Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q4 FY2025 Earnings Presentation
70 slides from Phoenix Mills's earnings presentation, Apr 30, 2025
Slide 1: Cover letter: Investors' Presentation on Q4 and FY25 results
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 660 CIN No. : L17100MH1905PLC000200 April 30, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Pl
Slide 2: The Phoenix Mills Ltd. Investor Presentation Q4 and FY25
Phoenix Mall of Asia and Phoenix Asia Towers, Bengaluru The Phoenix Mills Ltd. Investor Presentation Q4 and FY25 1
Slide 3: FY25 Consolidated Performance Overview
FY25 Consolidated Performance Overview Core Businesses (Retail, Offices, Hotel) Revenue from Rs. 3,507 cr Operating Rs. 2,111 cr operations EBITDA Up 16% vs FY24 Up 16% vs FY24 Consolidated Group Performance Revenue from Rs. 3,814 cr Operating Rs. 2,161 cr operations EBITDA Down 4% vs FY24 Flat vs F
Slide 4: Q4 FY25 Consolidated Performance Overview
Q4 FY25 Consolidated Performance Overview Core Businesses (Retail, Offices, Hotel) Revenue from Rs. 894 cr Operating Rs. 510 cr operations EBITDA Up 8% vs Q4 FY24 Up 4% vs Q4 FY24 Consolidated Group Performance Revenue from Rs. 1,016 cr Operating Rs. 560 cr operations EBITDA Down 22% vs Q4 FY24 Down
Slide 5: Business Update: Business Performance - Retail
Photo shot at location Business Update Business Performance - Retail Financial Results Annexure Phoenix Mall of the Millennium 4
Slide 6: Retail business overview
Retail business overview FY25 Retail FY25 Retail FY25 Rental Income EBITDA Consumption Rs. 1,951 cr Rs. 2,010 cr Rs. 13,750 cr Overall Growth: 18% Overall Growth: 20% Overall Growth: 21% Q4 FY25 Retail Q4 FY25 Retail Q4 FY25 Rental Income EBITDA Consumption Rs. 482 cr Rs. 499 cr Rs. 3,248 cr Overall
Slide 7: FY25 Retail consumption up by 21% over FY24
FY25 Retail consumption up by 21% over FY24 FY25 Consumption (Rs. cr) Growth - -1% 7% 3% 7% 14% 65% 13% 7% 6% 244% 287% over FY24 Strong ramp up in 2,233 consumption in the 1,856 newly launched 1,727 malls 1,501 1,215 1,197 1,140 1,134 760 528 237 221 Phoenix PMC PMC Pune PMC & PMC Mumbai Phoenix Pa
Slide 8: Q4 FY25 Retail consumption up by 15% over Q4 FY24
Q4 FY25 Retail consumption up by 15% over Q4 FY24 Q4 FY25 Consumption (Rs. cr) Growth 5% -2% 7% 1% 10% 4% 33% 10% 4% 2% 85% 92% over Q4 540 Strong ramp up in FY24 consumption in the newly launched 412 394 malls 343 282 275 284 292 191 122 60 53 Phoenix PMC PMC Pune PMC & Phoenix PMC Mumbai Palladium
Slide 9: Q4 FY25 consumption across discretionary wallet spend
Q4 FY25 - Consumption across entire spectrum of discretionary wallet spend Excluding Phoenix Mall of the Millennium and Phoenix Mall of Asia Consumption Contribution Trading Area Mix YoY Consumption Growth Fashion & Accessories 55% 61% 7% Jewellery 13% 1% 19% Electronics 11% 3% 6% Food & Beverages 9
Slide 10: FY25 Retail Rental Income grew by 18% over FY24
FY25 Retail Rental Income grew by 18% over FY24 FY25 FY24 Name of Asset Retail Rental Income Retail Rental Income % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 394 383 3% Phoenix MarketCity Bangalore 206 201 2% Phoenix MarketCity Pune 218 211 4% Phoenix MarketCity and Palladium Chennai 225 212
Slide 11: FY25 Retail EBITDA grew by 20% over FY24
FY25 Retail EBITDA grew by 20% over FY24 FY25 FY24 Name of Asset Retail EBITDA Retail EBITDA % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 401 399 0% Phoenix MarketCity Bangalore 220 209 5% Phoenix MarketCity Pune 243 221 10% Phoenix MarketCity and Palladium Chennai 244 226 8% Phoenix MarketCi
