Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q4 FY22 Earnings Presentation
74 slides from Phoenix Mills's earnings presentation, May 24, 2022
Slide 1: Cover letter to stock exchanges on investor presentation
� .._.THE 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. : L 171OOMH1905PLC000200 May 24, 2022 BSE Limited National Stock Exchange of India Limit
Slide 2: Investor Presentation – Q4 & FY22
The Phoenix Mills Ltd. Investor Presentation – Q4 & FY22 Phoenix MarketCity, Bangalore
Slide 3: 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 4: 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 5: 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 6: Business Update
Business Update Business Performance Financial Results Annexure Phoenix Palladium, Mumbai
Slide 7: Annual Consumption Trend – FY13 to FY22
Annual Consumption Trend – FY13 to FY22 Consumption (Rs. Mn.) 68,900 69,309 63,200 Covid-impacted 57,800 years 54,000 49,300 50,109 40,300 33,316 25,700 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 6
Slide 8: FY22 Consumption at 71% of FY20
FY22 Consumption at 71% of FY20 FY22 Consumption (Rs. Mn.) As % of 60% 79% 59% 47% 71% NA 59% 74% FY20 As % of 126% 155% 143% 122% 198% NA 132% 139% FY21 10,185 10,426 8,240 7,461 5,903 4,593 1,832 1,469 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareill
Slide 9: Retail Consumption: strong, swift recovery in second half of FY22
Retail Consumption: strong, swift recovery to pre-COVID normal in second half of FY22 FY22 Month wise Consumption (Rs. Mn.) As % of 43% - 54% 52% 67% 82% 92% 120% 93% 80% 107% 133% SM of FY20 Operati 21 0 6 24 28 30 31 30 31 30 28 31 onal days 7,087 6,801 6,816 6,385 5,340 4,969 4,155 3,536 2,431 1,
Slide 10: Q4 FY22 Consumption at 103% of Q4 FY19
Q4 FY22 Consumption at 103% of Q4 FY19 (pre-Covid quarter) Q4 FY22 Consumption (Rs. Mn.) As % of 98% 98% 96% 81% 88% NA 66% 87% Q4 FY19 As % of 112% 111% 123% 118% 115% 133% 107% 110% Q4 FY21 3,934 2,992 2,701 2,391 1,897 1,798 532 449 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoeni
Slide 11: Retail Consumption in March 2022 demonstrates strong growth
Retail Consumption in March 2022 demonstrates strong growth over pre- covid month March 2022 Consumption (Rs. Mn.) As % of 112% 111% 110% 112% 101% NA 66% 96% Mar 2019 As % of 155% 132% 163% 169% 137% 137% 104% 114% Mar 2021 1,479 1,198 1,042 927 751 634 190 163 Phoenix PMC Bangalore PMC Pune PMC Mu
Slide 12: Retail Consumption in April 2022 at 129% of April 2019
Retail Consumption in April 2022 at 129% of April 2019 April 2022 Consumption (Rs. Mn.) As % of 127% 135% 121% 101% 113% NA 76% 98% Apr 2019 1,691 1,414 1,251 1,041 834 630 194 146 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly Palladium Chennai • T
Slide 13: Q4 FY22 Rental Income at 100% of Q4 FY19
Q4 FY22 Rental Income at 100% of Q4 FY19 (pre-Covid quarter) Q4 FY19 (pre- Q4 FY22 Q4 FY21 Q4 FY20 COVID period) Name of Asset Retail Income % of Q4 FY19 Retail Income Retail Income Retail Income (pre-COVID (Rs. mn) period) (Rs. mn) (Rs.mn) (Rs.mn) Phoenix Palladium 736 85% 662 780 868 Phoenix Marke
Slide 14: Q4 FY22 Retail EBITDA at 106% of Q4 FY19
Q4 FY22 Retail EBITDA at 106% of Q4 FY19 (pre-Covid quarter) Q4 FY19 (pre- Q4 FY22 Q4 FY21 Q4 FY20 COVID period) Name of Asset EBITDA % of Q4 FY19 EBITDA EBITDA EBITDA (pre-COVID (Rs. mn) period) (Rs. mn) (Rs. mn) (Rs. mn) Phoenix Palladium 838 96% 539 797 873 Phoenix Marketcity Bangalore 368 109% 3
