Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q1 FY2025 Earnings Presentation
51 slides from Phoenix Mills's earnings presentation, Jul 31, 2024
Slide 1: Investors' Presentation filing letter to stock exchanges
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 Date: July 31, 2024 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchan
Slide 2: The Phoenix Mills Ltd. Investor Presentation Q1 FY25
The Phoenix Mills Ltd. Investor Presentation Q1 FY25 Phoenix Palassio, Lucknow
Slide 3: Business Update
Photo shot at location Business Update Business Performance Financial Results Annexure Phoenix MarketCity Mumbai 2
Slide 4: Q1 FY25 Consolidated P&L Overview
Q1 FY25 Consolidated P&L Overview Rs. 904 Cr Rs. 531 Cr Rs. 295 Cr Q1 FY25 Operating Revenue Q1 FY25 Operating EBITDA Q1 FY25 PAT* Up 12% vs Q1 FY24 Up 8% vs Q1 FY24 Up 10% vs Q1 FY24 *PAT refers to Profit After Tax, Minority Interest and Other Comprehensive Income Concept Architect 3
Slide 5: Business Performance - Retail
Photo shot at location Business Update Business Performance - Retail Financial Results Annexure Phoenix Mall of Asia 4
Slide 6: Q1 FY25 Retail Mall Business Overview
Q1 FY25 Retail Mall Business Overview 25% Growth in Consumption and 31% Growth in Rentals Consumption Consumption Growth Components Rentals Rental Growth Components 7% 25% Q1 FY25 8% 31% Q1 FY25 ~Rs. 3,215 Cr Rs. 487 cr Q1 FY24 Q1 FY24 ~Rs. 2,573 Cr Rs. 372 Cr Like-to-like Like-to-like Overall Overa
Slide 7: Q1 FY25 Retail Mall Business Overview
Q1 FY25 Retail Mall Business Overview Existing operational malls New Malls – stabilization phase Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Particulars % Growth % Growth % Growth (Rs. cr) (Rs. cr) (Rs. cr) (Rs. cr) (Rs. cr) (Rs. cr) Consumption 3,215 2,573 25% 2,573 2,394 7% 642 - Retail Rental
Slide 8: Q1 FY25 Retail consumption up by 25% over Q1 FY24
Q1 FY25 Retail consumption up by 25% over Q1 FY24 Q1 FY25 Consumption (Rs. cr) Growth -2% -4% 2% 3% 12% 14% 6% 11% 20% 121% NA NA over Q1 Strong ramp up in FY24 534 consumption in the 454 newly launched 408 malls 373 302 274 234 236 166 125 54 56 Phoenix PMC PMC Pune PMC & PMC Mumbai Phoenix PU Luck
Slide 9: Phoenix Mall of the Millennium, Pune: Performance Update
Phoenix Mall of the Millennium, Pune: Performance Update Photo shot at location Ramp up in Trading Occupancy (%) 80% 76% 60% Photo shot at location 50% Photo shot at location 44% Sep-23* Oct-23 Dec-23 Mar-24 Jun-24 *Operations commenced on 01-Sep-23 8
Slide 10: Phoenix Mall of Asia, Bangalore: Performance Update
Phoenix Mall of Asia, Bangalore: Performance Update Photo shot at location Ramp up in Trading Occupancy (%) 72% 57% 50% 43% Oct-23* Dec-23 Mar-24 Jun-24 *Operations commenced on 27-Oct-23 99
Slide 11: Q1 FY25 Consumption across entire spectrum of discretionary spend
Q1 FY25 - Consumption across entire spectrum of discretionary wallet spend On a like-to-like basis Consumption Contribution Trading Area Mix YoY Consumption Growth Fashion & Accessories 50% 53% 6% Electronics 12% 4% 2% Jewellery 13% 2% 22% Food & Beverages 10% 12% 4% FEC & Multiplex 4% 13% -6% Gourm
Slide 12: Q1 FY25 Retail Rental Income grew by 31% over Q1 FY24
