Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q2 & H1 FY21 Earnings Presentation
67 slides from Phoenix Mills's earnings presentation, Nov 12, 2020
Slide 1: Exchange filing cover letter
.. t� THE PHOENIX ,pr- MILLS LIMIT�D 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 12, 2020 BSE Limited National Stock Exchange of India Lim
Slide 2: Investor Presentation – Q2 & H1 FY21
The Phoenix Mills Ltd. Investor Presentation – Q2 & H1 FY21 1 Phoenix Palassio, Lucknow
Slide 3: India's largest mall owner showing >13% rental CAGR
India's largest mall owner showing >13% rental CAGR FY13 through FY20 Total of ~12 msft mall GLA expected to be operational by FY24 GLA of GLA across 9 operational ~7 msft RETAIL malls in 6 cities under-development & ~5 msft under-planning RETAIL EBITDA margin Leased occupancy >100% in Retail Malls
Slide 4: Dynamic and diverse leading developer of mixed-use projects
Dynamic and diverse leading developer of mixed-use projects Retail Commercial Hospitality Residential Operational Operational The St. Regis, Mumbai Total Saleable Office Spaces GLA + Courtyard by Marriott, Agra Area Retail Spaces GLA ~7 ~1.3 588 ~4 msft msft keys msft Under-development & Under-devel
Slide 5: Portfolio in India's top cities
Portfolio in India’s top cities Agra Indore Hospitality Ahmedabad Mall Courtyard by Marriott – (193 keys) Phoenix Citadel Mall Bareilly – (~1 msft) Palladium Lucknow – (~0.7 msft) Mall Phoenix United – (0.34 msft) Mall Mumbai Phoenix United – (0.37 msft) Phoenix Palassio – (0.90 msft) Mall HSP & Pal
Slide 6: Business Update
Business Update Business Performance Financial Results Annexure Palladium, Mumbai
Slide 7: Consumption in 1st week of Nov 2020 at 85% of last year
Consumption in 1 st week of Nov 2020 at 85% of same period last year Figures in Rs. Mn. 1st Week November - 2020 Consumption (% of LYSW)* % of 83% 105% 87% 73% NA 80% LYSW 257 208 174 135 118 70 High Street Phoenix & PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio Palladium Chenna
Slide 8: Consumption in October 2020 up 44% MoM over September 2020
Consumption in October 2020 up 44% MoM over September 2020 Figures in Rs. Mn. October 2020 Consumption (% of LYSM on like to like basis)* 53% 60% 60% 50% 50% NA 817 652 605 404 379 266 High Street Phoenix & PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio Palladium Chennai Lucknow
Slide 9: Area Operationalisation Trend since re-opening of malls
Area Operationalisation Trend since re-opening of malls Month Total Area Permissible Area Area Operational Permissible Area (msf) (msf) (msf) Operational (%) June 2020 5.96 1.35 1.13 84.1% July 2020 6.90 1.74 1.54 88.8% August 2020 6.90 4.10 3.66 89.1% September 2020 6.90 5.05 4.67 92.4% October 202
Slide 10: Q2 FY21 – Consumption Trajectory across major malls
Q2 FY21 – Consumption Trajectory across major malls Figures in Rs. Mn. Q2 FY21 Consumption (% of Q2 FY20 – On like to like basis)* 56% 49% 50% 47% 39% 1,161 1,177 726 534 291 High Street Phoenix & PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Chennai Palladium 57 days 82 days 57 days 57 days 30
Slide 11: High Street Phoenix & Palladium – Consumption Trajectory
High Street Phoenix & Palladium – Consumption Trajectory Monthly Consumption (Rs Mn) 817 559 602 Mall was shut in the months of June and July. It was operational for 27 days in Consumption at HSP has grown at 36% August. MoM at Rs 817 million in October 2020 October, 2019 base was high due to bo
