Phoenix Mills zooms on posing positive performance in December quarter

Phoenix Mills Limited today spiked 8.7 per cent after the company released its business performance update for the quarter ending December 2020.

After the malls reopened, sustained recovery in the consumption was seen. The consumption across the company’s retail portfolio was up 192 per cent QoQ which is approximately 66 per cent of Q3FY20 consumption. The consumption in the month of December was same as that in November 2020 and at 70 per cent of December 2019. Also, in line with consumption, retail collections continued to witness sharp improvement.

In terms of its residential segment, the company was able to sell 14 units with aggregate sales value of approximately Rs 74 crore in the December quarter which was better than the sales seen in H1FY21.

As far as its commercial portfolio segment is concerned, the rent & CAM collections remained strong during the quarter. It received occupation certificate for Fountainhead Tower 2 in October 2020 and leased approximately 25,000 sq ft during December 2020.

Under its hospitality segment, traction was seen in social events and F&B revenue. Revenue at The St. Regis, Mumbai almost doubled sequentially.

H1FY21 was a tough and challenging phase for the company as the malls across the country were closed due to the lockdown imposed due to the pandemic which affected its retail portfolio on a large extent. Its other segments too like residential, commercial and hospitality were also affected. However, worst seems to be behind and the company is optimistic that revival will be seen with increase in footfalls and gradual increase in consumption.

The stock of Phoenix Mills has recovered ~76 per cent from its 52-week low level of Rs 466.25 in March 2020.