Q1 FY25 Retail Rental Income grew by 31% over Q1 FY24 Q1 FY25 Q1 FY24 % growth over Name of Asset Retail Rental Income Retail Rental Income Q1 FY24 (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 99 96 4% Phoenix MarketCity Bangalore 50 49 3% Phoenix MarketCity Pune 53 51 4% Phoenix MarketCity and Pallad
Slide 13: Q1 FY25 Retail EBITDA grew by 31% over Q1 FY24
Q1 FY25 Retail EBITDA grew by 31% over Q1 FY24 Q1 FY25 Q1 FY24 % growth over Name of Asset Retail EBITDA Retail EBITDA Q1 FY24 (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 103 101 2% Phoenix MarketCity Bangalore 56 52 8% Phoenix MarketCity Pune 59 56 5% Phoenix MarketCity and Palladium Chennai 62 57 9
Slide 14: Ramp-up in leased and trading occupancy across major malls
Ramp-up in leased and trading occupancy across major malls Leased Occupancy Trading Occupancy Asset GLA Mar-24 Jun-24 Mar-24 Jun-24 Phoenix Palladium Mumbai ~0.87 msft 99% 98% 97% 97% Phoenix MarketCity Bangalore ~1.00 msft 98% 98% 97% 97% Phoenix MarketCity Pune ~1.20 msft 98% 96% 95% 95% Phoenix M
Slide 15: Business Performance – Commercial
Indicative Render Business Update Business Performance – Commercial Financial Results Annexure Asia Towers Bangalore 14
Slide 16: Commercial office business getting stronger
Commercial office business getting stronger Operational assets: Mumbai, Pune WALE – Above 3 Years Total Income EBITDA Q1 FY25 Q1 FY25 ~5 msft Rs. 50 Cr Rs. 32 Cr 3 Years + Under Max tenure – 20% growth 33% growth Development 5 Years over Q1 FY24 over Q1 FY24 Industry agnostic front offices MI NTT GR
Slide 17: Office Portfolio seeing improvement in occupancy and leasing traction
Office Portfolio seeing improvement in occupancy and leasing traction Net Leasable Area Leased Gross Rent Asset Location % area leased Area (msft) (msft) (psfpm)* Art Guild House Mumbai 0.63 0.56 90% 119 Phoenix Paragon Plaza Mumbai 0.31 0.16 50% 140 Centrium Mumbai 0.12 0.08 64% 112 Phoenix House M
Slide 18: Q1 FY25 Commercial Offices Income stood at Rs. 50 cr
Q1 FY25 Commercial Offices Income stood at Rs. 50 cr, up 20% over Q1 FY24 EBITDA as Total Income (Rs. cr) EBITDA (Rs. cr) % of Total Income Operational Portfolio Q1 FY25 Q1 FY24 Growth (%) Q1 FY25 Q1 FY24 Growth (%) Q1 FY25 Q1 FY24 Art Guild House, Mumbai 22.8 18.0 27% 16.1 12.1 33% 71% 67% Phoenix
Slide 19: Business Performance – Hospitality
Photo shot at location Business Update Business Performance – Hospitality Financial Results Annexure Koishii, The St. Regis, Mumbai 18
Slide 20: The St. Regis, Mumbai: Performance overview for Q1 FY25
The St. Regis, Mumbai: Performance overview for Q1 FY25 ARR (Rs.) RevPAR (Rs.) Occupancy 3% 85% Growth Q1 FY25 82% 13,494 13,923 16,504 16,425 Q1 FY24 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Revenue Overview Q1 FY25 Revenue Mix EBITDA Overview Other ~Rs. 48 Cr ~Rs. 48 Cr ~Rs. 109 Cr ~Rs. 111 Cr 10% Margin:
Slide 21: The St. Regis, Mumbai
The St. Regis, Mumbai Photo shot at location (Rs. cr) Q1 FY25 Q1 FY24 % growth FY24 FY23 % growth Revenue from Rooms 48 47 3% 216 176 22% Revenue from F&B and 51 53 -4% 227 186 22% Banqueting Other Operating Income 10 12 -17% 48 42 14% Total Income 109 111 -2% 491 404 21% Operating EBITDA 48 48 0% 2
Slide 22: Courtyard by Marriott, Agra: Performance overview for Q1 FY25