Slide 12: Q4 FY25 Retail Rental Income grew by 8%
Q4 FY25 Retail Rental Income grew by 8% over Q4 FY24 Q4 FY25 Q4 FY24 Name of Asset Retail Rental Income Retail Rental Income % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 99 93 6% Phoenix MarketCity Bangalore 51 48 7% Phoenix MarketCity Pune 54 53 2% Phoenix MarketCity and Palladium Chennai 56
Slide 13: Q4 FY25 Retail EBITDA grew by 11%
Q4 FY25 Retail EBITDA grew by 11% over Q4 FY24 Q4 FY25 Q4 FY24 Name of Asset Retail EBITDA Retail EBITDA % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 99 99 1% Phoenix MarketCity Bangalore 56 52 8% Phoenix MarketCity Pune 62 56 11% Phoenix MarketCity and Palladium Chennai 61 54 13% Phoenix Mar
Slide 14: Ramp-up in trading occupancy
Ramp-up in trading occupancy Trading occupancy 87% 91% Mar-24 Mar-25 Growth in trading occupancy led by Palladium Ahmedabad 86% 95% Mar-24 Mar-25 Phoenix Mall of the Millennium 76% 92% Mar-24 Mar-25 Phoenix Mall of Asia 57% 83% Mar-24 Mar-25 13
Slide 15: Expansion of Phoenix Palladium, Mumbai - West Zone
Expansion of Phoenix Palladium, Mumbai - West Zone Indicative Render Unparalleled experiences across 250,000 sq. ft. of gross leasable area 5 levels of Retail | Curated F&B offering | Entertainment and more | Additional car parks 14
Slide 16: Bringing flagship stores to life
Bringing flagship stores to life Photo shot at location Photo shot at location Photo shot at location Photo shot at location Largest Uniqlo in Mumbai India’s first Bershka 15
Slide 17: Bringing flagship stores to life
Bringing flagship stores to life Photo shot at location Photo shot at location Photo shot at location Photo shot at location Lifestyle in a new avatar Celio’s Flagship Store 16
Slide 18: More stores, more flavours coming soon
And the launch momentum continues… Photo shot at location Photo shot at location More stores, Photo shot at location Photo shot at location more flavours coming Photo shot at location soon Photo shot at location Photo shot at location Photo shot at location 17
Slide 19: Gourmet Village - Opening soon
Gourmet Village - planned across 2 levels, 18 outlets Opening soon Indicative Render 18
Slide 20: Business Update: Business Performance – Commercial
Indicative Render Business Update Business Performance – Commercial Financial Results Annexure Millennium Towers, Pune 19
Slide 21: Commercial office business overview
Commercial office business overview Operational assets: Mumbai, Pune WALE – Above 3 Years Total Income EBITDA FY25 FY25 Rs. 210 Cr Rs. 131 Cr 3 Years + Max tenure – 10% growth 19% growth 5 Years over FY24 over FY24 Industry agnostic front offices Gross MI NTT GROUP BAJAJ FINANCE ~4 msft Leasing* XIA
Slide 22: Leasing and occupancy in the Commercial Office Portfolio
Leasing and occupancy in the Commercial Office Portfolio Net Leasable Area Leased Gross Rent Asset Location % area leased Area (msft) (msft) (psfpm)* Art Guild House Mumbai 0.63 0.54 86% 149 Phoenix Paragon Mumbai 0.31 0.15 47% 132 Centrium Mumbai 0.11 0.06 59% 97 Phoenix House Mumbai 0.11 0.05 50%
Slide 23: Q4 FY25 Commercial Offices Income Rs. 53 cr
Q4 FY25 Commercial Offices Income stood at Rs. 53 cr, up 8% over Q4 FY24 EBITDA as Total Income (Rs. cr) EBITDA (Rs. cr) % of Total Income Operational Portfolio Q4 FY25 Q4 FY24 Growth (%) Q4 FY25 Q4 FY24 Growth (%) Q4 FY25 Q4 FY24 Art Guild House, Mumbai 25 21 19% 18 15 21% 74% 72% Phoenix Paragon,
Slide 24: FY25 Commercial Offices Income Rs. 210 cr
