Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Investor Presentation (November 2024)
44 slides from Phoenix Mills's investor presentation, Nov 14, 2024
Slide 1: Cover letter to exchanges: Investors' Presentation
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 November 14, 2024 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchang
Slide 2: The Phoenix Mills Limited Corporate Presentation November 2024
THE PHOENIX MILLS LIMITED Corporate Presentation November 2024 1
Slide 3: Developer of India's Iconic Mixed-Use Developments
Developer of India’s Iconic Mixed-Use Developments Phoenix MarketCity, Mumbai + Offices Phoenix Mall of Asia + Upcoming Phoenix Asia Towers Phoenix Mall of the Millennium + Upcoming Millennium (Centrium, PPP and Art Guild House) (Offices) Hebbal, Bangalore Towers (Offices), Wakad, Pune Actual Phoeni
Slide 4: Largest Retail Led Mixed-Use Portfolio in India's top cities
Largest Retail Led Mixed-Use Portfolio in India’s top cities Operational 14 Million sq. ft. of operational mixed-use developments Retail Malls plus Commercial Offices ~11 million sq. ft. ~3 Million sq. ft. 3 Iconic Residential of Retail Malls Commercial Offices Projects Delivered Across 8 Cities Mum
Slide 5: The Journey – From 2006 to today
The Journey – From 2006 to today 4
Slide 6: Our Journey to creating Dominant Consumption Destinations
Our Journey to creating Dominant Consumption Destinations From initiating the first transformation of the Mill to Mall at Mumbai in 1999 with the launch of Phoenix Palladium, to becoming a developer of dominant consumption, city center destinations 1999 to 2007 Launch of HSP Planning/ development of
Slide 7: Phoenix MarketCity Pune – Launched June-2011
Phoenix MarketCity Pune – Launched June-2011 First Phase of Growth – 2011 to 2013 Photo shot at location 6
Slide 8: Phoenix MarketCity Bangalore – Launched October-2011
Phoenix MarketCity Bangalore – Launched October-2011 First Phase of Growth – 2011 to 2013 Photo shot at location 7
Slide 9: Phoenix MarketCity Mumbai – Launched November-2011
Phoenix MarketCity Mumbai – Launched November-2011 First Phase of Growth – 2011 to 2013 Phoenix MarketCity Mumbai (Retail) The Centrium Phoenix Paragon Plaza Art Guild House Offices Offices Offices Asset Class GLA (msft) Retail ~1.14 Office ~1.52 Parking ~1.20 Total ~3.86 Indicative Render 8
Slide 10: Phoenix MarketCity Chennai – Launched in January-2013
Phoenix MarketCity Chennai – Launched in January-2013 First Phase of Growth – 2011 to 2013 Photo shot at location Photo shot at location Indicative Render 9
Slide 11: Established as the 'Go-to' destination – The St. Regis, Mumbai
Established as the ‘Go-to’ destination – The St. Regis, Mumbai Photo shot at location Photo shot at location Photo shot at location Photo shot at location Photo shot at location 10
Slide 12: Reinvested Cash Flows to increase PML's ownership across assets
Reinvested Cash Flows to increase PML’s ownership across assets Progressive Stake Acquisition Development Name 2010 March 2017 Phoenix MarketCity, Mumbai 24% 100% Phoenix MarketCity, Pune 59% 100% Courtyard by Marriott, Agra 21% 100% Phoenix United – Lucknow, Bareilly 73% 100% Fountainhead, Pune 58%
Slide 13: Strategic Partnerships: PML CPP Investments Alliance
Strategic Partnerships driving next leg of growth: PML CPP Investments Alliance Photo shot at location Indicative Render Indicative Render ▪ Retail GLA: ~6 msft ▪ Offices GLA: ~5 msft Phoenix Marketcity Bangalore Phoenix Citadel, Rise (Office + Retail), ▪ ~400 keys Grand + Under-development offices
Slide 14: Strategic Partnerships: PML GIC Alliance