Courtyard by Marriott, Agra: Performance overview for Q1 FY25 ARR (Rs.) RevPAR (Rs.) Occupancy 63% Q1 FY25 72% 13,494 13,923 4,166 4,408 Q1 FY24 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Revenue Overview Q1 FY25 Revenue Mix EBITDA Overview Other ~Rs. 2 Cr ~Rs. 1 Cr ~Rs. 8Cr 3% Margin: 20% Margin: 15% ~Rs. 11
Slide 23: Courtyard by Marriott Agra
Courtyard by Marriott Agra Photo shot at location (Rs. cr) Q1 FY25 Q1 FY24 % growth FY24 FY23 % growth Revenue from Rooms 4.5 5.4 -17% 29 24 22% Revenue from F&B and 4.0 5.1 -22% 24 20 21% Banqueting Other Operating Income 0.3 0.4 -13% 2 3 -32% Total Income 8.8 10.9 -19% 55 47 18% Operating EBITDA 1
Slide 24: Business Performance – Residential
Indicative Render Business Update Business Performance – Residential Financial Results Annexure One Bangalore West 23
Slide 25: Residential Portfolio: Steady traction in demand for ready units
Residential Portfolio: Steady traction in demand for ready units ✓ Sales trajectory has seen good improvement backed by strong demand and faster conversions. ✓ Gross sales of ~Rs. 50 crores in Q1 FY25 ✓ Collections of ~Rs. 60 crores in Q1 FY25 Total Area Cumulative Constructed and Cumulative Revenue
Slide 26: Financial Results
Photo shot at location Business Update Business Performance Financial Results Annexure Phoenix MarketCity Pune 25
Slide 27: Q1 FY25 Standalone P&L
Q1 FY25 Standalone P&L (Rs. cr) Q1 FY25 Q1 FY24 YoY% Income from operations 118 118 0% Operating EBITDA 77 82 -6% EBITDA Margin (%) 65% 70% -5 pps Other income 6 6 2% Finance Cost -17 -16 2% Depreciation and Amortisation -8 -8 3% Profit before tax & exceptional items 58 64 -9% Exceptional items 47 -
Slide 28: Q1 FY25 Consolidated EBITDA up 8% over Q1 FY24
Q1 FY25 Consolidated EBITDA up 8% over Q1 FY24 (Rs. cr) Q1 FY25 Q1 FY24 YoY% Income from operations 904 811 12% Operating EBITDA 531 492 8% EBITDA Margin (%) 59% 61% -2 pps Other income 39 29 33% Finance Cost -103 -96 8% Depreciation -77 -63 23% Profit before tax & exceptional items 389 363 7% PAT a
Slide 29: Q1 FY25 Business-wise Consolidated P&L breakup
Q1 FY25 Business-wise Consolidated P&L breakup (Rs. cr) Q1 FY25 Q1 FY24 YoY% Operating Revenue 904 811 12% Less: Residential at Bangalore 32 106 -70% Revenue excl. residential business 872 704 24% Operating EBITDA 531 492 8% Less: Residential at Bangalore 6 59 -90% EBITDA excl. residential business
Slide 30: Debt Profile as on 30th June 2024
Debt Profile as on 30th June 2024 ➢ Average cost of debt in June-2024 stood at Effective cost of debt (%) 8.79% ➢ Lowest rate on borrowing was at 8.50% 9.19% 8.81% 8.79% 8.74% 8.17% Status Asset Class Rs. Cr 7.30% Spread: 231 bps Retail 3,843 Spread: 479 bps Hospitality 308 6.50% 6.50% 6.50% Operati
Slide 31: PML Consolidated Cashflow – Q1 FY25
PML Consolidated Cashflow – Q1 FY25 Particulars Amount (Rs. cr) Cash Flow from Operating Activities Operating cash flow before changes in Working Capital 526 Add: Changes in working capital 59 Less: Tax Paid -70 Net Cash Generated from Operations (A) 514 Cash Flow from Investing Activities Capital E
Slide 32: Operating cash flow in Q1 FY25
