Earnings Review
Phoenix Mills Jan-Mar consol PAT beats view, but dn 18% YoY
This story was originally published at 22:32 IST on 30 April 2025
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--Phoenix Mills Jan-Mar consol net profit INR 2.69 bln
--Analysts saw Phoenix Mills consol net profit INR 2.67 bln
--Phoenix Mills Jan-Mar consol PAT INR 2.69 bln vs INR 3.27 bln year ago
--Phoenix Mills Jan-Mar consol revenue INR 10.16 bln vs INR 13.06 bln yr ago
--Phoenix Mills to pay INR 2.50 per share final dividend for FY25
--Phoenix Mills FY25 consol PAT INR 9.84 bln vs INR 10.99 bln year ago
--Phoenix Mills FY25 consol revenue INR 38.14 bln vs INR 39.78 bln year ago
--Phoenix Mills Jan-Mar property, related svcs consol revenue INR 7.31 bln
--Phoenix Mills Jan-Mar hospitality services consol revenue INR 1.88 bln
--Phoenix Mills Jan-Mar residential consol sales INR 970.9 mln vs INR 4.6 bln
--Phoenix Mills Jan-Mar consol opearting EBITDA INR 5.60 bln, down 11% on yr
--Phoenix Mills FY25 consol opearting EBITDA INR 21.61 bln, flat on year
--Phoenix Mills Jan-Mar gross retail collections INR 8.34 bln, up 6% on year
--Phoenix Mills FY25 gross retail collections INR 33.10 bln, up 22% on year
By Arya S. Biju
MUMBAI – Phoenix Mills Ltd. reported weak earnings for the March quarter with both the top line and bottom line marking a double-digit decline on a year-on-year basis. The latest quarter also marked the highest on-year decline in the company's top line in the past 17 quarters and the highest on-year fall in the bottom line in the past seven quarters. However, both the metrics grew on a sequential basis.
The company's consolidated net profit for the quarter fell nearly 18% on year to INR 2.69 billion, but was higher than analyts' expectation of INR 2.67 billion. Its consolidated revenue for the quarter fell over 22% on year to INR 10.16 billion. Analysts had expected the company to report a consolidated revenue of INR 11.73 billion. Sequentially, the company's bottom line rose 1.5% and the top line rose over 4%.
For the financial year ended Mar. 31, the company reported a consolidated net profit of INR 9.84 billion, down 10.5% on year. The company's consolidated revenue for the same period fell over 4% on year to INR 38.14 billion.
The company's total expenses for the latest quarter fell nearly 25% on year to INR 6.41 billion. This was led by a nearly 6% on-year fall in other expenses to INR 2.49 billion, which accounted for nearly 39% of the company's total expenses in the reporting quarter. Its finance cost for the quarter also fell over 5% on year to INR 941 million. On the other hand, costs on employee benefits and depreciation and amortisation rose nearly 18% and over 19% respectively on a year-on-year basis. Its electricity expenses for the latest quarter doubled on year to INR 485.7 million.
The company's tax expense for the quarter fell nearly 29% on year to INR 712 million. Phoenix Mills had a one-time cost of INR 27.28 million in the March quarter, against INR 159.8 million one-time income reported in the previous quarter.
The real-estate developer's consolidated operating earnings before interest, tax, depreciation and amortisation for the quarter fell 11% on year to INR 5.60 billion. For 2024-25 (Apr-Mar), the company's consolidated operating EBITDA was INR 21.61 billion, slightly down from INR 21.77 billion reported a year ago. The company's EBITDA margin for the quarter improved to 55% from 48% in the year-ago period. For FY25, the EBITDA margin was 57% compared to 55% in FY24.
Revenue from the property and related services segment for the quarter was INR 7.31 billion, up from INR 6.73 billion in the year-ago quarter. Revenue from the hospitality services segment for the quarter rose to INR 1.88 billion from INR 1.74 billion in the year-ago quarter. Revenue from the residential business fell sharply on year to INR 970.9 million from INR 4.59 billion reported in the year-ago quarter.
The company reported a retail rental income of INR 4.82 billion in the March quarter. Its gross retail collections for the quarter was INR 8.34 billion, up 6% on year. For FY25, the gross retail collections rose 22% on year to INR 33.10 billion. The company's total consumption for the quarter grew 15% on year to INR 32.48 billion. For FY25, the company reported total consumption of INR 137.50 billion, up 21% on year.
Along with the Jan-Mar earnings, the company announced a final dividend of INR 2.50 per share for FY25. On Wednesday, shares of the company closed nearly 2% higher at INR 1,664.50 on the National Stock Exchange. End
Edited by Deepshikha Bhardwaj
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