Phoenix Mills Q4 update: Firm sees consistent improvement in quarterly consumption

Realty company Phoenix Mills Limited reported strong growth in Q4FY23. Through an exchange filing, the company informed that there was a consistent improvement in quarterly consumption compared to the pre-Covid period.

The company said its consumption in March 2023 was 32 per cent ahead of March 2019, demonstrating strong growth.

Further, it informed that the total consumption in March 2023 was Rs 722 crore which was 113 per cent of March 2022. Meanwhile, the retail collection stood at Rs 190 crore for March 2023.

“Total consumption in March 2023 was Rs 722 crore, 113 per cent of March 2022; 132 per cent of March 2019,” the filing read.

Phoenix Mills’ retail consumption grew 33 per cent overall and residential sales continue to gain traction, with Rs. 465.7 crore sales during FY23, showing an 89 per cent growth over the pre-covid period.

While leased occupancy in March 2023 of the company stood at 94 per cent, trading occupancy was 70 per cent.

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“Occupancy levels back in FY23 aided by the revival in domestic travel and social events. Average room rentals (ARR) at Rs 5,265 in March 2023,” the filing read.

The company recorded a gross leasing of 4.31 lakh square feet (sf) during FY23, of which 2.81 lakh sf is new leasing and 1.50 lakh sf is renewal leasing.

The company recorded a strong sales momentum, with gross residential sales of Rs. 465.7 crore and collections of Rs 387.3 crore in FY23.

Phoenix Mills' share price history

On a year-to-date (YTD) basis, Phoenix Mills shares have declined nearly 10 per cent against Nifty50’s fall of 3.29 per cent.

The company's stock has underperformed the markets in the last six months as it slipped by over 11 per cent against over a per cent rise in the Nifty50 index.

At closing on Thursday, the stock was down 0.92 per cent or Rs 11.95 and quoted Rs 1,284 apiece.

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