Business News

Phoenix Mills reports a 78% increase in Q3 net profit year over year to Rs 176.4 crore.

The Phoenix Mills, retail-led mixed-use asset developer and operator, has reported 78% on-year growth in net profit at Rs 176.4 crore for the quarter ended December. Income from operations rose 66% to Rs 683.8 crore.

The company’s operating profit for the quarter rose 67% from a year ago to Rs 384.5 crore.

Collection from retail operations in the December quarter stood at Rs 540.1 crore. Operating profit for the segment rose 67% to Rs 384.5 crore.

Retail consumption growth remained strong in January with consumption at Rs 816 crore, up 127% from January 2020. Consumption at Phoenix Palladium was impacted in January, on account of ongoing renovations at two key stores. Overall, this had a negative impact of 8% on consumption at this mall and 2% impact on overall consumption growth, the company said.

Total income from office real estate business rose 16% to Rs 42.4 crore, while operating profit stood at Rs 22.5 crore. Collection efficiency remained robust around 98% for three quarters of 2022-23.

According to the company, strong leasing traction continued during year-to-date January, with gross leasing of 3.95 lakh sq ft over this period, of which nearly 2.45 lakh sq ft is new leasing and 1.50 lakh sq ft was renewal

In residential business, overall sales during the quarter stood at Rs 104.1 crore, taking sales between April to January to Rs 299 crore. Sales trajectory has seen good improvement backed by strong demand and faster conversions



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