expects consumption to remain strong on the back of healthy demand in the festival season, and Kotak Institutional Equities said it expects a sequential increase in revenues due to a recovery in consumption at malls. HDFC Securities, Motilal Oswal Financial Services Ltd., and Kotak Institutional Equities expect the company's EBITDA margin to grow by 105 basis points, 320 basis points, and 245 basis points, respectively. The company's EBITDA margin for the quarter could be 58.2%, according to the average of estimates from the three brokerages.
At 1510 IST, shares of the company traded at INR 1,554 on the National Stock Exchange, up 2.62%. The company will report its December quarter earnings Thursday.
Following are the Oct-Dec earnings estimates for The Phoenix Mills from five brokerages in descending order by the estimate of net profit:
Brokerage firm | Net sales | Net Profit | EBITDA |
------------------------------------(In INR million)-------------------------------- | |||
Nuvama Wealth Management Ltd | 11,671.00 | 3,813.00 | 6,405.00 |
Motilal Oswal Financial Services Ltd | 10,415.00 | 2,810.00 | 6,161.00 |
JM Financial Institutional Securities Pvt Ltd | 10,868.00 | 2,786.00 | 6,271.00 |
Kotak Institutional Equities | 10,437.00 | 2,769.00 | 6,097.00 |
HDFC Securities Ltd. | 10,098.00 | 2,490.00 | 5,756.00 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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