Phoenix Mills (503100) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 consolidated operating revenue rose 5% year-on-year to INR 918 crore; H1 FY25 revenue was INR 1,822 crore, up 8% year-on-year.

• Excluding residential business, Q2 operating revenue grew 22% to INR 870 crore; H1 adjusted operating revenue up 23% year-on-year.

• Retail mall business saw 25% growth in consumption and 26% growth in rentals in H1 FY25.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024.

• Appointment of Mr. Bhavik Gala as Company Secretary and Compliance Officer effective October 25, 2024.

Financial highlights

• Q2 FY25 consolidated EBITDA was INR 518 crore, up 2% year-on-year; H1 FY25 EBITDA at a record INR 1,049 crore, up 5%.

• Retailer sales in Q2 FY25 reached INR 3,279 crore, up 24% year-on-year; like-for-like growth at 5%.

• Retail rentals grew 22% to INR 474 crore in Q2; retail EBITDA up 22% in Q2 and 27% in H1.

• Commercial office income in Q2 FY25 grew 19% to INR 54 crore; EBITDA up 31% to INR 34 crore.

• Net profit after tax for Q2 FY25 was INR 218 crore (down 14% YoY); H1 FY25 was INR 451 crore (down 9% YoY).

Outlook and guidance

• Optimism for strong performance in H2 FY25, supported by festive and winter season.

• Development pipeline robust, with 3 million sq ft retail space under development to be completed by FY27.

• By 2027, retail GLA expected to exceed 14 msft, commercial offices over 7 msft, and hotels to 988 keys.

• Bonus shares issued in 1:1 ratio, increasing paid-up equity share capital to INR 7,149.80 lakhs.