Operating cash flow in Q1 FY25 Q1 FY25 Q1 FY24 % Change Amount in Rs. cr Net cash from operating activities 514 545 - 6% Less: Interest paid -85 -94 - 10% Operating free cash flow 429 450 - 5% Contribution to Operating free cash flow from Retail, Offices and Hotels 409 341 + 20% Residential 20 109 -
Slide 33: Group-level Debt and Cash position as on 30th June 2024
Group-level Debt and Cash position as on 30th June 2024 vs. 31st March 2024 31-Mar-24 30-Jun-24 Change Amount Rs. cr Liquidity (Bank balance + 2,209 2,343 + 134 Investments + DSRA)*^ Gross Debt 4,366 4,398 + 31 Net Debt 2,157 2,054 - 103 *Does not include amount available in overdraft accounts ^ Inc
Slide 34: PML-level Debt and Cash position as on 30th June 2024
PML-level Debt and Cash position as on 30th June 2024 vs. 31st March 2024 31-Mar-24 30-Jun-24 Change Amount Rs. cr Liquidity (Bank balance + 1,722 1,868 + 147 Investments + DSRA)*^ Gross Debt 3,281 3,289 +8 Net Debt 1,560 1,421 - 139 *Does not include amount available in overdraft accounts ^ Include
Slide 35: Charting Growth Roadmap: 2027 and beyond
Charting Growth Roadmap: 2027 and beyond Segments as of 2023* 2027 Retail ~11 msft >14 msft Commercial Offices ~3.0 msft >7 msft Hotels ~588 keys ~988 keys Residential ~3.5 msft ~4.5 msft Portfolio visibility beyond 2027: Recent land parcels acquired in Thane and Bengaluru under planning and design
Slide 36: Annexure
Photo shot at location Business Update Business Performance Financial Results Annexure Phoenix Palassio Lucknow 35
Slide 37: Phoenix Palladium Mumbai
Phoenix Palladium Mumbai (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 99 96 4% CAM & Others 31 32 -3% Total Income 130 128 2% Asset EBITDA 103 101 2% Asset EBIDTA Margin 104% 106% -2 pps as % of Rental PML Standalone EBITDA 77 82 -6% Mall GLA (msft) 0.87 0.87 - Mall Rental Rate 423 420 1% (Rs. pspm) Mal
Slide 38: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 50 49 3% CAM & Others 24 22 11% Total Income 74 70 5% Asset EBITDA 56 52 8% Asset EBIDTA Margin 112% 106% 5 pps as % of Rental Mall Rental Rate 172 168 2% (Rs. pspm) Mall Consumption 454 475 -4% (Rs. cr) Mall Trading Density 2,313
Slide 39: Phoenix MarketCity Pune
Phoenix MarketCity Pune (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 53 51 4% CAM & Others 23 20 15% Total Income 77 72 7% Asset EBITDA 59 56 5% Asset EBIDTA Margin 110% 109% 1 pps as % of Rental Mall Rental Rate 156 156 0% (Rs. pspm) Mall Consumption 408 399 2% (Rs. cr) Mall Trading Density 1,775 1,834
Slide 40: Phoenix MarketCity & Palladium Chennai
Phoenix MarketCity & Palladium Chennai (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 56 51 9% CAM & Others 31 28 9% Total Income 87 79 9% Asset EBITDA 62 57 9% Asset EBIDTA Margin 111% 111% 0 pps as % of Rental Mall Rental Rate 169 158 7% (Rs. pspm) Mall Consumption 373 363 3% (Rs. cr) Mall Trading Densi
Slide 41: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 42 38 10% CAM & Others 24 21 14% Total Income 66 59 12% Asset EBITDA 48 42 15% Asset EBIDTA Margin 114% 110% 5 pps as % of Rental Mall Rental Rate 129 119 8% (Rs. pspm) Mall Consumption 301 269 12% (Rs. cr) Mall Trading Density 1,403
Slide 42: Phoenix Palassio Lucknow