Slide 12: Phoenix Marketcity Bangalore – Consumption Trajectory
Phoenix Marketcity Bangalore – Consumption Trajectory Monthly Consumption (Rs Mn) PMC Bangalore was operational 652 for 23 days in June and 21 days in July 471 455 Consumption at PMC Bangalore grew 43% 270 251 MoM at Rs 652 million in October, 2020 October, 2019 base was high due to both Dussehr
Slide 13: Phoenix Marketcity Pune – Consumption Trajectory
Phoenix Marketcity Pune – Consumption Trajectory Monthly Consumption (Rs Mn) 605 Mall was shut in the 356 370 Pune Mall consumption has grown at 64% months of June and July MoM at Rs 605 million in October 2020 and was operational for 27 days in August. October, 2019 base was high due to both Du
Slide 14: Phoenix Marketcity Mumbai – Consumption Trajectory
Phoenix Marketcity Mumbai – Consumption Trajectory Monthly Consumption (Rs Mn) 404 Mall was shut in the 264 270 Consumption at PMC Mumbvai has grown months of June and July at 50% MoM at Rs 404 million in October and was operational for 27 2020 days in August. October, 2019 base was high due to
Slide 15: Phoenix Marketcity & Palladium Chennai – Consumption Trajectory
Phoenix Marketcity & Palladium Chennai – Consumption Trajectory Monthly Consumption (Rs Mn) 379 291 Mall was shut in the months of June, July and PMC Chennai + Palladium consumption has August grown at 30% MoM at Rs 379 million in October 2020 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 October, 2019 bas
Slide 16: Phoenix Palassio Lucknow – Consumption Trajectory
Phoenix Palassio Lucknow – Consumption Trajectory Monthly Consumption (Rs Mn) 266 178 Consumption at Phoenix Palassio, has 111 grown at 50% MoM to Rs 266 million in October 2020 44 Currently 57% of GLA at Phoenix Palassio is trading and operational Jul-20 Aug-20 Sep-20 Oct-20 Within 4 months o
Slide 17: Business Performance - Retail
Business Update Business Performance - Retail Financial Results Annexure
Slide 18: High Street Phoenix & Palladium
High Street Phoenix & Palladium % of Q2 % of H1 (Rs Mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY20 FY20 Rental 334 879 38% 678 1,760 39% CAM & 115 252 46% 173 504 34% Others Total Income 449 1,131 40% 851 2,264 38% Asset EBITDA 236 767 639 1,547 EBIDTA Margin as % 71% 87% 94% 88% of Rental SPV EBITDA 204
Slide 19: 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 • Phoenix House: Leasable area of 0.10 msf • Centrium: Leasable area of 0.12 msf • Art Guild House: Leasable area of 0.16 msf (Rs Mn) Proj
Slide 20: Phoenix Marketcity Bangalore
Phoenix Marketcity Bangalore % of Q2 % of H1 (Rs Mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY20 FY20 Rental 128 360 36% 248 719 34% CAM & 107 183 59% 179 367 49% Others Total Income 235 543 43% 427 1,086 39% EBIDTA 148 373 40% 283 758 37% EBIDTA Margin as % 115% 104% 114% 105% of Rental 19
Slide 21: Phoenix Marketcity Pune
Phoenix Marketcity Pune % of Q2 % of H1 (Rs Mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY20 FY20 Rental 136 427 32% 261 859 30% CAM & 98 200 49% 145 406 36% Others Total Income 235 627 37% 407 1,265 32% EBIDTA 138 436 32% 256 876 29% EBIDTA Margin as % 101% 102% 98% 102% of Rental 20
Slide 22: Phoenix Marketcity Mumbai
Phoenix Marketcity Mumbai % of Q2 % of H1 (Rs Mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY20 FY20 Rental 87 320 27% 174 644 27% CAM & 98 221 44% 151 402 37% Others Total Income 185 542 34% 324 1,046 31% EBIDTA 96 332 29% 174 654 27% EBIDTA Margin as % 110% 103% 100% 102% of Rental 21
