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The net consolidated profit of Phoenix Mills has significantly increased by 149.86 percent in the quarter that ended on March 31, 2023. According to a filing with the BSE, the company reported a profit after tax of Rs 293.19 crore in the fourth quarter of FY23, compared to Rs 117.34 crore in the same quarter of the previous year.
Phoenix Mills' net consolidated total income stood at Rs 754.73 crore in Q4 FY23, a growth of 45.19 percent from Rs 519.81 crore it recorded in the similar quarter last year. The board of directors proposed the payment of a final dividend of Rs 5 per equity share with a face value of Rs 2 each (250 percent) for the financial year that concluded on March 31, 2023.
The retail sector witnessed a total expenditure of Rs 22,114 million during the fourth quarter of fiscal year 2023. During the financial year 2023, the company successfully leased a total of 4.31 lakh square feet of office space, consisting of 2.81 lakh square feet of new leases and 1.5 lakh square feet of lease renewals. In the fourth quarter of fiscal year 2023, the overall revenue generated from the office was recorded at Rs. 433 million in total. The EBITDA amounted to Rs. 271 million.
The EPS of Phoenix Mills has experienced a boost and now stands at Rs 14.23 on March 23 as against Rs 5.87 on March 22. The NSE recorded Phoenix Mills shares at 1,422.40 as of May 24, 2023. Over the last half-year, the shares have experienced a negative return of 1.17 percent, while over the last year, they have seen a substantial positive rise of 28.96 percent.
The demand for residential properties has been strong, resulting in positive sales growth and quick conversion rates within the portfolio. The solid trend of increasing sales persists, as there were residential sales amounting to about Rs 465.7 crore during the fiscal year 2023, and collections reached Rs 368.6 crore during the same period.
India's biggest developer of mixed-use projects that prioritize retail is Phoenix Mills. The company engages in various stages of real estate development, which include planning, execution, marketing, management, upkeep, and sales. The collective possesses tangible property investments in numerous cities, including Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly, and Ahmedabad. On the Bombay Stock Exchange, the stock experienced a decline of 0.33 percent to reach Rs 1,416.05.
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