Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Investor Presentation (April 2022)
48 slides from Phoenix Mills's investor presentation, Apr 6, 2022
Slide 1: Exchange filing cover letter: Corporate Presentation
� t� TI-IE PHOENIX ,_,- MILLS LIMITED Corp. Office : Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel : (022) 3001 6600 Fax : (022) 3001 6601 CIN No.: L17100MH1905PLC000200 Date: April 06, 2022 To, BSE Limited. National Stock Exchange of
Slide 2: Corporate Presentation - April 2022
The Phoenix Mills Ltd. Corporate Presentation - April 2022 Phoenix Palassio, Lucknow
Slide 3: Developer of India's Iconic Mixed Use Developments
Developer of India’s Iconic Mixed Use Developments Phoenix MarketCity, Mumbai + Phoenix Palladium + The St Regis, Phoenix Millennium, Pune + Offices Offices (Centrium, PPP and Art Guild House) Mumbai + Offices + Upcoming Project Rise Phoenix MarketCity, Bangalore + Offices + Phoenix MarketCity, Pune
Slide 4: Diversified portfolio across asset class
Diversified portfolio across asset class Retail Commercial Hospitality Residential Operational Operational The St. Regis, Mumbai Total Saleable + Courtyard by Marriott, Agra Retail Spaces GLA Office Spaces GLA Area ~7 ~2.0 588 ~4 msf msf keys msf Under-development & Under-development & Under-plannin
Slide 5: Gross Leasable Area (GLA mix) in Retail and Commercial Segments
Gross Leasable Area (GLA mix) in Retail and Commercial Segments FY 22 FY 26 Retail 6.9 msf 1.9x 13.0 msf Commercial 2.0 msf 3.3x 6.6 msf Robust growth trajectory to solidify leadership position in mixed use developments in India
Slide 6: Portfolio in India's top cities
Portfolio in India’s top cities Agra Indore Ahmedabad Hospitality Mall Courtyard by Marriott – (193 keys) Phoenix Citadel Mall Bareilly – (~1 msf) Palladium Lucknow – (~0.7 msf) Mall Phoenix United – (~0.34 msf) Mall Mumbai Phoenix United – (~0.37 msf) Phoenix Palassio – (~0.90 msf) Mall Phoenix Pal
Slide 7: Consumption in March 2022 at 116% of March 2019
Consumption in March 2022 at 116% of March 2019 March 2022 Consumption As % of 108% 110% 114% 109% 93% NA 69% 97% Mar 2019 As % of 149% 132% 169% 164% 126% 134% 110% 116% Mar 2021 1,420 1,190 1,081 851 732 619 201 165 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Luck
Slide 8: Q4 FY22 Consumption
Q4 FY22 Consumption Q4 FY22 Consumption As % of 97% 98% 97% 80% 85% NA 68% 88% Q4 FY19 As % of 111% 111% 125% 117% 111% 132% 109% 110% Q4 FY21 3,875 2,984 2,740 2,315 1,878 1,782 543 451 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly Palladium Chenn
Slide 9: Q3 FY22 Rental Income at 96% of Q3 FY20
Q3 FY22 Rental Income at 96% of Q3 FY20 (pre-Covid quarter) Q3 FY20 (pre- Q3 FY22 Q3 FY21 COVID period) Name of Asset Retail Income % of Q3 FY20 Retail Income Retail Income (pre-COVID (Rs. mn) period) (Rs. mn) (Rs.mn) Phoenix Palladium 725 83% 552 871 Phoenix Marketcity Bangalore 386 97% 238 400 Pho
Slide 10: Q3 FY22 Retail EBITDA at 96% of Q3 FY20
Q3 FY22 Retail EBITDA at 96% of Q3 FY20 (pre-Covid quarter) Q3 FY20 (pre- Q3 FY22 Q3 FY21 COVID period) Name of Asset EBITDA % of Q3 FY20 EBITDA EBITDA (pre-COVID (Rs. mn) period) (Rs. mn) (Rs. mn) Phoenix Palladium 728 90% 526 807 Phoenix Marketcity Bangalore 343 85% 244 402 Phoenix Marketcity Pune
Slide 11: Retail Rental Income for 9M FY22 at 69% of 9M FY20
Retail Rental Income for 9M FY22 at 69% of 9M FY20 9M FY20 (pre- 9M FY22 9M FY21 COVID period) Name of Asset Retail Income % of 9M FY20 Retail Income Retail Income (pre-COVID (Rs. mn) period) (Rs. mn) (Rs. mn) Phoenix Palladium 1,484 60% 1,088 2,492 Phoenix Marketcity Bangalore 849 76% 485 1,119 Pho
Slide 12: Retail EBITDA for 9M FY22 at 70% of 9M FY20
Retail EBITDA for 9M FY22 at 70% of 9M FY22 9M FY20 (pre- 9M FY22 9M FY21 COVID period) Name of Asset EBITDA % of 9M FY20 EBITDA EBITDA (pre-COVID (Rs. mn) period) (Rs. mn) (Rs. mn) Phoenix Palladium 1,431 61% 938 2,354 Phoenix Marketcity Bangalore 848 73% 528 1,160 Phoenix Marketcity Pune 676 51% 4
Slide 13: Occupancy and Trading Density trend across major malls