Slide 15: FY22 Rental Income at 78% of FY20
FY22 Rental Income at 78% of FY20 (pre-Covid period) FY20 (pre-COVID FY22 FY21 period) Name of Asset Retail Income % of FY20 Retail Income Retail Income (pre-COVID (Rs. mn) period) (Rs. mn) (Rs.mn) Phoenix Palladium 2,219 64% 1,962 3,486 Phoenix Marketcity Bangalore 1,221 86% 779 1,426 Phoenix Marke
Slide 16: FY22 Retail EBITDA at 80% of FY20
FY22 Retail EBITDA at 80% of FY20 (pre-Covid period) FY20 (pre-COVID FY22 FY21 period) Name of Asset EBITDA % of FY20 EBITDA EBITDA (pre-COVID (Rs. mn) period) (Rs. mn) (Rs. mn) Phoenix Palladium 2,268 72% 1,476 3,151 Phoenix Marketcity Bangalore 1,216 83% 837 1,457 Phoenix Marketcity Pune 1,051 64%
Slide 17: 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) Q4 FY20 Q4 FY20 Q4 FY20 Q4 FY22 Q4 FY22 (Pre-covid) Q4 FY22 (Pre-covid) (Pre-covid) Phoenix Palladium 100% 100% 94% 92% 3,208 2,730 Phoenix Marketcity Bangalore 99% 98%
Slide 18: Business Performance - Retail
Business Update Business Performance - Retail Financial Results Annexure Phoenix Marketcity, Mumbai
Slide 19: Phoenix Palladium, Mumbai
Phoenix Palladium, Mumbai (Rs. mn) Q4 FY22 Q4 FY21 YoY % FY22 FY21 YoY % Rental 736 662 11% 2,219 1,962 13% CAM & Others 134 173 (22)% 457 530 (14)% Total Income 870 835 4% 2,676 2,492 7% Asset EBITDA 838 539 56% 2,268 1,476 54% Asset EBIDTA Margin as % of 114% 81% 102% 75% Rental PML Standalone 647
Slide 20: Income Split for PML (Standalone Entity)
Income Split for PML (Standalone Entity) PML (Standalone entity) owns the following assets: • Retail – Phoenix Palladium: Leasable area of ~0.77 msf • Commercial – Phoenix House: Leasable area of ~0.10 msf (Rs. mn) Project Name Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 FY2
Slide 21: Phoenix Palladium - Activation of additional area on Lower Ground Floor
Phoenix Palladium - Activation of additional area on Lower Ground Floor Added ~60,000 sq. ft. of leasable area with average rent in excess of Rs. 300 psft pm 20
Slide 22: Phoenix Marketcity Bangalore
Phoenix Marketcity Bangalore (Rs. mn) Q4 FY22 Q4 FY21 YoY % FY22 FY21 YoY % Rental 371 293 27% 1,221 779 57% CAM & Others 137 148 -8% 469 461 2% Total Income 508 441 15% 1,690 1,239 36% Asset EBITDA 368 309 19% 1,216 837 45% Asset EBIDTA Margin as % of 99% 106% 100% 108% Rental Note: Reported EBITDA
Slide 23: Phoenix Marketcity Pune
Phoenix Marketcity Pune (Rs. mn) Q4 FY22 Q4 FY21 YoY % FY22 FY21 YoY % Rental 410 336 22% 1,171 848 38% CAM & Others 161 158 2% 502 451 11% Total Income 571 494 16% 1,673 1,299 29% Asset EBITDA 375 338 11% 1,051 823 28% Asset EBIDTA Margin as % of 91% 101% 90% 97% Rental Note: Reported EBITDA is bef
Slide 24: Phoenix Marketcity Mumbai
Phoenix Marketcity Mumbai (Rs. mn) Q4 FY22 Q4 FY21 YoY % FY22 FY21 YoY % Rental 282 255 10% 808 615 31% CAM & Others 127 148 -14% 441 430 3% Total Income 409 403 1% 1,249 1,045 19% Asset EBITDA 317 276 15% 783 639 23% Asset EBIDTA Margin as % of 112% 108% 97% 104% Rental Note: Reported EBITDA is bef
Slide 25: Phoenix Marketcity & Palladium Chennai
Phoenix Marketcity & Palladium Chennai (Rs. mn) Q4 FY22 Q4 FY21 YoY % FY22 FY21 YoY % Rental 346 338 2% 1,306 782 67% CAM & Others 164 217 -24% 604 528 14% Total Income 511 555 -8% 1,910 1,310 46% Asset EBITDA 285 359 -21% 1,305 811 61% Asset EBIDTA Margin as % of 82% 106% 100% 104% Rental 24