Phoenix Palassio Lucknow (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 34 31 12% CAM & Others 17 16 10% Total Income 52 47 11% Asset EBITDA 37 33 12% Asset EBIDTA Margin 107% 107% 0 pps as % of Rental Mall Rental Rate 130 119 9% (Rs. pspm) Mall Consumption 274 240 14% (Rs. cr) Mall Trading Density 1,547
Slide 43: Phoenix United Lucknow
Phoenix United Lucknow (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 8.7 8.5 2% CAM & Others 5.5 5.5 0% Total Income 14.2 14.0 1% Asset EBITDA 8.5 8.5 0% Asset EBIDTA Margin 98% 100% -2 pps as % of Rental Mall Rental Rate 96 87 11% (Rs. pspm) Mall Consumption 54 51 6% (Rs. cr) Mall Trading Density 828 73
Slide 44: Phoenix United Bareilly
Phoenix United Bareilly (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 6.2 5.5 12% CAM & Others 5.0 4.6 10% Total Income 11.2 10.1 11% Asset EBITDA 6.2 5.7 9% Asset EBIDTA Margin 99% 103% -3 pps as % of Rental Mall Rental Rate 72 66 9% (Rs. pspm) Mall Consumption 57 51 12% (Rs. cr) Mall Trading Density 92
Slide 45: Phoenix Citadel Indore
Phoenix Citadel Indore (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 23 23 2% CAM & Others 15 14 8% Total Income 39 37 4% Asset EBITDA 23 23 -2% Asset EBIDTA Margin as % 98% 101% -3 pps of Rental Mall Rental Rate 82 84 -3% (Rs. pspm) Mall Consumption 125 105 19% (Rs. cr) Mall Trading Density 635 621 2% (
Slide 46: Phoenix Palladium Ahmedabad
Phoenix Palladium Ahmedabad (Rs. cr) Q1 FY25 Q1 FY24 % growth Rental 28 19 49% CAM & Others 16 10 63% Total Income 44 29 53% Asset EBITDA 28 15 85% Asset EBIDTA Margin as % 98% 79% 19 pps of Rental Mall Rental Rate (Rs. pspm) 149 145 2% Mall Consumption (Rs. cr) 166 75 122% Mall Trading Density 1,37
Slide 47: Phoenix Mall of the Millennium
Phoenix Mall of the Millennium (Rs. cr) Q1 FY25 Rental 38 CAM & Others 19 Total Income 56 Asset EBITDA 35 Asset EBIDTA Margin 93% as % of Rental Mall Rental Rate 135 (Rs. pspm) Mall Consumption 235 (Rs. cr) Mall Trading Density 1,337 (Rs. pspm) Mall Trading Occupancy 78% (%)* Note: Reported EBITDA i
Slide 48: Phoenix Mall of Asia
Phoenix Mall of Asia (Rs. cr) Q1 FY25 Rental 48 CAM & Others 23 Total Income 70 Asset EBITDA 51 Asset EBIDTA Margin 107% as % of Rental Mall Rental Rate 182 (Rs. pspm) Mall Consumption 236 (Rs. cr) Mall Trading Density 1,365 (Rs. pspm) Mall Trading Occupancy 70% (%)* Note: Reported EBITDA is before
Slide 49: Gross Debt across Subsidiaries as on 30th June 2024
Gross Debt across Subsidiaries as on 30th June 2024 Q4 FY24 Q1 FY25 Status Asset Type SPV Asset Name PML Ownership (%) (Rs. Cr) (Rs. Cr) The Phoenix Mills Ltd. Phoenix Palladium, Mumbai 100.0% 724 709 (Standalone) Classic Mall Development Phoenix MarketCity, Chennai 100.0% 403 420 Vamona Developers
Slide 50: The Phoenix Mills Limited: Follow us for updates
The Phoenix Mills Limited: Follow us for updates Asset Instagram handle Link Retail Phoenix Palladium Mumbai phoenixpalladium https://www.instagram.com/phoenixpalladium/ PMC Kurla marketcitykurla https://www.instagram.com/marketcitykurla/ Phoenix Palassio Lucknow phoenixpalassio https://www.instagra
Slide 51: Thank you
Thank you Varun Parwal Bhavesh Gada Email: varun.p@phoenixmills.com Email: bhavesh.gada@phoenixmills.com Madhurima Kane Email: madhurima.kane@phoenixmills.com Website: https://www.thephoenixmills.com/investors Linkedin: The Phoenix Mills Limited 50