FY25 Commercial Offices Income stood at Rs. 210 cr, up 10% over FY24 EBITDA as Total Income (Rs. cr) EBITDA (Rs. cr) % of Total Income Operational Portfolio FY25 FY24 Growth (%) FY25 FY24 Growth (%) FY25 FY24 Art Guild House, Mumbai 94 83 14% 68 56 21% 72% 68% Phoenix Paragon, Mumbai 34 33 2% 18 17
Slide 25: Millennium Towers, Pune – OC Received for Tower 3
Millennium Towers, Pune – OC Received for Tower 3 Indicative render ✓~1.30 msft of prime commercial offices (across three towers) ✓OC received for Tower 3 (~0.52 msft) ✓Pre-leasing commenced ✓Upcoming metro ~1 km away ✓Host of world class amenities 24
Slide 26: Phoenix Asia Towers, Bangalore – OC received
Phoenix Asia Towers, Bangalore – OC received and launching soon ✓GLA of ~0.80 msft ✓Upcoming metro landing within the campus ✓Preleasing commenced ✓Host of world class amenities Indicative render 25
Slide 27: One National Park, Chennai – pre leasing discussions commenced
One National Park, Chennai – pre leasing discussions commenced Indicative render GLA: ~0.60 msft Indicative Render 26
Slide 28: Introducing The Great Hall
Introducing The Great Hall Creating the Complete Office: From Collaboration to Recreation Lounges Board Rooms Meeting Rooms Library Event Spaces Café Gym Pool Table Games Room Creche 27
Slide 29: The Great Hall – A lobby in the sky
The Great Hall – A lobby in the sky The perfect backdrop for conversations, collaborations, and community Indicative Render Indicative Render 28
Slide 30: Workspaces designed for every ambition
Workspaces designed for every ambition POWER ROOMS Boardrooms for decision makers who choose to be different Indicative Render 29
Slide 31: Amalgamating productivity with lifestyle effortlessly
Amalgamating productivity with lifestyle effortlessly Indicative Render Indicative Render Landscaped podiums, cafes, recreation zones and more…. 30
Slide 32: Business Update: Business Performance – Hospitality
Photo shot at location Business Update Business Performance – Hospitality Financial Results Annexure Koishii, The St. Regis, Mumbai 31
Slide 33: Hotels Overview
Hotels Overview FY25 Income FY25 EBITDA The St Regis Occupancy Rs. 580 cr Rs. 266 cr 92% Growth: 6% Growth: 11% Q4 FY25 Q4 FY25 Q4 FY25 CYMA Income EBITDA Occupancy Rs. 167 cr Rs. 85 cr 87% Growth: 4% Overall Growth: 12% Q4 FY25 Concept Architect 32
Slide 34: The St. Regis, Mumbai: Performance overview for Q4 FY25 and FY25
The St. Regis, Mumbai: Performance overview for Q4 FY25 and FY25 ARR (Rs.) Occupancy RevPAR (Rs.) 11% 9% 15% 13% Growth Growth 92% Growth Growth Q4 FY25; up 4 pps vs Q4 FY24 86% 21,199 23,542 18,247 19,958 18,699 21,541 15,190 17,232 FY25 Q4 FY24 Q4 FY25 FY24 FY25 up 3 pps vs FY24 Q4 FY24 Q4 FY25 FY
Slide 35: The St. Regis, Mumbai
The St. Regis, Mumbai Photo shot at location (Rs. cr) Q4 FY25 Q4 FY24 % growth FY25 FY24 % growth Revenue from Rooms 73 65 13% 239 216 11% Revenue from F&B and 64 62 3% 240 227 6% Banqueting Other Operating Income 11 16 -30% 44 48 -9% Total Income 149 143 4% 523 491 7% Operating EBITDA 76 69 10% 248
Slide 36: Courtyard by Marriott, Agra: Performance overview
Courtyard by Marriott, Agra: Performance overview for Q4 and FY25 ARR (Rs.) Occupancy RevPAR (Rs.) 87% 10% 13% 8% 6% Growth Growth Growth Growth Q4 FY25 75% 6,351 6,982 5,278 5,987 5,609 6,060 4,218 4,470 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY25 Revenue Mix FY25 Revenue Mix E
Slide 37: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra % % Photo shot at location (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Revenue from Rooms 10.3 9.6 7% 30.8 29.1 6% Revenue from F&B and 7.9 7.6 3% 24.1 23.8 2% Banqueting Other Operating Income 0.6 0.7 -18% 2.0 2.0 3% Total Income 18.8 18.0 4% 57.0 54.9 4% Operating
