MUMBAI: The Phoenix Mills, retail-led mixed-use asset developer and operator, has recorded 69% on-year rise in consolidated net profit at Rs 297 crore for the quarter ended December. Income from operations rose 44% from a year ago to Rs 986 crore, while operating profit for the period also grew 44% to Rs 552 crore.
In the retail business, the company saw total consumption for the period rising 25% from a year ago to Rs 3,296 crore, the company said in its earnings release.
Retail collections rose 30% to Rs 700 crore, while rental income from retail grew 33% to Rs 447 crore. Operating profit in retail business increased 27% to over Rs 435 crore. The company’s malls are operating at life-time high leased occupancy and trading levels.
In the commercial offices segment, the company continued to record robust leasing traction during the period from April to December, with gross leasing of over 4.8 lakh sq ft, of which around 3.4 lakh sq ft is new leasing and 1.4 lakh sq ft is renewal.
Monthly gross rent from the commercial office portfolio stood at Rs 110 per sq ft. Income in this segment during the quarter rose 17% on-year to Rs 50 crore.
Strong Average Room Rates (ARRs) and occupancy levels across its hotel portfolio continued during the quarter, the company said.
The company’s consolidated net debt stood at Rs. 2,230 crores as on December end, down Rs 52 crore from March.
In the residential business, sales trajectory has seen good improvement backed by strong demand and faster conversions. Gross residential sales of Rs 515 crores was recorded in the first nine months of 2023-24, topping gross sales of Rs 466 crores recorded in the previous financial year 2022-23.