Slide 26: Phoenix Palassio, Lucknow
Phoenix Palassio, Lucknow (Rs. mn) Q4 FY22 Q4 FY21 YoY % FY22 FY21 YoY % Rental 238 161 47% 803 321 150% CAM & Others 94 96 -3% 350 235 49% Total Income 332 257 29% 1,153 556 107% Asset EBITDA 237 171 39% 838 327 156% Asset EBIDTA Margin as % of 100% 106% 104% 102% Rental 25
Slide 27: Phoenix United, Lucknow
Phoenix United, Lucknow (Rs. mn) Q4 FY22 Q4 FY21 YoY % FY22 FY21 YoY % Rental 68 64 5% 246 181 36% CAM & Others 33 38 -14% 124 136 -9% Total Income 101 102 -2% 370 317 17% Asset EBITDA 57 61 -6% 220 170 30% Asset EBIDTA Margin as % of 84% 95% 89% 93% Rental 26
Slide 28: Phoenix United, Bareilly
Phoenix United, Bareilly (Rs. mn) Q4 FY22 Q4 FY21 YoY % FY22 FY21 YoY % Rental 56 57 -2% 193 145 33% CAM & Others 23 37 -38% 99 124 -20% Total Income 79 94 -16% 292 269 9% Asset EBITDA 43 53 -18% 177 149 19% Asset EBIDTA Margin as % of 78% 93% 92% 102% Rental 27
Slide 29: Resumption of marquee events: Sunburn at Phoenix MarketCity
Resumption of marquee events with easing of COVID-19 restrictions Photo shot at location Sunburn at Phoenix MarketCity, Bangalore
Slide 30: Resumption of marquee events: Farhan Akhtar concert
Resumption of marquee events with easing of COVID-19 restrictions Photo shot at location Farhan Akhtar Live-in concert at Phoenix MarketCity, Bangalore
Slide 31: Resumption of marquee events: stand-up comedy at Phoenix Palassio
Resumption of marquee events with easing of COVID-19 restrictions Photo shot at location Stand-up comedy by Harsh Gujral at Phoenix Palassio
Slide 32: Update on under-construction Assets
Update on under-construction Assets Phoenix Phoenix Citadel, Palladium, Phoenix Mall of Asia, Indore Ahmedabad Millennium, Pune Bangalore Proposed GLA Retail GLA – ~1.1 msf Retail GLA – ~1.2 msf Retail GLA – ~1 msf Retail GLA – ~0.7 msf Office GLA – ~1.2 msf Office GLA – ~1.2 msf Amount Spent till 5
Slide 33: Phoenix Citadel Indore
Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 32
Slide 34: Phoenix Citadel Indore
Phoenix Citadel Indore Indicative Render 33
Slide 35: Palladium Ahmedabad
Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 34
Slide 36: Palladium Ahmedabad
Palladium Ahmedabad Indicative Render 35
Slide 37: Phoenix Millennium Pune
Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 36
Slide 38: Phoenix Millennium Pune
Phoenix Millennium Pune Indicative Render 37
Slide 39: Mall of Asia, Bangalore
Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Bangalore Indicative Render Concept Architect – Callison 38
Slide 40: Mall of Asia, Bangalore
Mall of Asia, Bangalore Indicative Render Concept Architect – Callison 39
Slide 41: Update on other Under Development Projects
Update on other Under Development Projects Kolkata • Building plans approved in April 2022 • Environment clearance received, shore piling contract Rise, Lower Parel awarded Indicative Render Concept Architect – Callison 40
Slide 42: 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 43: 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 44: Business Performance - Commercial
Business Update Business Performance - Commercial Financial Results Annexure Fountainhead Towers, Pune
Slide 45: 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 0.47 107 Phoenix Paragon Plaza Mumbai 0.43 0.12 0.31 0.
