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Informist, Thursday, July. 24, 2025

By Arundathi AR

MUMBAI – Phoenix Mills Ltd. Thursday reported mixed earnings for the June quarter. While the company's net profit rose on-year for the first time after four quarters of fall, it was down on quarter after a rise in the previous two quarters. The company's net revenue from operations also rose on year after posting a fall in the previous two quarters, but was down on quarter, reversing a trend of increase in the previous three quarters. The company also missed the analysts' estimates for its net profit.

Phoenix Mills reported a consolidated net profit of INR 2.41 billion for the latest quarter, up 3.5% on year but lower than the analysts' estimate of INR 2.77 billion. The bottom line was down more than 10% over the trailing quarter. The company reported a consolidated net revenue of INR 9.53 billion for the reporting quarter, up 5.4% on year and down 6.2% on quarter.

Phoenix Mills reported property and related services sales of INR 7.64 billion, up slightly from INR 7.40 billion in the year-ago quarter. It reported hospitality services revenues of INR 1.55 billion, up almost 11% from INR 1.40 billion a year ago.

The company said its residential revenue for the June quarter was INR 427.36 million, up 34% from a year ago. Retail consumption for June quarter was INR 35.88 bln, up 12% on year. The company reported gross retail collections of INR 8.53 billion, up 7% on year. The real estate developer's consolidated earnings before interest, tax, depreciation, and amortisation for the quarter were INR 5.64 billion. The EBITDA margin was unchanged at 59%.  

Phoenix Mills said its leased occupancy was more than 95% at the end of June but its trading occupancy was 89%. It said the large gap between these two was temporary and strategic. It said it has new initiatives to churn, resize, and relocate new-age brands. It said it will anchor resizing and relocation to accommodate new-age brands and target premium and luxury brands for high footfall zones. The company said it will enhance the mix of food and beverages and entertainment to boost engagement.

Phoenix said its retail rental income had grown across all its properties in the June quarter, except for its properties in Bengaluru and Pune. It said its income from hotels had grown 11% on year to INR 1.3 billion and its operating EBITDA from this segment had grown 19% on year.

The company's gross sales of residential units in Bengaluru rose to INR 1.68 billion in the latest quarter, up 236% from a year ago. The company recognised INR 400 million as revenue from the booking amount in the June quarter. The balance will be booked in coming quarters. The company said its average cost of debt fell to 7.92% in the June quarter from 8.50% in the previous quarter.

Thursday, shares of the company ended marginally lower at INR 1,448.10 on the National Stock exchange. The company announced its financial results after the market hours.  End

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

Edited by Akul Nishant Akhoury

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