Phoenix Mills FY22 net profit jumps 101%, income up 28%

The Phoenix Mills, a retail-led mixed-use asset developer and operator, has reported a 101% on-year rise in net profit at Rs 116.7 crore for the quarter ended March. Income from operations for the quarter rose 28% to Rs 495.4 crore.

The company has recorded a net profit of Rs 263 crore for the financial year 2021-22 on the back of a 38% rise in income at Rs 1,483 crore.

Operating profit for the quarter rose 39% to Rs 241 crore and Rs 734 crore for the financial year, up 49%.

Retail consumption across its malls during the quarter stood at around Rs 1,669 crore, at 103% of the fourth quarter of 2018-19, pre-Covid quarter. Total consumption in 2021-22 was Rs 5,011 crore, up 71%. Total consumption in April 2022 was Rs 720 crore, 129% of April 2019 and the strong consumption growth trend has continued so far in May 2022 as well, the company said.

Retail collection during the year stood at Rs 1,170 crore, while the March quarter retail collection was at around Rs 476 crore.

The company has completed the acquisition of the balance 50% stake in Classic Mall Development Company (Phoenix Marketcity Chennai) for a consideration of Rs 936 crore and with effect from May 5, 2022, Classic Mall is now a wholly-owned subsidiary of Phoenix Mills Ltd.