Strategic Partnerships driving next leg of growth: PML GIC Alliance Operational – Retail Portfolio Under Construction Indicative Render Render Render Photo shot at location Photo shot at location Phoenix MarketCity Pune; GLA - ~1.2 msft Phoenix MarketCity Mumbai; GLA - ~1.1 msft Retail at Surat; GLA
Slide 15: Raised equity of ~Rs. 5,000 Cr between Aug-20 to Nov-21
Raised equity of ~Rs. 5,000 Cr between Aug-20 to Nov-21 Qualified Institutional August 2020 Placement (QIP) JV expansion with CPPIB ~Rs. 5,000 Cr New Retail Platform with GIC November 2021 14
Slide 16: Phoenix Palassio Lucknow
Phoenix Palassio Lucknow The only mall delivered during the pandemic Photo shot at location 15
Slide 17: Phoenix Citadel Indore
Phoenix Citadel Indore The Retail destination of Madhya Pradesh Photo shot at location 16
Slide 18: Palladium Ahmedabad
Palladium Ahmedabad Unveiling Gujarat’s newest luxury shopping destination Photo shot at location Actual Photo 17
Slide 19: Phoenix Mall of the Millennium
Phoenix Mall of the Millennium Our Second City Center at Pune Indicative Render 18
Slide 20: Phoenix Mall of Asia
Phoenix Mall Asia Our Second City Center at Bangalore Photo shot at location 19
Slide 21: Investing back into the core: Offices on Phoenix MarketCity Pune
Investing back into the core Adding Offices on top of Phoenix MarketCity Pune Phoenix MarketCity Pune + Fountainhead Towers Fountainhead Offices Towers 1, 2 and 3 ~0.83 msft GLA Existing Mall (LG + G + 2) ~1.19 msft GLA GLA is an estimate based on current plans and market/company norms and is subjec
Slide 22: Investing back into the core: Expansion of Phoenix Palladium
Investing back into the core Expansion of Phoenix Palladium • Current Retail GLA : ~0.9 msft • Retail GLA by 2027 : ~1.4 msft • Current Office GLA : ~0.01 msft Rise: • Office GLA by 2027-28 : 1.1+ msft Office + Retail The St. Regis, Mumbai Planned retail expansion Phoenix Palladium Mall 21
Slide 23: Investing back into the core: Expansion of Phoenix MarketCity Bangalore
Investing back into the core Expansion of Phoenix MarketCity Bangalore Retail expansion GLA- ~0.10 msft ISML Offices – GLA - ~1.10 msft Phase 1 GLA - ~0.40 msft Proposed Grand Hyatt Hotel Upto 400 Keys Existing Mall GLA - ~1 msft Indicative Render 22
Slide 24: Focus on Elevating Consumer Experiences at each Asset
Focus on Elevating Consumer Experiences at each Asset Events | Premiumization | Enhancing Assets Photo shot at location 23
Slide 25: Introducing Fan Parks at our newer assets
Introducing Fan Parks at our newer assets Phoenix Mall of Asia, Hebbal, Bangalore Photo shot at location 24
Slide 26: Sustained portfolio additions over the last 18 years
Sustained portfolio additions over the last 18 years… Segments 2006 2023 Retail < 0.5 msft ~22x 11.1 msft Offices 0.3 msft ~10x 3.0 msft* Hotel - 588 keys * Includes Phase 1 of Phoenix Asia Towers (Hebbal, Bangalore) of ~0.80 msft, where construction is complete and OC is awaited. 25
Slide 27: Complemented by strong, prudent financial performance
… complemented by strong, prudent financial performance Rs. 2,177 Cr <1x 11% Operating Profit EBITDA (FY24): Net Debt to Annual EBITDA FY24 FY24 Return on Equity 68x of Rs. 32 Cr in FY06 26
Slide 28: Strong performance over the last decade
Strong performance over the last decade Consumption (Rs cr) Retail Rentals Rs cr) FY13 2,520 FY13 393 ~5x ~4x FY24 11,344 FY24 1,660 Consolidated Operational EBITDA (Rs cr) Operational FCF (post interest and taxes paid) (Rs cr) FY13 163 FY13 132 ~13x ~13x FY24 2,185 FY24 1,781 27
Slide 29: Converting challenges to opportunities
Converting challenges to opportunities Focusing on increasing operating profits through the years and ignoring the noise 2013 – 2018 2020 – 2021 2008 Global Covid-19 Perceived disruption Financial Crisis Pandemic from E-Commerce 2,185 1,520 784 32 263 FY06 FY13 FY18 FY23 FY24 Note: PML Consolidated
