ICICI Direct's research report on Phoenix Mills
Phoenix Mills’ (PML) topline grew 48.9% YoY to Rs 615.0 crore on account of higher revenue recognition in residential business. Adjusting for this residential business, core portfolio (retail, commercial & hospitality) revenues grew 5.9% YoY to Rs 407.9 crore. EBITDA margin expanded 30 bps YoY to 47.6%. PAT grew 118% YoY to Rs 130.4 crore. Adjusting for residential business PAT, core portfolio PAT grew 40.3% YoY to Rs 80.8 crore.
Outlook
PML is currently trading at 12.8x FY20E EV/EBITDA. We remain positive on PML given its quasi play on India’s consumption story, quality of retail & commercial assets, healthy balance sheet & strategic expansion plans. We maintain BUY recommendation with an SoTP based TP of Rs 765/share.
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