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Informist, Wednesday, Jul. 23, 2025

By Udita Jaiswal

MUMBAI – Phoenix Mills Ltd. is expected to report the highest on-year growth in its net sales and net profit in four quarters, reflecting healthy underlying demand, when it declares its earnings for the June quarter. The company's net profit growth can be attributed to robust growth in its gross residential sales and substantial growth in retail commercial sales.

Phoenix Mills' consolidated net profit for the June quarter is estimated at INR 2.76 billion, up 19%, on year, according to the average of the estimates by four brokerages. The net profit growth will be the highest in the past four quarters. The highest estimate for net profit is INR 3.75 billion by Motilal Oswal Financial Services Ltd. and lowest estimate of INR 2.29 billion is by Kotak Institutional Equities.

The company's consolidated net sales are estimated at INR 10.24 billion, up 13% on year, according to the average of four estimates. The highest estimate for net sales is INR 11.21 billion by Motilal Oswal, whereas the lowest estimate is INR 9.68 billion by JM Financial Securities Ltd.

"We factor in revenue of INR 10 billion in April-Jun 2025, the performance is backed by ~9% consumption growth for Phoenix Mills while the sequential decline in revenue is on account of seasonality in the hotel business," Kotak said.

Retailer sales of the company across all operational malls are expected to grow by 12% on year in the June quarter, according to the business update from the company. The company reported gross residential sales of INR 1.68 billion for the June quarter, up 236% on year. The company's collections in the quarter are INR 990 million, up 65% on year, according to provisional data provided by the company.

Phoenix Mills' earnings before interest, tax, depreciation, and amortisation are estimated at INR 5.91 billion, according to the average of these estimates. The highest estimate for EBITDA is INR 6.93 billion by Motilal Oswal whereas the lowest is INR 5.49 billion by Kotak. The brokerage expects the company's EBITDA margin will be 55%, down 359 bps on year but up 7 bps on quarter.

Gross sales are expected to be INR 46.8 billion, up 22.5% on year, Motilal Oswal said. The company's return on equity is estimated at 14%, up 410 bps on year.

Phoenix Mills will announce its earnings for the June quarter Thursday. Of the seven brokerage reports on the company available with Informist, four have a "buy" recommendation for the stock with an average target price of INR 2,257. Two brokerages have a "hold" recommendation while one has a "sell" on the stock.

Wednesday, shares of Phoenix Mills closed at INR 1,453.70 on the National Stock Exchange, down 1.4%. The stock is down almost 13% from Apr. 30 when the company announced its March quarter earnings.

Following are the Apr-Jun earnings estimates for Phoenix Mills, in INR million, based on reports from four broking firms in descending order of net profit:

END

US$1= 86.41

IST, or Indian Standard Time, is five –and-a-half hours ahead of GMT

Edited by Deepshikha Bhardwaj

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