Slide 23: Phoenix Marketcity & Palladium Chennai
Phoenix Marketcity & Palladium Chennai % of Q2 % of H1 (Rs Mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY20 FY20 Rental 74 475 16% 208 942 22% CAM & 88 220 40% 145 455 32% Others Total Income 161 695 23% 352 1,397 25% EBIDTA 64 440 15% 189 936 20% EBIDTA Margin as % 87% 93% 91% 99% of Rental 22
Slide 24: Phoenix Palassio, Lucknow
Phoenix Palassio, Lucknow (Rs Mn) Q2 FY21 Rental 37 CAM & Others 60 Total Income 97 EBIDTA 37 EBIDTA Margin as % 100% of Rental Phoenix Palassio became operational on 8th of July 2020. Hence, prior period numbers are not applicable 23
Slide 25: Phoenix United, Lucknow
Phoenix United, Lucknow % of Q2 % of H1 (Rs Mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY20 FY20 Rental 37 79 48% 59 156 38% CAM & 29 53 55% 58 102 57% Others Total Income 67 132 51% 117 258 45% EBIDTA 25 74 34% 52 146 36% EBIDTA Margin as % 68% 94% 88% 94% of Rental 24
Slide 26: Phoenix United, Bareilly
Phoenix United, Bareilly % of Q2 % of H1 (Rs Mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY20 FY20 Rental 28 55 51% 40 111 36% CAM & 33 44 76% 59 87 68% Others Total Income 61 98 62% 99 198 50% EBIDTA 33 47 70% 50 107 47% EBIDTA Margin as % 117% 86% 125% 96% of Rental 25
Slide 27: Update on under-construction Assets
Update on under-construction Assets Palladium, PMC Wakad PMC Hebbal PMC Indore Ahmedabad Proposed Retail GLA Retail GLA - 1.1 msf Retail GLA - 1.2 msf Retail GLA – 1 msf Retail GLA – 0.7 msf Office GLA – 0.6 msf Office GLA – 1.2 msf Equity invested till Rs. 4,857 mn Rs. 8,616 mn Rs. 3,325 mn Rs. 4,8
Slide 28: Phoenix Palassio
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Slide 29: Brownfield Acquisition
Brownfield Acquisition Phoenix Palassio • Possession in August 2018 • Completed construction and opened to public in less than 24 months 28
Slide 30: Phoenix Palassio, Lucknow – West Entrance with Musical Fountain
Phoenix Palassio, Lucknow – West Entrance with Spectacular Musical Fountain 0.90 msft Total Leasable Area 29
Slide 31: Expansive Spaces…Opulent Interiors…breathtaking Chandeliers
Expansive Spaces…Opulent Interiors…breathtaking Chandeliers 30
Slide 32: Festive Decor
Qe) Festive Decor Map eC”
Slide 33: State of Art Multiplex now operational
State of Art Multiplex now operational 32
Slide 34: Palladium Ahmedabad – The Luxury mall of Gujarat
Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 33
Slide 35: Phoenix Millennium Pune – The New Epicentre for West Pune
Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 34
Slide 36: Mall of Asia, Bangalore
Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Indicative Render Bangalore Concept Architect – Callison 35
Slide 37: Phoenix Citadel Indore
Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 36
Slide 38: Phoenix Citadel – Opulent Grand Arrivals, Venetian Chandeliers
Phoenix Citadel – Opulent Grand Arrivals, Venetian Chandeliers & Murano glasswork Indicative Render Indicative Render Indicative Render 37
Slide 39: Business Performance - Hospitality
Business Update Business Performance - Hospitality Financial Results Annexure Palladium, Chennai
Slide 40: The St. Regis, Mumbai
The St. Regis, Mumbai % of Q2 % of H1 Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY20 FY20 Revenue from 60 304 36% 109 622 18% Rooms (Rs. mn) Revenue from F&B and Banqueting 24 311 11% 34 626 5% (Rs. mn) Other Operating 16 61 60% 36 125 29% Income (Rs. mn) Total Income 99 675 27% 180 1,373 13% (Rs. mn) Operati
