The Phoenix Mills – Strong Consumption Growth In April-June: ICICI Securities

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The Phoenix Mills Ltd. saw Q1 FY23 (April-June 2022) like-to-like consumption across malls at Rs 19.5 billion or 109% of April-June 2019 (Q1 FY20) levels while overall Q1 FY23 consumption of Rs 21.6 billion stood at 121% of Q1 FY20 levels.

While June 2022 was a slower month with LTL consumption at 97% of June-19 levels, with retailers’ End of Season sale delayed to July 2022, we expect consumption to bounce back going ahead and we model for FY23E rental income of Rs 12.7 billion (Rs 11.0 billion on LTL basis versus Rs 10.2 billion in FY20).

With Indore and Ahmedabad malls to open in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, we expect 14% rental income compound annual growth rate over FY20-25E.

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