Slide 38: Business Update: Business Performance: Residential
Indicative Render Business Update Business Performance: Residential Financial Results Annexure One Bangalore West 37
Slide 39: Residential Portfolio: Steady traction in demand for ready units
Residential Portfolio: Steady traction in demand for ready units Rs. 77 Cr Rs. 54 Cr ~25,900 psf Q4 FY25 Q4 FY25 Average sales price for Gross Sales Collections Q4 FY25 Rs. 212 Cr Rs. 219 Cr ~26,000 psf FY25 FY25 Average sales price for Gross Sales Collections FY25 Concept Architect 38
Slide 40: Residential Portfolio: Steady traction in demand for ready units
Residential Portfolio: Steady traction in demand for ready units ✓ Gross sales of ~Rs. 77 crores in Q4 FY25 and Rs. 212 cr in FY25 ✓ Collections of ~Rs. 54 crores in Q4 FY25 and Rs. 219 cr in FY25 Constructed Cumulative Cumulative Collections in Revenue recognized (Rs. cr) 1 Total Saleable Area laun
Slide 41: Business Update: Business Performance: Financial Results
Photo shot at location Business Update Business Performance Financial Results Annexure Phoenix Palladium, Mumbai 40
Slide 42: Q4 FY25 and FY25 Break up of Consolidated P&L
Q4 FY25 and FY25 Break up of Consolidated P&L (Rs. cr) Q4 FY25 Q4 FY24 YoY% FY25 FY24 YoY% Revenue from core businesses 894 829 8% 3,507 3,030 16% (Retail, Offices, Hotel) Add: Residential and other non- 122 477 -74% 306 947 -68% core businesses Consolidated Revenue 1,016 1,306 -22% 3,814 3,978 -4%
Slide 43: Q4 FY25 Consolidated EBITDA at Rs. 560 crores
Q4 FY25 Consolidated EBITDA at Rs. 560 crores (Rs. cr) Q4 FY25 Q4 FY24 YoY% FY25 FY24 YoY% Income from operations 1,016 1,306 -22% 3,814 3,978 -4% Operating EBITDA 560 627 -11% 2,161 2,177 -1% EBITDA Margin (%) 55% 48% 7 pps 57% 55% 2 pps Add: Other income 45 37 21% 151 132 14% Less: Finance Cost 94
Slide 44: Q4 FY25 Standalone EBITDA at Rs. 70 crores
Q4 FY25 Standalone EBITDA at Rs. 70 crores (Rs. cr) Q4 FY25 Q4 FY24 YoY% FY25 FY24 YoY% Income from operations 125 116 8% 486 466 4% Operating EBITDA 70 79 -12% 300 312 -4% EBITDA Margin (%) 56% 68% -12 pps 62% 67% -5 pps Add: Other income 22 5 309% 146 109 35% Less: Finance Cost 19 16 21% 73 65 13%
Slide 45: PML Consolidated Cashflow – FY25
PML Consolidated Cashflow – FY25 Particulars Amount (Rs. cr) Cash Flow from Operating Activities Operating cash flow before changes in Working Capital 2,149 Add: Changes in working capital 219 Less: Tax Paid -285 Net Cash Generated from Operations (A) 2,084 Cash Flow from Investing Activities Capita
Slide 46: Operating cash flow up by 39% during Q4 FY25
Operating cash flow excluding residential business up by 39% during Q4 FY25 Q4 FY25 Q4 FY24 % Change Amount in Rs. cr Net cash from operating activities^ 578 446 + 30% Less: Interest paid -58 -84 - 31% Operating free cash flow* 520 362 + 44% Contribution to Operating free cash flow from Retail, Offi
Slide 47: Operating cash flow up by 24% during FY25
Operating cash flow excluding residential business up by 24% during FY25 FY25 FY24 % Change Amount in Rs. cr Net cash from operating activities^ 2,084 2,161 - 4% Less: Interest paid -345 -381 - 9% Operating free cash flow* 1,738 1,780 - 2% Contribution to Operating free cash flow from Retail, Office
Slide 48: Group-level Debt and Cash position
Group-level Debt and Cash position as on 31st March 2025 vs. 31st March 2024 31-Mar-24 31-Mar-25 Change Amount Rs. cr Liquidity (Bank balance + 2,209 1,702 - 507 Investments + DSRA)*^ Gross Debt^ 4,366 4,409 + 42 Net Debt^ 2,157 2,707 + 549 Net Debt to EBITDA^ ~1.0x ~1.2x *Does not include amount av