Slide 41: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 Revenue from Rooms 3 35 3 72 (Rs. mn) Revenue from F&B and 3 27 3 61 Banqueting (Rs. mn) Other Operating Income 0 4 0 8 (Rs.mn) Total Income (Rs. mn) 6 66 6 141 Occupancy (%) 7.7% 61% 7.7% 62% ARR (Rs.) 3,663 3,309 3,663 3,332 Hotel operati
Slide 42: Business Performance - Commercial
Business Update Business Performance - Commercial Financial Results Annexure Phoenix Marketcity, Pune
Slide 43: Our Annuity Income Generating Commercial Portfolio
Our Annuity Income Generating Commercial Portfolio OPERATIONAL OFFICE PORTFOLIO OFFICE PORTFOLIO UNDER DEVELOPMENT (1.79 MSF) (1.08 MSF) Project Total Area Area Sold Net Leasable Area Leased OFFICE PORTFOLIO ( 1.08 MSF) Name (msf) (msf) Area (msf) (msf) Phoenix House 0.09 - 0.09 0.08 Fountainhead –
Slide 44: Operational Update – Art Guild House
Operational Update – Art Guild House Net Total Area Average Area Sold Leasable Area Leased Rate (msf) Area (msf) (msf) (Rs./sq.ft) (msf) Art Guild @ @ 0.80 0.17 0.63 0.54 106 House Q2 FY21 Q2 FY20 H1FY21 H1FY20 Total Income 134 156 290 304 (Rs. mn) EBITDA 93 89 219 167 (Rs. mn) EBITDA as % of 69% 57
Slide 45: Operational Update – Phoenix Paragon Plaza
Operational Update – Phoenix Paragon Plaza Net Total Area Average Area Sold Leasable Area Leased Rate (msf) Area (msf) (msf) (Rs./sq.ft) (msf) Phoenix Paragon 0.43 0.12 0.31 0.16 108 Plaza Q2 FY21 Q2 FY20 H1FY21 H1FY20 Total Income 81 72 165 144 (Rs. mn) EBITDA 66 41 139 85 (Rs. mn) EBITDA as % of 8
Slide 46: Operational Update – Fountainhead Towers 1, 2 & 3
Operational Update – Fountainhead Towers 1, 2 & 3 Net Total Area Average Area Sold Leasable Area Leased Rate (msf) Area (msf) (msf) (Rs./sq.ft) (msf) Fountainhead – 0.17 0.00 0.17 0.16 86 Tower 1 Fountainhead – Part of Commercial Portfolio under Tower 2 0.66 Development – Tower 2 & Tower 3 are Fount
Slide 47: Growth by Densification
Growth by Densification Offices Fountainhead Tower 1 ~0.17 msft Offices Fountainhead Tower 3 ~0.40 msft Offices Fountainhead Tower 2 ~0.25 msft Existing Mall (LG + G + 3)
Slide 48: Fountainhead Pune – Premium Office Spaces
Fountainhead Pune – Premium Office Spaces Fountainhead Pune Remarks Tower 1 95% area leased and operational Tower 2 OC received on 6th October 2020 Tower 3 4 months away from completion 47
Slide 49: Fountainhead Pune – Tower 2 and Tower 3 Construction Status
Fountainhead Pune – Tower 2 and Tower 3 Construction Status Tower 2 – Construction Completed, Tower 3 – East Side Façade WIP OC Received 48
Slide 50: Business Performance - Residential
Business Update Business Performance - Residential Financial Results Annexure Phoenix Marketcity, Mumbai
Slide 51: 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 FY21 (operational) Total Area Balance (msf)^ (Rs. mn) (Rs. mn) in Q2 FY21 Cumulative Area launched Area One Bangalore West, 2.41 1.80
Slide 52: Kessaku – Choices Galore for Customers
Kessaku – Choices Galore for Customers Layout Options 3.5 & 4 BHK HOMES 3 & 4.5 BHK HOMES Reconfiguration of units in Faia and Zefa (3 to 4.5 BHK’s from the earlier 6 to 8 BHK’s) provide discerning customers an even larger plethora of unit sizes and finishing options to choose from 51
Slide 53: Kessaku – Choices Galore for Customers
Kessaku – Choices Galore for Customers • Kessaku offers its customers bespoke options to customize their apartments • Getting a wide array of Fit-out & Layout options to choose from is well appreciated by the discerning customers translating into quicker conversion of sales Fit-out Options BARESHELL
