Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q2 FY22 Earnings Presentation
63 slides from Phoenix Mills's earnings presentation, Nov 1, 2021
Slide 1: Exchange filing cover letter for investor 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 1, 2021 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange
Slide 2: Investor Presentation – Q2 and H1 FY22
The Phoenix Mills Ltd. Investor Presentation – Q2 and H1 FY22 Phoenix Marketcity and Palladium, Chennai
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 ~1.6 588 ~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: Timeline of Mall re-opening post Second Lockdown
Timeline of Mall re-opening post Second Lockdown Phoenix Marketcity Pune re- Phoenix Marketcity and opened for an interim period There was a slight extension Mumbai malls opened with Palladium Chennai started on weekdays (during 14th- of timings in our malls in restricted timings and with operations
Slide 8: Robust pace of recovery in Retail Consumption
Robust pace of recovery in Retail Consumption Consumption Trend (Rs mn) 20,662 13,875 14,347 13,816 10,124 Second wave led to restrictions on mall operations Lockdown impacted impacting consumption due to 4,724 consumption restrictions on mall operations 2,589 429 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21
Slide 9: Q2 and H1 FY22 – Consumption across all malls
Q2 and H1 FY22 – Consumption across all malls Q2 FY22 Consumption – Rs 10,124 mn • The 2nd wave of the pandemic saw As % 65% 92% 60% 33% 81% NA 80% 103% local restrictions being imposed at of Q2 FY20* 2,756 our malls from April 2021 2,331 1,477 1,246 1,117 • Majority of these restrictions were 372 4
Slide 10: Consumption in October 2021 at 90% of October 2019
Consumption in October 2021 at 90% of October 2019 October 2021 Consumption as % of Oct 2019 As % 86% 99% 73% 59% 84% NA 64% 79% of Oct 2019* 1,500 1,420 1,020 970 706 620 214 161 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly Palladium Chennai • To
Slide 11: Consumption at Phoenix Marketcity, Bangalore
Consumption at Phoenix Marketcity, Bangalore Phoenix Marketcity Bangalore - Consumption Trend (in Rs. mn ) As % 31% 36% 43% 47% 50% 91% 63% 84% 87% 101% 71% 86% 94% 97% of SM FY20* 1,029 957 933 933 945 904 852 781 692 509 Local restrictions 471 455 were imposed on 22nd April and lifted 273 251 on 5
Slide 12: Consumption at Phoenix Marketcity and Palladium Chennai
Consumption at Phoenix Marketcity and Palladium Chennai Phoenix Marketcity Bangalore - Consumption Trend (in Rs. mn ) As % 34% 43% 71% 59% 76% 82% 88% 66% 75% 82% 87% of SM FY20* 828 772 761 719 742 675 638 605 469 472 Local restrictions were imposed on 22nd April 291 and lifted on 05th July with re
Slide 13: Consumption at Phoenix Palassio
Consumption at Phoenix Palassio Phoenix Palassio - Consumption Trend (in Rs. mn ) 561 488 501 477 480 463 403 415 Local restrictions were imposed on 16th April and lifted on 21st June 256 with restricted timings. 207 178 140 110 41 10 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Ap
Slide 14: Business Performance - Retail
Business Update Business Performance - Retail Financial Results Annexure Phoenix Marketcity, Chennai
Slide 15: Phoenix Palladium, Mumbai
Phoenix Palladium, Mumbai (Rs. mn) Q2 FY22 Q2 FY21 YoY % H1 FY22 H1 FY21 YoY % Rental 466 334 40% 759 678 12% CAM & 133 115 15% 232 173 35% Others Total Income 598 449 33% 991 851 17% Asset 355 236 50% 703 639 10% EBITDA Asset EBIDTA Margin as % 76% 71% 93% 94% of Rental PML Standalone 259 204 27% 4
Slide 16: Income Split for PML (Standalone Entity)
Income Split for PML (Standalone Entity) PML (Standalone entity) owns the following assets: • Retail – High Street 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 Phoen