Occupancy and Trading Density (TD) trend across major malls Trading Density Leased Occupancy Trading Occupancy (Rs. Per sq. ft. pm) Q3 FY20 Q3 FY20 Q3 FY20 Q3 FY22 Q3 FY22 (Pre-covid) Q3 FY22 (Pre-covid) (Pre-covid) Phoenix Palladium 100% 97% 94% 86% 3,620 3,306 Phoenix Marketcity Bangalore 99% 96%
Slide 14: Business Performance - Commercial
Business Performance - Commercial Fountainhead Towers, Pune
Slide 15: Office Portfolio seeing improving leasing traction
Office Portfolio seeing improving leasing traction Project Net Leasable Average Rate Location Total Area (msf) Area Sold (msf) Area Leased (msf) Name Area (msf) psf.* Operational Office Portfolio (1.99 MSF) Art Guild House Mumbai 0.80 0.17 0.63 0.45 88 Phoenix Paragon Plaza Mumbai 0.43 0.12 0.31 0.1
Slide 16: 9M FY22 Office Income up 11% yoy
9M FY22 Office Income up 11% yoy Q3 FY22 (in Rs. Mn) 9M FY22 (in Rs. Mn) EBITDA as % of Total Income Operational Portfolio Total Income EBITDA Total Income EBITDA Q3 FY22 9M FY22 Art Guild House* 181 111 598 421 62% 70% Phoenix Paragon Plaza 65 48 199 127 55% 64% Fountainhead – Tower 1 64 40 174 131
Slide 17: FountainHead Towers – Interior shots
FoutainHead Towers – Interior shots Fountainhead Tower 2 Lobby 16
Slide 18: FountainHead Towers – Interior shots
FoutainHead Towers – Interior shots Fountainhead Tower 3 Lobby 17
Slide 19: FountainHead Tower 3 – Interior shots
FoutainHead Tower 3 – Interior shots 18
Slide 20: Business Performance - Hospitality
Business Performance - Hospitality The St. Regis, Mumbai
Slide 21: The St. Regis, Mumbai – Significant Improvement in Room Occupancy
The St. Regis, Mumbai – Significant Improvement in Room Occupancy Room Occupancy (%) 90% 77% 77% 79% 79% 74% 51% 46% 46% 42% 34% Occupancy impacted due to 14% Omicron wave Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Occupancy levels at a all time high led by r
Slide 22: The St. Regis, Mumbai
The St. Regis, Mumbai Q3 FY22 Q3 FY21 YoY% 9M FY22 9M FY21 YoY% Revenue from 232 93 150% 428 202 112% Rooms (Rs. mn) Revenue from F&B and Banqueting 275 108 154% 450 143 215% (Rs. mn) Other Operating 45 29 57% 92 65 41% Income (Rs. mn) Total Income 553 230 140% 970 410 137% (Rs. mn) Operating EBITDA
Slide 23: Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy
Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy Room Occupancy (%) 75% 70% 62% 64% 60% 60% 60% 47% 35% 26% Occupancy 23% impacted due to Omicron 1% wave Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Occupancy levels back at FY20 levels ai
Slide 24: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Q3 FY22 Q3 FY21 9M FY22 9M FY21 Revenue from Rooms 50 22 84 25 (Rs. mn) Revenue from F&B and Banqueting 50 27 93 31 (Rs. mn) Other Operating Income 1 0 3 1 (Rs. mn) Total Income 101 50 181 56 (Rs. mn) Occupancy (%) 66% 38% 46% 26% ARR (Rs.) 4,266 3,222 3,481 3,349 23
Slide 25: Business Performance - Residential
Business Performance - Residential Phoenix Marketcity, Bangalore
Slide 26: Residential Portfolio – Strong traction in Q4 FY22 for ready units
Residential Portfolio – Strong traction in Q4 FY22 for ready units Overall sales of Rs. 2,568 mn in FY22 of which Rs. 703 mn worth of sales is pending registration Collections in Q4 FY22 were Rs. 978 mn and Rs. 2,773 mn in FY22 Sales trajectory has seen good improvement backed by strong demand
Slide 27: Strong Capital Structure
Strong Capital Structure Phoenix Marketcity, Bangalore
Slide 28: Raised equity capital of ~Rs. 4,680 cr in 15 months
Raised equity capital of ~Rs. 4,680 cr in 15 months… Qualified Institutional August 2020 ~Rs. 1,100 cr Placement (QIP) JV with CPPIB for Kolkata May 2021 ~Rs. 384 cr Development 49% stake for CPPIB Equity Infusion in existing retail May 2021 & Dec 2021 ~Rs. 735 cr platform with CPPIB (ISML) CPPIB’s
Slide 29: Optimizing cost of debt and reducing gross debt levels
… while optimizing cost of debt and reducing gross debt levels … Effective cost of debt (%) Gross Debt (Rs. cr) 9.38% 4,573 9.19% 4,547 4,487 8.17% 4,305 7.61% 4,250 7.48% Mar' 19 Mar' 20 Mar' 21 Dec'21 Feb'22 Mar' 19 Mar' 20 Mar' 21 Dec'21 Feb'22 • Average cost of debt reduced from 9.38% in March 2
Slide 30: Capital Autonomy