Slide 49: Average cost of debt in Mar-25 down to 8.50%
Average cost of debt in Mar-25 down to 8.50% Effective cost of debt (%) 9.19% 8.81% 8.79% 8.67% 8.64% 8.74% 8.17% 8.50% 7.30% Spread: 225 bps Spread: 479 bps 6.50% 6.50% 6.50% 6.50% 6.50% 6.25% 4.40% 4.00% 4.00% Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 PML's Avg. Cost of Debt (
Slide 50: PML-level Debt and Cash position
PML-level Debt and Cash position as on 31st March 2025 vs. 31st March 2024 PML’s economic interest 31-Mar-24 31-Mar-25 Change Amount Rs. cr Liquidity (Bank balance + 1,722 1,329 - 392 Investments + DSRA)*^ Gross Debt^ 3,281 3,258 - 24 Net Debt^ 1,560 1,929 + 369 Net Debt to EBITDA^ ~0.9x ~1.2x *Does
Slide 51: Sustained Portfolio additions: Land acquisitions since December 2022
Sustained Portfolio additions Land acquisitions since December 2022 Dec-22 Feb-23 Nov-23 Apr-24 Aug-24 Sep-24 Chandigarh City Surat Kolkata Thane Bangalore Coimbatore Mohali Land Size ~7.2 acres ~5.5 acres ~11.5 acres ~6.6 acres ~9.0 acres ~13.1 acres Retail-led Under Retail-led Development Retail R
Slide 52: A significant milestone – Delivered: 5+ million sq. ft. in 5 years
A significant milestone – Delivered 5+ million sq. ft. | in 5 years 2019 2024 No of • Phoenix Palassio Operational Malls 7 • Phoenix Citadel • Phoenix Mall of the 12 Millennium • Phoenix Mall of Asia, • Phoenix Palladium GLA in msft 6 Expansion – West 11.5 Zone 51
Slide 53: A significant milestone – in the pipeline
A significant milestone – in the pipeline 5+ million sq. ft. | in 5 years 2025 2030 No of • Phoenix Grand Operational Malls 12 Victoria • Phoenix Surat 17 • Phoenix Coimbatore • Phoenix Thane • Phoenix Chandigarh GLA in msft 11.5 • Expansion at Phoenix >18 Palladium and PMC B 52
Slide 54: Charting Growth Roadmap: 2027 and beyond
Charting Growth Roadmap: 2027 and beyond Segments 2025 By 2027 By 2030 Retail ~11.5 msft >14 msft >18 msft Commercial Offices ~3 msft* >7 msft Further densification Hotels ~588 keys ~988 keys under-planning Residential^ ~3.5 msft ~4.5 msft GLA is an estimate based on current plans and market/company
Slide 55: Annexure
Photo shot at location Business Update Business Performance Financial Results Annexure Phoenix Citadel, Indore 54
Slide 56: Phoenix Palladium Mumbai
Phoenix Palladium Mumbai (Rs. cr) Q4 FY25 Q4 FY24 % growth FY25 FY24 % growth Rental 99 93 6% 394 383 3% CAM & Others 19 20 -1% 81 76 7% Total Income 119 113 5% 475 459 4% Asset EBITDA 99 99 1% 401 399 0% Asset EBIDTA 100% 106% -6 pps 102% 104% -2 pps as % of Rental PML Standalone 70 79 -12% 300 312
Slide 57: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 51 48 7% 206 201 2% CAM & Others 22 19 16% 90 72 25% Total Income 73 67 10% 296 273 8% Asset EBITDA 56 52 8% 220 209 5% Asset EBIDTA 110% 108% 1 pps 107% 104% 3 pps as % of Rental Rental Rate 175 166 6% 175 168
Slide 58: Phoenix MarketCity Pune
Phoenix MarketCity Pune % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 54 53 2% 218 211 4% CAM & Others 25 22 11% 96 84 15% Total Income 79 75 5% 315 295 7% Asset EBITDA 62 56 11% 243 221 10% Asset EBIDTA 114% 105% 9 pps 111% 105% 6 pps as % of Rental Rental Rate 160 153 5% 158 153 3% (
Slide 59: Phoenix MarketCity & Palladium Chennai
Phoenix MarketCity & Palladium Chennai % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 56 54 3% 225 212 6% CAM & Others 29 20 49% 119 94 27% Total Income 85 74 15% 343 306 12% Asset EBITDA 61 54 13% 244 226 8% Asset EBIDTA 110% 100% 10 pps 109% 106% 2 pps as % of Rental Rental Rate 171 1