Slide 17: Phoenix Marketcity Bangalore
Phoenix Marketcity Bangalore (Rs. mn) Q2 FY22 Q2 FY21 YoY % H1 FY22 H1 FY21 YoY % Rental 351 128 174% 463 248 87% CAM & 144 107 34% 219 179 22% Others Total Income 495 235 110% 682 427 60% Asset 384 148 160% 505 283 78% EBITDA Asset EBIDTA Margin as % 110% 115% 109% 114% of Rental 16
Slide 18: Phoenix Marketcity Pune
Phoenix Marketcity Pune (Rs. mn) Q2 FY22 Q2 FY21 YoY % H1 FY22 H1 FY21 YoY % Rental 221 136 62% 329 261 26% CAM & 129 98 32% 203 145 39% Others Total Income 350 235 49% 532 407 31% Asset 207 138 50% 305 256 19% EBITDA Asset EBIDTA Margin as % 94% 101% 93% 98% of Rental 17
Slide 19: Phoenix Marketcity Mumbai
Phoenix Marketcity Mumbai (Rs. mn) Q2 FY22 Q2 FY21 YoY % H1 FY22 H1 FY21 YoY % Rental 177 87 103% 265 174 53% CAM & 100 98 2% 174 151 16% Others Total Income 277 185 50% 440 324 36% Asset 160 96 68% 241 174 39% EBITDA Asset EBIDTA Margin as % 91% 110% 91% 100% of Rental 18
Slide 20: Phoenix Marketcity & Palladium Chennai
Phoenix Marketcity & Palladium Chennai (Rs. mn) Q2 FY22 Q2 FY21 YoY % H1 FY22 H1 FY21 YoY % Rental 393 74 433% 542 208 161% CAM & 172 88 96% 285 145 97% Others Total Income 565 161 250% 828 352 135% Asset 426 64 561% 565 189 199% EBITDA Asset EBIDTA Margin as % 108% 87% 104% 91% of Rental Note: Phoe
Slide 21: Phoenix Palassio, Lucknow
Phoenix Palassio, Lucknow (Rs. mn) Q2 FY22 Q1 FY22 FY21 Q4FY21 Q3 FY21 Q2 FY21 Rental 245 72 321 161 123 37 CAM & 139 58 235 96 79 60 Others Total Income 383 130 556 258 201 97 Asset 253 81 327 171 119 37 EBITDA Asset EBIDTA Margin as % 103% 113% 102% 106% 97% 100% of Rental Note: Phoenix Palassio b
Slide 22: Phoenix United, Lucknow
Phoenix United, Lucknow (Rs. mn) Q2 FY22 Q2 FY21 YoY % H1 FY22 H1 FY21 YoY % Rental 74 37 97% 102 59 74% CAM & 41 29 42% 72 58 24% Others Total Income 115 67 73% 173 117 49% Asset 68 25 167% 98 52 89% EBITDA Asset EBIDTA Margin as % 92% 68% 96% 88% of Rental 21
Slide 23: Phoenix United, Bareilly
Phoenix United, Bareilly (Rs. mn) Q2 FY22 Q2 FY21 YoY % H1 FY22 H1 FY21 YoY % Rental 58 28 108% 77 40 91% CAM & 40 33 21% 65 59 10% Others Total Income 98 61 61% 142 99 43% Asset 59 33 78% 79 50 57% EBITDA Asset EBIDTA Margin as % 101% 117% 102% 125% of Rental 22
Slide 24: Retail Rental Income for Q2 FY22
Retail Rental Income for Q2 FY22 Q2 FY20 (pre- Q2 FY22 Q2 FY21 COVID period) Name of Asset Retail Income % of Q2 FY20 Retail Income Retail Income (pre-COVID (Rs. mn) period) (Rs. mn) (Rs.mn) Phoenix Palladium 466 53% 334 879 Phoenix Marketcity Bangalore 351 97% 128 360 Phoenix Marketcity Pune 221 52
Slide 25: Retail EBITDA for Q2 FY22
Retail EBITDA for Q2 FY22 Q2 FY20 (pre- Q2 FY22 Q2 FY21 COVID period) Name of Asset EBITDA % of Q2 FY20 EBITDA EBITDA (pre-COVID (Rs. mn) period) (Rs. mn) (Rs. mn) Phoenix Palladium 355 46% 236 767 Phoenix Marketcity Bangalore 384 103% 148 373 Phoenix Marketcity Pune 207 48% 138 436 Phoenix Marketci
Slide 26: Retail Rental Income for H1 FY22
Retail Rental Income for H1 FY22 H1 FY20 (pre- H1 FY22 H1 FY21 COVID period) Name of Asset Retail Income % of H1 FY20 Retail Income Retail Income (pre-COVID (Rs. mn) period) (Rs. mn) (Rs. mn) Phoenix Palladium 759 43% 678 1,760 Phoenix Marketcity Bangalore 463 64% 248 719 Phoenix Marketcity Pune 329
Slide 27: Retail EBITDA for H1 FY22
Retail EBITDA for H1 FY22 H1 FY20 (pre- H1 FY22 H1 FY21 COVID period) Name of Asset EBITDA % of H1 FY20 EBITDA EBITDA (pre-COVID (Rs. mn) period) (Rs. mn) (Rs. mn) Phoenix Palladium 703 45% 639 1,547 Phoenix Marketcity Bangalore 505 67% 283 758 Phoenix Marketcity Pune 305 35% 256 876 Phoenix Marketc
Slide 28: 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 29: Phoenix Citadel Indore
Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 28
Slide 30: Palladium Ahmedabad
Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 29
Slide 31: Phoenix Millennium Pune
Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 30
Slide 32: Mall of Asia, Bangalore
Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Indicative Render Bangalore Concept Architect – Callison 31
Slide 33: 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 34: 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 35: Business Performance - Commercial
Business Update Business Performance - Commercial Financial Results Annexure Fountainhead Towers, Pune
Slide 36: Our Annuity Income Generating Commercial Portfolio
Our Annuity Income Generating Commercial Portfolio 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 0.45 92 Phoenix Paragon Plaza Mumbai 0.43 0.12 0.31 0.1
Slide 37: Commercial Portfolio – Performance Summary – Q2 and H1 FY22
Commercial Portfolio – Performance Summary – Q2 and H1 FY22 Q2 FY22 H1 FY22 EBITDA as % of Total Income Operational Portfolio Total Income EBITDA Total Income EBITDA Q2 FY22 H1 FY22 Art Guild House* 232 172 418 309 74% 74% Phoenix Paragon Plaza 65 38 134 91 58% 67% Fountainhead – Tower 1 62 47 110 8
Slide 38: 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 39: 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 Fountainhead T3 (awaiting OC) Pune ~0.4 from ~1.6 msft to Phoenix Millennium, Wakad – Office Pune ~0.6 ~6.2 msft in 4 years Palladium Chennai – Office Chennai ~0.4
Slide 40: Business Performance - Hospitality
Business Update Business Performance - Hospitality Financial Results Annexure Phoenix Marketcity, Mumbai
Slide 41: The St. Regis, Mumbai
The St. Regis, Mumbai Q2 FY22 Q2 FY21 YoY% H1 FY22 H1 FY21 YoY% Revenue from 130 60 116% 196 109 80% Rooms (Rs. mn) Revenue from F&B and Banqueting 129 24 447% 175 34 407% (Rs. mn) Other Operating 28 16 78% 46 36 28% Income (Rs. mn) Total Income 287 99 188% 417 180 132% (Rs. mn) Operating EBITDA 44
Slide 42: The St. Regis, Mumbai – Eclectic F&B Offerings
The St. Regis, Mumbai – Eclectic F&B Offerings 41
Slide 43: The St. Regis, Mumbai – Significant Improvement in Room Occupancy
The St. Regis, Mumbai – Significant Improvement in Room Occupancy Room Occupancy (%) 77% 74% 51% 46% 42% 34% 14% Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Occupancy levels back at FY20 levels aided by revival in corporate travel and social events 42
Slide 44: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Q2 FY22 Q2 FY21 H1 FY22 H1 FY21 Revenue from Rooms 26 3 34 3 (Rs. mn) Revenue from F&B and Banqueting 31 3 43 3 (Rs. mn) Other Operating Income 1 0 2 0 (Rs. mn) Total Income 58 6 80 6 (Rs. mn) Occupancy (%) 56% 7.7% 36% 7.7% ARR (Rs.) 2,750 3,663 3,089 3,663 Note: Hotel o
Slide 45: Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy
Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy Room Occupancy (%) 62% 60% 60% 47% 26% 23% 1% Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Occupancy levels back at FY20 levels aided by revival in domestic travel and social events 44
Slide 46: Business Performance - Residential
Business Update Business Performance - Residential Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 47: Operational Update – Residential Portfolio
Operational Update – Residential Portfolio Revenue recognized Saleable area (msf) Cumulative Cumulative Collections in Project Name (Rs. mn) Area Sold Sales Value Q2 FY22 (operational) Total Area Balance (msf)^ (Rs. mn) (Rs. mn) in Q2 FY22 Cumulative Area launched Area One Bangalore West, 2.41 1.80
Slide 48: One Bangalore West, Bengaluru
One Bangalore West, Bengaluru Actual Site Picture 47
Slide 49: Kessaku – Grand Arrival Experience