…in order to give us the necessary Capital Autonomy Group Level PML Share Amount Rs. mn Liquidity (Bank balance + 24,946^ 19,334 Investments + DSRA)* Gross Debt 43,058^ 31,974 Net Debt 18,102^ 12,639 9M FY22 EBITDA 5,892^ 4,645 *Note: Does not include funds of Rs. 6,853 mn available in overdraft acc
Slide 31: Delivery timelines for Under Construction Assets on Track
… to keep Delivery timelines for Under Construction Assets on Track Phoenix Phoenix Citadel, Palladium, Phoenix Mall of Asia, Indore Ahmedabad Millennium, Pune Bangalore Proposed Retail Retail GLA – ~1.1 msf Retail GLA – ~1.2 msf GLA Retail GLA – ~1 msf Retail GLA – ~0.7 msf Office GLA – ~0.6 msf Of
Slide 32: Phoenix Citadel Indore
Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 31
Slide 33: Phoenix Citadel Indore
Phoenix Citadel Indore Indicative Render 32
Slide 34: Palladium Ahmedabad
Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 33
Slide 35: Palladium Ahmedabad
Palladium Ahmedabad Indicative Render 34
Slide 36: Phoenix Millennium Pune
Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 35
Slide 37: Phoenix Millennium Pune
Phoenix Millennium Pune Indicative Render 36
Slide 38: Mall of Asia, Bangalore
Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Bangalore Indicative Render Concept Architect – Callison 37
Slide 39: Mall of Asia, Bangalore
Mall of Asia, Bangalore Indicative Render Concept Architect – Callison 38
Slide 40: Expansion by densification of mixed use developments
Expansion by densification of mixed use developments Under Development / Planning Offices Location GLA* (msft) Office portfolio to grow Phoenix Millennium, Wakad – Office Pune ~0.6 from ~2 msft to Palladium Chennai – Office Chennai ~0.4 ~6.2 msft in 4 years Phoenix Marketcity Bangalore – Office Beng
Slide 41: Annexure
Annexure Phoenix Marketcity, Bangalore
Slide 42: Target cities of Interest
Target cities of Interest 7.48 acres of land in Feb 2021 Kolkata Chandigarh Gurgaon Surat Hyderabad Mumbai / Navi Mumbai Chennai Jaipur Greenfield/brownfield retail led development opportunities in key catchments of leading cities in India; target to add ~ 1 msf of Retail every year 41
Slide 43: Phoenix Palassio, Lucknow - Case Study
Phoenix Palassio, Lucknow - Case Study Quick turnaround of 21 months from brownfield acquisition to launch 100% funded through PML Balance Sheet All inclusive project cost: ~ Rs. 832 crores Mall 95% leased, MG Rent of ~Rs. 110, Trading Density of ~ Rs. 1,400 psf pm Annualized EBITDA run rate of > Rs
Slide 44: Offices Value Proposition
Offices Value Proposition Photo shot at location Land historically owned by SPV and therefore yields can be very high since no additional land cost Structural costs (foundation and strengthening) were part of existing structure Photo shot at location Expansion / densification at own site City centri
Slide 45: Sustainability Initiatives at Operational Malls
Sustainability Initiatives at Operational Malls Waste Water Energy Emission Management Conservation Conservation Control • Organic waste conversion and • Recycling of wastewater by • Replacement of CFL with LED • Diesel Generator Effluents are wet waste conversion equipment Sewage treatment plant (S
Slide 46: Sustainability Initiatives at Under Construction Malls
Sustainability Initiatives at Under Construction Malls Phoenix No Sustainable Metrics Phoenix Citadel Phoenix Millennium Mall of Asia 1 Pre-Certification LEED Ratings Silver Gold Gold 2 Sustainable Design Approach Adapted Adapted Adapted 3 Fundamental And Enhanced Commissioning Adapted Adapted Adapt
Slide 47: Shareholding Pattern as on 31st December 2021
Shareholding Pattern as on 31st December 2021 Shareholding Pattern Sr. No Top Institutional Investors % Shareholding 4.6% 1 SCHRODER 7.66% 2 GIC 4.32% 18.4% 3 ICICI PRDUENTIAL AMC 3.72% 4 MOTILAL OSWAL AMC 2.24% 45.4% 5 UTI AMC 2.23% 6 BAILLIE GIFFORD 2.15% 7 DSP AMC 2.08% 31.6% 8 SBI AMC 1.90% 9 VA
Slide 48: Thank you
Thank you Advait Phatarfod Rohan Rege Email: advait.p@phoenixmills.com Email: rohan.rege@phoenixmills.com Website: https://www.thephoenixmills.com/investors 47
The Phoenix Mills — Investor Presentation (April 2022) on 6ix