Slide 60: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 44 43 3% 179 165 8% CAM & Others 21 18 18% 86 72 20% Total Income 66 61 7% 265 237 12% Asset EBITDA 48 46 4% 189 166 14% Asset EBIDTA 108% 106% 2 pps 106% 100% 6 pps as % of Rental Rental Rate 125 124 1% 128 123 4%
Slide 61: Phoenix Palassio Lucknow
Phoenix Palassio Lucknow % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 36 35 4% 143 133 8% CAM & Others 17 11 44% 70 52 34% Total Income 53 46 14% 213 185 15% Asset EBITDA 36 35 0% 148 138 7% Asset EBIDTA 99% 102% -3 pps 104% 104% 0 pps as % of Rental Rental Rate 135 129 4% 134 126 7%
Slide 62: Phoenix United Lucknow
Phoenix United Lucknow % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 8 8 0% 34 34 -1% CAM & Others 5 4 35% 22 17 28% Total Income 14 12 11% 56 51 8% Asset EBITDA 9 8 10% 33 32 4% Asset EBIDTA 101% 93% 9 pps 97% 92% 5 pps as % of Rental Rental Rate 95 91 4% 95 89 6% (Rs. pspm) Mall Cons
Slide 63: Phoenix United Bareilly
Phoenix United Bareilly % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 7 7 4% 26 25 5% CAM & Others 5 3 88% 20 13 54% Total Income 12 9 28% 46 38 21% Asset EBITDA 7 7 1% 26 26 1% Asset EBIDTA 104% 107% -3 pps 98% 101% -4 pps as % of Rental Rental Rate 77 72 7% 75 70 7% (Rs. pspm) Mall C
Slide 64: Phoenix Citadel Indore
Phoenix Citadel Indore % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 17 19 -10% 89 89 0% CAM & Others 13 9 43% 60 45 33% Total Income 30 28 7% 148 134 11% Asset EBITDA 15 19 -22% 83 85 -1% Asset EBIDTA 88% 101% -13 pps 94% 95% -1 pps as % of Rental Rental Rate 80 74 8% 83 79 6% (Rs. ps
Slide 65: Palladium Ahmedabad
Palladium Ahmedabad % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 32 21 56% 122 85 44% CAM & Others 14 3 350% 60 38 61% Total Income 46 24 95% 183 123 49% Asset EBITDA 26 16 66% 109 67 62% Asset EBIDTA 81% 76% 5 pps 89% 79% 10 pps as % of Rental Rental Rate 145 110 32% 145 130 11% (Rs.
Slide 66: Phoenix Mall of the Millennium
Phoenix Mall of the Millennium % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 38 31 22% 149 65 NC CAM & Others 21 14 45% 80 30 NC Total Income 59 46 29% 229 95 NC Asset EBITDA 39 29 33% 142 56 NC Asset EBIDTA 103% 94% 9 pps 95% 86% NC as % of Rental Rental Rate 126 133 -5% 129 134 NC (R
Slide 67: Phoenix Mall of Asia
Phoenix Mall of Asia % % (Rs. cr) Q4 FY25 Q4 FY24 FY25 FY24 growth growth Rental 39 33 20% 166 56 NC CAM & Others 22 16 40% 90 26 NC Total Income 61 48 26% 257 82 NC Asset EBITDA 41 28 48% 171 49 NC Asset EBIDTA 105% 85% 20 pps 103% 87% NC as % of Rental Rental Rate 128 160 -20% 146 171 NC (Rs. pspm
Slide 68: Gross Debt across Subsidiaries as on 31st March 2025
Gross Debt across Subsidiaries as on 31st March 2025 PML Q3 FY25 Q4 FY25 Status Asset Type SPV Asset Name Ownership (Rs. Cr) (Rs. Cr) (%) The Phoenix Mills Ltd. (Standalone) Phoenix Palladium, Mumbai 100.0% 772 753 Classic Mall Development Phoenix MarketCity, Chennai 100.0% 436 432 Vamona Developers
Slide 69: Click on the logos for updates on Instagram
Click on the logos to for updates on Instagram R E TA I L Phoenix Marketcity Bangalore logo Phoenix Marketcity Kurla logo Phoenix Marketcity Pune logo Phoenix Marketcity Chennai logo Phoenix Palassio logo Phoenix Citadel, Indore | Linktree Palladium Ahmedabad (@palladiumAhm) / X Phoenix Mall of the
Slide 70: Thank you
Thank you Varun Parwal Karl Kolah Email: varun.p@phoenixmills.com Email: karl.kolah@phoenixmills.com Madhurima Kane Email: madhurima.kane@phoenixmills.com Website: https://www.thephoenixmills.com/investors Linkedin: The Phoenix Mills Limited 69