Slide 30: Strong growth in cash flow
Strong growth in cash flow Operational FCF (post interest and taxes paid) (Rs cr) Net Debt (Rs cr) 2,405 1,781 1,404 533 363 132 FY13 FY17 FY20 FY23 FY24 Sep-24 29
Slide 31: Prudently leveraged and strongly positioned for growth
Prudently leveraged and strongly positioned for growth 31-Mar-24 30-Sep-24 Change Amount Rs. cr Gross Debt^ 4,366 4,379 + 13 Net Debt^* 2,157 2,405 + 248 Net Debt to EBITDA # ~1.0x ~1.1x ** + 16% ^ Includes Starboard which does not form part of PML Consolidated financials *Does not include amount av
Slide 32: PML's credit rating upgraded to AA/Positive Outlook
PML’s credit rating upgraded to AA/Positive Outlook Phoenix Palladium , Mumbai Photo shot at location 31
Slide 33: Charting the growth roadmap: List of target cities
Charting the growth roadmap: 2027 and beyond List of target cities Chandigarh/ Thane Coimbatore Hyderabad Mohali Navi NCR Goa Jaipur Mumbai Trivandrum Vishakapatnam Nagpur Cochin and Varanasi 32
Slide 34: Sustained Portfolio additions: land acquisitions over past 2 years
Sustained Portfolio additions Land acquisitions over the past 2 years 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
Slide 35: Our second retail destination in Gujarat
Our second retail destination in Gujarat Indicative Render 1st Large Scale Mall in Surat ~1 msft Retail GLA 2027 Expected Completion 34
Slide 36: The new city-center lifestyle destination in Thane
The new city-center lifestyle destination in Thane A modern mixed-use development, designed to serve the global community ~11.5 Acres Land Located on Majiwada junction Phase 1 Retail: ~1.2 – 1.5 msft 35
Slide 37: Whitefield, Bengaluru: Acquired adjacent land to expand
Whitefield, Bengaluru: Acquired adjacent land to expand, and densify, existing development 36
Slide 38: Building the first destination mall in Coimbatore
Building the first destination mall in Coimbatore ~9 Acres Land Parcel ~1 msft Potential Retail Leasable area ~Rs. 370 cr Purchase consideration 37
Slide 39: Retail-led, mixed-use destination serving Chandigarh and Mohali
Building a retail-led, mixed-use destination, serving Chandigarh, Panchkula, Zirakpur, Mohali and adjoining areas 38
Slide 40: Charting the growth roadmap: 2027 and beyond
Charting the growth roadmap: 2027 and beyond Segments 2023 By 2027 By 2030 Adding to portfolio with Retail ~11 msft >14 msft recent acquisition: ➢ Thane: Retail-led mixed use development Commercial Offices ~3.0 msft* >7 msft ➢ Whitefield Bengaluru: Densification of existing operating mall Hotels ~58
Slide 41: Sustainability Targets
Sustainability Targets WRITE YOUR SUBTITLE HERE 50% 70%+ 100% of the portfolio of portfolio’s energy New buildings to be USGBC LEED requirement estimated to be USGBC to be met by using LEED Certified certified by 2027 renewable energy by 2027 40
Slide 42: CSR at Phoenix - Cherishing our Environment and Society
CSR at Phoenix - Cherishing our Environment and Society Contributing to India’s Most Prolific Water Conservation Initiative through: Education of Tribal Girls Support to Farmers 680+ CHECK DAMS BUILT 920+ 18 lakh+ VILLAGES IMPACTED LIVES TRANSFORMED Note: Above numbers are estimates as shared by Aak
Slide 43: Adding Pillars of Governance & Experience to the Board
Adding Pillars of Governance & Experience to the Board Mr. Atul Ruia Mr. Shishir Shrivastava Mr. Rajesh Kulkarni Ms. Rashmi Sen Chairman Managing Director Whole Time Director & Whole Time Director & CEO - Projects Delivery and CEO - Malls Architecture 4 out of 8 Directors are Independent; 2 out of 8
Slide 44: Thank You
Thank You 43
The Phoenix Mills — Investor Presentation (November 2024) on 6ix