Phoenix Mills - Q4FY20 Result Update - ICICI Securities

Phoenix Mills (PML) reported weak operating numbers as expected, owing to the impact of Covid-19, which led to a decline in revenues and profitability of its retail and hospitality assets. Reported revenues de-grew ~45% YoY to Rs. 399.2 crore, with core portfolio (commercial + retail + hospitality) revenues down 7.2% YoY to Rs. 386.2 crore. Reported EBITDA margin was down 95 bps YoY to 51.2%. Reported PAT declined 80% YoY to Rs. 46.7 crore.

Valuation & Outlook

Notwithstanding a steep impact on retail & hospitality portfolio in FY21, we remain positive on PML given its quasi play on India's consumption story, quality of assets, healthy balance sheet & strategic expansion plans. With only five to six major retail mall developers currently in India, and given PML's USP of operating large format properties efficiently, it is likely to emerge as a superior player in the medium to long term. We maintain BUY rating with a revised SoTP based target price of Rs. 685/share.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_PhoenixMills_Q4FY20.pdf

Shares of The Phoenix Mills Ltd was last trading in BSE at Rs.565.9 as compared to the previous close of Rs. 584.3. The total number of shares traded during the day was 4282 in over 825 trades.

The stock hit an intraday high of Rs. 589.2 and intraday low of 562. The net turnover during the day was Rs. 2452451.

Source : Equity Bulls

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