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Phoenix Mills, a Mumbai-based retail-led mixed-use asset developer and operator, reported a substantial 69% year-on-year increase in consolidated net profit, reaching INR 297 crore for Q3 FY24. This growth is complemented by a 44% rise in income from operations to INR 986 crore, and a corresponding 44% increase in operating profit to INR 552 crore.
Notably, retail collections surged by 30% to INR 700 crore, while rental income from retail grew by 33% to INR 447 crore. The retail business also saw a significant 25% rise in total consumption, amounting to INR 3,296 crore for the period. Operating profit in the retail sector experienced a notable 27% increase, exceeding INR 435 crore. The company's malls are currently operating at their highest leased occupancy and trading levels.
In addition to its retail endeavors, Phoenix Mills recorded robust leasing activity in the commercial offices segment from April to December, with gross leasing surpassing 4.8 lakh sq ft. This included approximately 3.4 lakh sq ft of new leasing and 1.4 lakh sq ft of renewals. Monthly gross rent from the commercial office portfolio stood at INR 110 per sq ft, contributing to a 17% year-on-year increase in income for this segment, totaling INR 50 crore.
Meanwhile, Phoenix Mills maintained strong Average Room Rates (ARR) and occupancy levels across its hotel portfolio during the quarter, further bolstering its revenue streams. The company's consolidated net debt stood at INR 2,230 crores as of December, reflecting a decrease of INR 52 crore from March.
In the residential segment, Phoenix Mills witnessed notable improvements in sales trajectory driven by robust demand and accelerated conversions. Gross residential sales totaled INR 515 crores in the first nine months of FY24, surpassing the INR 466 crores recorded in the previous financial year 2022-23.
Overall, Phoenix Mills' impressive financial performance across its various business segments underscores its resilience and strategic growth initiatives in navigating the dynamic market landscape.
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