Phoenix Mills Ltd - Strong quarter Operationally - Emkay

Reco: ACCUMULATE
CMP: Rs 192
Target Price: Rs 221

- A strong quarter operationally with leasing, occupancy, selling and financials improve across most of the assets. HSP witnesses highest quarterly rental income

- MC Kurla and MC Pune saw much higher occupancy levels QoQ, but both these assets, we believe, will continue to be cash deprived for another 12-18 months

- SA debt and Consolidated debt remained more or less unchanged QoQ. PML doesn't see any significant debt reduction over 6-9 months period

- Maintain Accumulate rating with TP of Rs 221. Sustainability of operational & financial performance, will call for re-rating of the stock

Source : Equity Bulls

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