Slide 46: FY22 Office Income up 22% yoy
FY22 Office Income up 22% yoy Q4 FY22 (in Rs. Mn) FY22 (in Rs. Mn) EBITDA as % of Total Income Operational Portfolio Total Income EBITDA Total Income EBITDA Q4 FY22 FY22 Art Guild House* 208 154 807 575 74% 71% Phoenix Paragon Plaza 86 58 286 185 67% 65% Fountainhead – Tower 1 84 55 257 187 66% 73%
Slide 47: Fountainhead Towers – Interior shots
FoutainHead Towers – Interior shots Fountainhead Tower 2 Lobby 46
Slide 48: Fountainhead Towers – Interior shots
FoutainHead Towers – Interior shots Fountainhead Tower 3 Lobby 47
Slide 49: Growth by Densification
Growth by Densification Offices Fountainhead Tower 1 ~0.17 msf Offices Fountainhead Tower 3 ~0.41 msf Offices Fountainhead Tower 2 ~0.25 msf Existing Mall (LG + G + 3)
Slide 50: 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 ~1.2 from ~2 msft to Palladium Chennai – Office Chennai ~0.4 ~7.1 msft in 4 years Phoenix Marketcity Bangalore – Office Beng
Slide 51: Business Performance - Hospitality
Business Update Business Performance - Hospitality Financial Results Annexure Phoenix Marketcity, Mumbai
Slide 52: The St. Regis, Mumbai
The St. Regis, Mumbai Q4 FY22 Q4 FY21 YoY% FY22 FY21 YoY% Revenue from Rooms 218 103 112% 646 305 112% (Rs. mn) Revenue from F&B and Banqueting 237 111 113% 687 254 170% (Rs. mn) Other Operating 40 29 41% 132 94 41% Income (Rs. mn) Total Income 495 243 104% 1,465 653 124% (Rs. mn) Operating EBITDA 1
Slide 53: The St. Regis, Mumbai – Significant Improvement in Room Occupancy
The St. Regis, Mumbai – Significant Improvement in Room Occupancy Room Occupancy (%) 90% 92% 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 Apr-22 Occupancy levels at a all time hi
Slide 54: The St. Regis, Mumbai – Tracking against pre-covid
The St. Regis, Mumbai – Tracking against pre-covid March + April March + April % recovery Remarks 2022 2019 ARR (Rs. psf pm) 11,772 11,745 Revenue 481 461 104% - Revenue 11,452 (Rs.mn) growth aided by strong 9,864 EBITDA 207 209 99% recovery in (Rs.mn) occupancy and ARR’s March 2019 March 2022 April
Slide 55: Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy
Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy Room Occupancy (%) 75% 70% 62% 64% 63% 60% 60% 60% 47% 35% 26% 23% Occupancy 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 Apr-22 Occupancy levels back at FY2
Slide 56: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Q4 FY22 Q4 FY21 FY22 FY21 Revenue from Rooms 40 29 124 54 (Rs. mn) Revenue from F&B and Banqueting 41 26 134 57 (Rs. mn) Other Operating Income 3 1 6 2 (Rs. mn) Total Income 84 57 264 113 (Rs. mn) Occupancy (%) 55% 53% 48% 36% ARR (Rs.) 4,300 3,246 3,686 3,340 55
Slide 57: Business Performance - Residential
Business Update Business Performance - Residential Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 58: Residential Portfolio – Steady traction in demand for ready units
Residential Portfolio – Steady traction in demand for ready units Overall sales of Rs. 1,808 mn in Q4 FY22 and Rs. 3,415 mn in FY22 Collections in Q4 FY22 were Rs. 978 mn and Rs. 2,765 mn in FY22 Sales trajectory has seen good improvement backed by strong demand and faster conversions. Sold
Slide 59: One Bangalore West, Bengaluru
One Bangalore West, Bengaluru Actual Site Picture 58
Slide 60: Kessaku – Grand Arrival Experience
Kessaku – Grand Arrival Experience Actual Site Picture Actual Site Picture 59
Slide 61: Kessaku – Zen Court & Pool Side Garden