Kessaku – Grand Arrival Experience Actual Site Picture Actual Site Picture 48
Slide 50: Kessaku – Zen Court & Pool Side Garden
Kessaku – Zen Court & Pool Side Garden Actual Site Picture 49
Slide 51: Kessaku, Bangalore
Kessaku, Bangalore Actual Site Picture Actual Site Picture 50
Slide 52: Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style
Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style Actual Site Picture Actual Site Picture 51
Slide 53: Financial Results
Business Update Business Performance Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 54: Q2 and H1 FY22 Standalone P&L
Q2 and H1 FY22 Standalone P&L (Rs. mn) Q2 FY22 Q2 FY21 YoY% H1 FY22 H1 FY21 YoY% Income from operations 598 449 33% 991 851 17% EBITDA 259 204 27% 420 475 -12% EBITDA Margin (%) 43% 46% 42% 56% Profit Before Tax and exceptional item 181 10 471 18 Profit after tax & before 154 7 2,501 15 comprehensiv
Slide 55: Standalone Balance Sheet as on 30th September 2021
Standalone Balance Sheet as on 30th September 2021 As on September As on March 31, As on September As on March 31, (Rs. mn) (Rs. mn) 30, 2021 2021 30, 2021 2021 Share capital 344 344 Non-current assets 40,376 33,777 Reserves and surplus 44,379 41,974 Tangible assets + intangible assets 4,502 3,973 S
Slide 56: Q2 and H1 FY22 Consolidated P&L
Q2 and H1 FY22 Consolidated P&L (Rs. mn) Q2 FY22 Q2 FY21 YoY% H1 FY22 H1 FY21 YoY% Income from operations 3,713 2,149 73% 5,756 3,496 65% Retail 2,335 1,361 72% 3,488 2,387 46% Residential 612 447 37% 988 447 121% Commercial 421 248 70% 783 473 66% Hospitality & Others 345 92 274% 497 188 164% EBITD
Slide 57: Consolidated Balance Sheet as on 30th September 2021
Consolidated Balance Sheet as on 30th September 2021 As on September As on March 31, As on September As on March 31, (Rs. mn) (Rs. mn) 30, 2021 2021 30, 2021 2021 Share capital 344 344 Non-current assets 1,00,604 94,380 Reserves and surplus 56,052 48,504 Tangible assets + intangible assets 76,363 72
Slide 58: Q2 FY22 Debt and Cash Position
Q2 FY22 Debt and Cash Position Group Level PML Share Liquidity (Bank balance + Rs. 13,195 mn Rs. 10,820 mn Investments + DSRA)* Gross Debt Rs. 42,986 mn Rs. 31,779 mn Net Debt Rs. 29,792 mn Rs. 20,959 mn Q2 FY22 EBITDA^ Rs. 3,152 mn Rs. 2,485 mn *Note: Does not include funds of Rs. 6,072 mn parked i
Slide 59: Annexure
Business Update Business Performance Financial Results Annexure Palladium Chennai
Slide 60: Debt Profile as on 30th September 2021
Debt Profile as on 30th September 2021 Average cost of debt down to 7.84% in Effective cost of debt (%) September 2021 from 7.9% in June 2021, down by 6 bps QoQ 9.38% Lowest rate on borrowing stands at 7.34% 9.19% Status Asset Class Amount (Rs. mn) 8.94% Retail 33,083 Hospitality 5,583 Operation
Slide 61: Q2 FY22 Debt Across Subsidiaries
Q2 FY22 Debt Across Subsidiaries PML Group Asset TypeQ1 SPV Asset Name Q1FY22 (Rs. Mn) Q2FY22 (Rs. Mn) Ownership* PML Standalone High Street Phoenix, Mumbai 100% 5,735 5,383 Classic Mall Development Phoenix MarketCity, Chennai 50% 7,037 6,843 Vamona Developers Phoenix MarketCity, Pune 74% 4,304 4,38
Slide 62: Shareholding Pattern as on 30th September 2021
Shareholding Pattern as on 30th September 2021 Shareholding Pattern Sr. No Top Institutional Investors % Shareholding 1 SCHRODER 7.66% 4.2% 2 GIC 4.32% 3 ICICI PRDUENTIAL AMC 3.25% 18.0% 4 UTI 1.97% 5 MOTILAL OSWAL 1.90% 45.5% 6 DSP MF 1.90% 7 BAILLIE GIFFORD 1.87% 8 VANGUARD 1.85% 32.3% 9 SBI MF 1.
Slide 63: Thank you
Thank you Advait Phatarfod Rohan Rege Email: advait.p@phoenixmarketcity.in Email: rohan.rege@phoenixmarketcity.in Bijay Sharma Contact: +91 22 6169 5988 Email: pml@churchgatepartners.com Website: https://www.thephoenixmills.com/investors 62