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    The Phoenix Mills reports Rs 718 crore net profit in April-June

    Synopsis

    Retail consumption rose 123% during the quarter to around Rs 2,190.5 crore, which is at 123% of the pre-Covid period of first quarter of 2019-20. Total consumption in July 2022 rose 133% to Rs 792 crore and strong consumption growth has continued so far in August 2022 as well, the company said.

    The Phoenix Mills reports Rs 718 crore net profit in April-JuneiStock
    The Phoenix Mills, India’s largest retail-led mixed-use asset developer and operator, has reported consolidated net profit of Rs 718.7 crore for the quarter ended June against loss of Rs 26.2 crore a year ago.

    Income from operations for the quarter rose 181% from a year ago to Rs 574.4 crore, while operating profit witnessed 324% jump to Rs 322.9 crore.

    Retail consumption rose 123% during the quarter to around Rs 2,190.5 crore, which is at 123% of the pre-Covid period of first quarter of 2019-20. Total consumption in July 2022 rose 133% to Rs 792 crore and strong consumption growth has continued so far in August 2022 as well, the company said.

    In the commercial segment, the company witnessed strong leasing traction during the quarter with gross leasing of 1.9 lakh sq ft. Income from office segment rose up 10% from a year ago to Rs 40.3 crore led by rental contribution from Fountainhead Tower 2.

    The Hospitality segment witnessed robust all-round performance in terms of room occupancy, average room rates, demand for social and corporate events and bars and restaurants. Average occupancy during the quarter for flagship property St. Regis was at 85%, with ARR at Rs 11,997. Revenue for the quarter is 26% ahead of revenue for the pre-Covid comparable period of the first quarter of 2019-20.

    The operating performance at the St Regis, Mumbai has surpassed most parameters in the past four months, led by resumption of foreign travel, domestic corporate travel, social events and staycations. These factors provide an excellent visibility for high occupancy and ARR in the coming months, the company said.

    In the residential segment, overall sales stood at Rs 70.4 crore during the quarter and over Rs 100 crore as on year to date. Sales trajectory has seen good improvement backed by strong demand and faster conversions.

    The company’s consolidated net debt stood at Rs 2,009 crore, while the group’s liquidity as on June end was Rs 2,177.2 crore, excluding funds available in revolving credit facilities. During the quarter, the company generated operating free cash flow of Rs 254.3 crore compared to Rs 501.1 crore during the full year of 2021-22.




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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    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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