Kessaku – Zen Court & Pool Side Garden Actual Site Picture 60
Slide 62: Kessaku, Bangalore
Kessaku, Bangalore Actual Site Picture Actual Site Picture 61
Slide 63: Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style
Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style Actual Site Picture Actual Site Picture 62
Slide 64: Financial Results
Business Update Business Performance Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 65: Q4 and FY22 Standalone P&L
Q4 and FY22 Standalone P&L (Rs. mn) Q4 FY22 Q4 FY21 YoY% FY22 FY21 YoY% Income from operations 1,029 835 23% 2,836 2,492 14% EBITDA 647 300 116% 1,642 1,235 33% EBITDA Margin (%) 63% 36% 58% 50% Profit Before Tax and exceptional item 666 218 206% 1,627 3,163 (49)% Profit after tax & before 588 80 63
Slide 66: Standalone Balance Sheet as on 31st March 2022
Standalone Balance Sheet as on 31st March 2022 As on March 31, As on March 31, As on March 31, As on March 31, (Rs. mn) (Rs. mn) 2022 2021 2022 2021 Share capital 357 356 Non-current assets 41,478 35,619 Reserves and surplus 45,626 43,757 Tangible assets + intangible assets 4,523 3,973 Sub-Total 45,
Slide 67: FY22 Consolidated PAT at Rs. 2,374 mn
FY22 Consolidated PAT at Rs. 2,374 mn (Rs. mn) Q4 FY22 Q4 FY21 YoY% FY22 FY21 YoY% Income from operations 4,954 3,858 28% 14,835 10,733 38% Retail 3,363 2,672 26% 9,633 7,289 32% Residential 579 563 3% 1,888 1,566 21% Commercial 431 326 32% 1,580 1,114 42% Hospitality & Others 581 297 95% 1,734 763
Slide 68: Consolidated Balance Sheet as on 31st March 2022
Consolidated Balance Sheet as on 31st March 2022 As on March 31, As on March 31, As on March 31, As on March 31, (Rs. mn) (Rs. mn) 2022 2021 2022 2021 Share capital 357 344 Non-current assets 1,05,144 94,380 Reserves and surplus 65,468 48,504 Tangible assets + intangible assets 75,077 72,724 Sub-Tot
Slide 69: Mar 2022 Debt and Cash Position
Mar 2022 Debt and Cash Position Group Level PML Share Amount Rs. mn Liquidity (Bank balance + 24,992^ 19,968 Investments + DSRA)* Gross Debt 43,795 32,502 Net Debt 18,803 12,534 FY22 EBITDA 8,548^ 6,758 ^ Includes Classic Mall & Starboard which does not form part of PML Consolidated * Does not inclu
Slide 70: Annexure
Business Update Business Performance Financial Results Annexure Palladium Chennai
Slide 71: Debt Profile as on 31st March 2022
Debt Profile as on 31st March 2022 Average cost of debt down to 7.30% in March Effective cost of debt (%) 2022 from 7.61% in December 2021, down by 31 bps QoQ 9.38% 9.19% Lowest rate on borrowing stands at 6.55% 95% of debt is on the operational portfolio Status Asset Class Amount (Rs. mn) Ret
Slide 72: Q4 FY22 Debt Across Subsidiaries
Q4 FY22 Debt Across Subsidiaries Asset Type SPV Asset Name PML Ownership Q3FY22 (Rs. Mn) Q4FY22 (Rs. Mn) PML Standalone Phoenix Palladium, Mumbai 100% 6,390 7,362 Classic Mall Development Phoenix MarketCity, Chennai 50% 6,532 6,352 Vamona Developers Phoenix MarketCity, Pune 74% 4,048 4,064 Island St
Slide 73: Shareholding Pattern as on 31st March 2022
Shareholding Pattern as on 31th March 2022 Shareholding Pattern Sr. No Top Institutional Investors % Shareholding 4.6% 31-03-2022 1 SCHRODER 7.66% 2 GIC 4.35% 17.4% 3 ICICI PRUDENTIAL AMC 3.23% 47.3% 4 MOTILAL OSWAL 2.35% 5 UTI 2.17% 6 BAILLIE GIFFORD 1.91% 30.7% 7 DSP MF 1.83% 8 SBI MF 1.83% 9 VANG
Slide 74: Thank you
Thank you Advait Phatarfod Rohan Rege Email: advait.p@phoenixmills.com Email: rohan.rege@phoenixmills.com Website: https://www.thephoenixmills.com/investors 73