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    Add Phoenix Mills, target price Rs 1638 : ICICI Securities

    Synopsis

    Phoenix Mills, incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 26217.63 Crore) operating in Real Estate sector.

    Phoenix MillsGetty Images
    Promoters held 47.32 per cent stake in the company as of 30-Jun-2022, while FIIs owned 31.6 per cent, DIIs 16.67 per cent.
    ICICI Securities has add call on Phoenix Mills with a target price of Rs 1638. The current market price of Phoenix Mills is Rs 1467.75.


    Phoenix Mills, incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 26217.63 Crore) operating in Real Estate sector.

    Phoenix Mills key Products/Revenue Segments include Licence Fees, Service Charges and Others for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 683.50 Crore, up 14.33 % from last quarter Total Income of Rs 597.84 Crore and up 76.52 % from last year same quarter Total Income of Rs 387.22 Crore. Company has reported net profit after tax of Rs 221.90 Crore in latest quarter.

    The company’s top management includes Mr.Atul Ruia, Mr.Shishir Shrivastava, Mr.Rajendra Kalkar, Mr.Rajesh Kulkarni, Mr.Amit Dabriwala, Mr.Amit Dalal, Mr.Sivaramakrishnan Iyer, Ms.Shweta Vyas. Company has DTS & Associates LLP as its auditors. As on 30-06-2022, the company has a total of 18 Crore shares outstanding.

    Investment Rationale
    The brokerage maintains its add rating with an unchanged target price of Rs 1,638/share based on 20% premium to its Mar’23E NAV of Rs 1,365/share. Furthermore, key risks to the call are a fresh Covid wave impacting mall consumption and fall in mall occupancies and rentals.

    Promoter/FII Holdings
    Promoters held 47.32 per cent stake in the company as of 30-Jun-2022, while FIIs owned 31.6 per cent, DIIs 16.67 per cent.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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