Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q3 FY22 Earnings Presentation
64 slides from Phoenix Mills's earnings presentation, Feb 7, 2022
Slide 1: Exchange filing cover letter
�t� 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.: L17100MH1905PLC000200 February 07, 2022 BSE Limited National Stock Exchange of India Limi
Slide 2: Investor Presentation – Q3 & 9M FY22
The Phoenix Mills Ltd. Investor Presentation – Q3 & 9M FY22 Phoenix Palassio, Lucknow
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: Retail Consumption back to pre-Covid levels in Q3FY22
Retail Consumption back to pre-Covid levels in Q3FY22 Consumption Trend (Rs mn) 20,662 20,703 13,875 13,816 14,347 Second wave led to 10,123 restrictions on mall Lockdown impacted operations consumption due to impacting 4,724 restrictions on mall consumption operations 2,589 429 Q3FY20 Q4FY20 Q1FY21
Slide 8: Q3 FY22 Consumption trending towards pre-COVID levels for most malls
Q3 FY22 Consumption trending towards pre-COVID levels for most malls Q3 FY22 Consumption – Rs 20,703 mn • Consumption in Q3 FY22 stood at As % 91% 103% 88% 73% 89% NA 75% 93% of Q3 ~Rs 20,703 mn, and in 9M FY22 FY20 4,702 4,147 stood at ~Rs 33,415 mn 3,292 2,952 2,131 2,271 • Consumption in Q3 FY22
Slide 9: Consumption in Jan 2022 sees some impact due to Covid 3rd wave
Consumption in Jan 2022 sees some impact due to Covid 3rd wave & local restrictions Jan 2022 Consumption as % of Jan 2020 As % 66% 81% 72% 63% 67% NA 70% 77% of Jan, 2020 1,150 750 800 700 550 600 210 170 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareil
Slide 10: 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 11: Business Performance - Retail
Business Update Business Performance - Retail Financial Results Annexure Phoenix Marketcity, Chennai
Slide 12: Phoenix Palladium, Mumbai
Phoenix Palladium, Mumbai (Rs. mn) Q3 FY22 Q3 FY21 YoY % 9M FY22 9M FY21 YoY % Rental 725 552 31% 1,484 1,088 36% CAM & 90 185 323 357 Others Total Income 815 806 1% 1,806 1,657 9% Asset 728 526 38% 1,431 938 53% EBITDA Asset EBIDTA Margin as % 100% 95% 96% 86% of Rental PML Standalone 575 462 25% 9
Slide 13: 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 Phoenix Hou
Slide 14: Phoenix Marketcity Bangalore
Phoenix Marketcity Bangalore (Rs. mn) Q3 FY22 Q3 FY21 YoY % 9M FY22 9M FY21 YoY % Rental 386 238 63% 849 485 75% CAM & 114 134 332 313 Others Total Income 500 372 35% 1,182 798 48% Asset 343 244 40% 848 528 61% EBITDA Asset EBIDTA Margin as % 89% 103% 100% 109% of Rental Note: Reported EBITDA is bef
Slide 15: Phoenix Marketcity Pune
Phoenix Marketcity Pune (Rs. mn) Q3 FY22 Q3 FY21 YoY % 9M FY22 9M FY21 YoY % Rental 432 250 72% 761 512 49% CAM & 138 147 341 293 Others Total Income 570 397 43% 1,102 804 37% Asset 371 239 55% 676 495 37% EBITDA Asset EBIDTA Margin as % 86% 95% 89% 97% of Rental Note: Reported EBITDA is before fees
Slide 16: Phoenix Marketcity Mumbai
Phoenix Marketcity Mumbai (Rs. mn) Q3 FY22 Q3 FY21 YoY % 9M FY22 9M FY21 YoY % Rental 261 186 40% 526 360 46% CAM & 139 131 314 282 Others Total Income 400 317 26% 840 641 31% Asset 225 189 19% 466 363 28% EBITDA Asset EBIDTA Margin as % 86% 102% 89% 101% of Rental Note: Reported EBITDA is before fe
Slide 17: Phoenix Marketcity & Palladium Chennai
Phoenix Marketcity & Palladium Chennai (Rs. mn) Q3 FY22 Q3 FY21 YoY % 9M FY22 9M FY21 YoY % Rental 418 236 77% 960 444 116% CAM & 154 166 440 311 Others Total Income 572 403 42% 1,400 755 85% Asset 455 263 73% 1,020 452 126% EBITDA Asset EBIDTA Margin as % 109% 111% 106% 102% of Rental 16
