Phoenix Mills Shares Rose 2%: Reported Growth in Q3FY25 Business

On Jan 10, 2025, Phoenix Mills shares rose ~2% intraday and touched the day high of 1684.60 at 10: 03 AM, after opening at 1669.65. The rise in Phoenix Mills shares follows the release of the Q3FY25 and 9MFY25 update, wherein, it reported robust growth across different segments such as retail, hospitality, commercial office, and residential segments.

Retail Performance

The company recorded a YoY growth of 21% in retail consumption to ₹3,998 crore in Q3 FY25. On a like-to-like basis, excluding Phoenix Mall of the Millennium and Phoenix Mall of Asia, consumption rose by 10%.

Key contributors to this growth included:

• A strong festive season, especially at PMC Mumbai, PMC Pune, and Phoenix Palassio.
• The ramp-up of newly launched malls.

For the 9M FY25, retail consumption amounted to ₹10,504 crore, indicating a 23% increase over the same period last year.

Commercial Office Sector

Phoenix Mills posted gross leasing of 1.7 lakh square feet across its commercial assets in Kurla, Mumbai, and Vimannagar, Pune. Occupancy across its operational assets was 69% as of December 2024.

Hospitality Sector Growth

• The St. Regis, Mumbai achieved an 84% occupancy rate in Q3 FY25, up from 82% in Q3 FY24.
• The average room rate (ARR) increased by 11% to ₹22,343, while revenue per available room (RevPAR) surged by 15% to ₹18,855.
• For the 9M FY25, RevPAR increased by 13% to ₹15,831.

Similarly, the Courtyard by Marriott, Agra saw a 19% rise in RevPAR for Q3 FY25.

Residential Sales Performance

In the residential sector, Phoenix Mills recorded gross residential sales of ₹58 crore for Q3 FY25, with collections of ₹38 crore for the quarter. For the first nine months of FY25, gross sales reached ₹135 crore, with collections totalling ₹165 crore.

Retail Space Expansion

Phoenix Mills finished the expansion of Phoenix Palladium in Mumbai, adding approximately 2,50,000 square feet of retail space. New store openings include brands like Uniqlo, Lifestyle, Celio, Ecco, and San-Cha Tea. Additional store launches are planned for the upcoming quarters.

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