Phoenix Mills (503100) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 saw strong growth across retail, office, and hotel segments, with core business operating revenue up 14% year-on-year to INR 927 crore and EBITDA up 21% to INR 561 crore.

• Consolidated group revenue for Q3 FY25 was INR 975 crore, with EBITDA at INR 553 crore; consolidated net profit after tax was INR 351 crore, up 2% year-on-year.

• Major expansion at Phoenix Palladium Mumbai added 250,000 sq ft, enhancing retail and F&B offerings.

• Retail consumption in Q3 FY25 grew 21% year-on-year to INR 4,004 crore; 9M FY25 retail consumption up 23% to INR 10,500 crore.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024.

Financial highlights

• Nine-month consolidated revenue reached INR 2,797 crore, up 5% year-on-year, and EBITDA was INR 1,602 crore, up 3%.

• Q3 FY25 consolidated net profit after tax was INR 351 crore, up 2% year-on-year; diluted EPS for Q3 FY25 was INR 7.40.

• Net cash from operations for nine months was INR 1,506 crore; Q3 net cash was INR 506 crore.

• Capital expenditure for nine months was INR 1,758 crore, including asset acquisitions and construction.

• Exceptional gain of INR 1,598.47 lakh in consolidated results due to sale of land and divestment of a subsidiary.

Outlook and guidance

• Confident in continued consumption growth, with strong January performance and ongoing marketing initiatives.

• Plans to double operational annual portfolio by 2030, with at least 1 million sq ft launched annually from 2027.

• Portfolio expansion underway with new retail, commercial, and mixed-use projects in Kolkata, Surat, Thane, and Coimbatore, targeting over 14 million sq ft retail GLA and over 7 million sq ft office GLA by 2027.