Slide 18: Phoenix Palassio, Lucknow
Phoenix Palassio, Lucknow (Rs. mn) Q3 FY22 Q3 FY21 YoY % 9M FY22 9M FY21 YoY % Rental 248 123 102% 565 160 254% CAM & 60 79 257 139 Others Total Income 308 201 53% 821 299 175% Asset 267 119 124% 601 156 285% EBITDA Asset EBIDTA Margin as % 108% 97% 106% 98% of Rental 17
Slide 19: Phoenix United, Lucknow
Phoenix United, Lucknow (Rs. mn) Q3 FY22 Q3 FY21 YoY % 9M FY22 9M FY21 YoY % Rental 77 59 31% 179 117 52% CAM & 19 40 91 98 Others Total Income 96 99 -3% 270 215 25% Asset 68 57 19% 163 109 50% EBITDA Asset EBIDTA Margin as % 88% 97% 91% 93% of Rental 18
Slide 20: Phoenix United, Bareilly
Phoenix United, Bareilly (Rs. mn) Q3 FY22 Q3 FY21 YoY % 9M FY22 9M FY21 YoY % Rental 60 48 24% 138 89 55% CAM & 13 28 76 87 Others Total Income 73 76 -4% 214 175 22% Asset 54 46 18% 134 96 39% EBITDA Asset EBIDTA Margin as % 90% 95% 97% 109% of Rental 19
Slide 21: 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 22: 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 23: 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 24: 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 25: Update on under-construction Assets
Update on under-construction Assets 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 Office GLA – ~1.2 msf Amount Spent
Slide 26: Phoenix Citadel Indore
Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 25
Slide 27: Phoenix Citadel Indore
Phoenix Citadel Indore Indicative Render 26
Slide 28: Palladium Ahmedabad
Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 27
Slide 29: Palladium Ahmedabad
Palladium Ahmedabad Indicative Render 28
Slide 30: Phoenix Millennium Pune
Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 29
Slide 31: Phoenix Millennium Pune
Phoenix Millennium Pune Indicative Render 30
Slide 32: Mall of Asia, Bangalore
Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Bangalore Indicative Render Concept Architect – Callison 31
Slide 33: Mall of Asia, Bangalore
Mall of Asia, Bangalore Indicative Render Concept Architect – Callison 32
Slide 34: 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 35: 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 36: Business Performance - Commercial
Business Update Business Performance - Commercial Financial Results Annexure Fountainhead Towers, Pune
Slide 37: 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 (1.58 MSF) Art Guild House Mumbai 0.80 0.17 0.63 0.51 88 Phoenix Paragon Plaza Mumbai 0.43 0.12 0.31 0.1
Slide 38: 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 39: Fountainhead Towers – Interior shots
FoutainHead Towers – Interior shots Fountainhead Tower 2 Lobby 38
Slide 40: Fountainhead Towers – Interior shots
FoutainHead Towers – Interior shots Fountainhead Tower 3 Lobby 39
Slide 41: Fountainhead Tower 3 – Interior shots
FoutainHead Tower 3 – Interior shots 40
Slide 42: 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 43: 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 44: Business Performance - Hospitality
Business Update Business Performance - Hospitality Financial Results Annexure Phoenix Marketcity, Mumbai
Slide 45: The St. Regis, Mumbai – Significant Improvement in Room Occupancy
The St. Regis, Mumbai – Significant Improvement in Room Occupancy Room Occupancy (%) 77% 77% 79% 74% 51% 46% 42% 34% 14% Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Occupancy levels back at FY20 levels aided by revival in corporate travel and social events. Average room rentals (A
Slide 46: 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 47: Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy
Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy Room Occupancy (%) 75% 62% 64% 60% 60% 47% 26% 23% 1% Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Occupancy levels back at FY20 levels aided by revival in domestic travel and social events. Average room rental
Slide 48: 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 47
Slide 49: Business Performance - Residential
Business Update Business Performance - Residential Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 50: Residential Portfolio – Steady traction in demand for ready units
Residential Portfolio – Steady traction in demand for ready units Sold and registered agreements for inventory worth ~Rs. 321 mn during Q3 FY22 and ~Rs. 1,301 mn in 9M FY22. Overall sales of Rs. 1,607 mn in 9M FY22 of which Rs. 306 mn worth of sales is pending registration Collections in Q3 FY
Slide 51: One Bangalore West, Bengaluru
One Bangalore West, Bengaluru Actual Site Picture 50
Slide 52: Kessaku – Grand Arrival Experience
Kessaku – Grand Arrival Experience Actual Site Picture Actual Site Picture 51
Slide 53: Kessaku – Zen Court & Pool Side Garden
Kessaku – Zen Court & Pool Side Garden Actual Site Picture 52
Slide 54: Kessaku, Bangalore
Kessaku, Bangalore Actual Site Picture Actual Site Picture 53
Slide 55: Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style
Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style Actual Site Picture Actual Site Picture 54
Slide 56: Financial Results
Business Update Business Performance Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 57: Q3 and 9M FY22 Standalone P&L
Q3 and 9M FY22 Standalone P&L (Rs. mn) Q3 FY22 Q3 FY21 YoY% 9M FY22 9M FY21 YoY% Income from operations 815 806 1% 1,806 1,657 9% EBITDA 575 462 25% 995 935 6% EBITDA Margin (%) 71% 57% 55% 56% Profit Before Tax and exceptional item 490 2,926 -83% 960 2,944 -67% Profit after tax & before 623 2,828 -
Slide 58: Q3 FY22 Consolidated PAT up 8% compared to Q3 FY20
Q3 FY22 Consolidated PAT at Rs. 989 mn is up 8% compared to Q3 FY20 PAT of Rs. 919 mn (pre-Covid quarter) (Rs. mn) Q3 FY22 Q3 FY21 YoY% 9M FY22 9M FY21 YoY% Income from operations 4,125 3,379 22% 9,881 6,875 44% Retail 2,782 2,230 25% 6,270 4,617 36% Residential 321 556 -42% 1,309 1,003 31% Commerci
Slide 59: Dec 2021 Debt and Cash Position
Dec 2021 Debt and Cash Position 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 accounts ^ Includes Cla
Slide 60: Annexure
Business Update Business Performance Financial Results Annexure Palladium Chennai
Slide 61: Debt Profile as on 31st December 2021
Debt Profile as on 31st December 2021 Average cost of debt down to 7.61% in Effective cost of debt (%) December 2021 from 7.84% in September 2021, down by 23 bps QoQ 9.38% Lowest rate on borrowing stands at 6.55% 9.19% Status Asset Class Amount (Rs. mn) Retail 31,314 Hospitality 5,655 Operationa
Slide 62: Q3 FY22 Debt Across Subsidiaries
Q3 FY22 Debt Across Subsidiaries Asset TypeQ1 SPV Asset Name PML Ownership Q2FY22 (Rs. Mn) Q3FY22 (Rs. Mn) PML Standalone Phoenix Palladium, Mumbai 100% 5,383 6,390 Classic Mall Development Phoenix MarketCity, Chennai 50% 6,843 6,532 Vamona Developers Phoenix MarketCity, Pune 74% 4,381 4,048 Island
Slide 63: Shareholding Pattern as on 31st December 2021
Shareholding Pattern as on 31th 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 64: Thank you
Thank you Advait Phatarfod Rohan Rege Email: advait.p@phoenixmills.com Email: rohan.rege@phoenixmills.com Website: https://www.thephoenixmills.com/investors 63