Slide 54: One Bangalore West, Bangalore
One Bangalore West, Bangalore Actual Site Picture 53
Slide 55: Kessaku, Bangalore
Kessaku, Bangalore Actual Site Picture 54
Slide 56: Financial Results
Business Update Business Performance Financial Results Annexure Phoenix Marketcity, Mumbai
Slide 57: Q2 & H1 FY21 Standalone P&L
Q2 & H1 FY21 Standalone P&L % of Q1 % of H1 (Rs. mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY2020 FY20 FY20 Income from operations 449 1,131 40% 851 2,264 38% 4,444 EBITDA 204 665 31% 473 1,365 35% 2,592 EBITDA Margin (%) 46% 59% 56% 60% 58% Profit Before Tax and exceptional item 10 658 2% 18 1,116 2% 1,7
Slide 58: Standalone Balance Sheet
Standalone Balance Sheet As on Sep 30, As on March As on Sep 30, As on March (Rs. mn) (Rs. mn) 2021 31, 2020 2021 31, 2020 Share capital 343 307 Non-current assets 36,932 37,130 Reserves and surplus 39,006 28,174 Tangible assets + intangible assets 6,539 6,758 Sub-Total 39,349 28,481 Capital work in
Slide 59: Q2 & H1 FY21 Consolidated P&L
Q2 & H1 FY21 Consolidated P&L % of Q2 % of H1 (Rs. mn) Q2 FY21 Q2 FY20 H1 FY21 H1 FY20 FY2020 FY20 FY20 Income from operations 2,149 4,151 52% 3,496 10,301 34% 19,411 Retail 1,361 3,024 45% 2,387 6,070 39% 11,993 Residential 447 112 399% 447 2,183 20% 2,794 Commercial 248 264 94% 473 514 92% 1,138 H
Slide 60: Consolidated Balance Sheet
Consolidated Balance Sheet As on Sep 30, As on March As on Sep 30, As on March (Rs. mn) (Rs. mn) 2020 31, 2020 2021 31, 2020 Share capital 343 307 Non-current assets 88,943 88,111 Reserves and surplus 46,879 36,777 Tangible assets 65,482 60,795 Intangible Assets (including Goodwill) 3,729 3,732 Sub-
Slide 61: Debt Profile as on 30th September 2020
Debt Profile as on 30th September 2020 Average cost of debt down to 8.88% in Q2 Effective cost of debt (%) FY21 from 9.14%; further downward repricing 11.8% expected in Dec & Jan 11.0% Lowest rate on borrowing stands at 7.5% 96% of Debt is long-term. Debt on the 10.2% operational portfolio is
Slide 62: Fund Raising has further strengthened PML's balance sheet
Fund Raising has further strengthened PML’s balance sheet June 2020 July – August 2020 August 2020 30 September 2020 Rs. 475 mn Rs. 7,480 mn Cash generated despite Rs. 10,890 mn Rs. 18,505 mn Net Cash Position properties being shut during Successfully raised through QIP Group Liquidity the lock-down
Slide 63: Annexure
Business Update Business Performance Financial Results Annexure Palladium Chennai
Slide 64: Q2 FY21 Debt Across Subsidiaries
Q2 FY21 Debt Across Subsidiaries Q1 FY21 Debt Asset Type SPV Asset Name PML Ownership Q2 FY21 (Rs. Mn.) (Rs. Mn) PML Standalone High Street Phoenix, Mumbai 100% 8,316 6,835 Phoenix MarketCity, Chennai Classic Mall Development 50% 7,379 7,567 The Crest C (Residential) Phoenix MarketCity, Pune Vamona
Slide 65: Shareholding Pattern as on 30th Sept 2020
Shareholding Pattern as on 30 th Sept 2020 Shareholding Pattern Sr. No Top Institutional Investors % Shareholding 3.01% 1.79% 1 SCHRODER 6.11% 2 GIC 4.33% 3 ICICI PRUDENTIAL AMC 2.72% 15.77% 4 TT FUNDS 2.59% 5 FIDELITY 1.80% 45.56% 6 ADITYA BIRLA SUNLIFE MF 1.69% 7 UTI 1.69% 8 MOTILAL OSWAL 1.64% 33
Slide 66: Re-opening of malls: timeline of key events
Re-opening of malls: timeline of key events • Phoenix Palassio launched on 08th July, • F&B, Restaurants & Food courts • Malls operating with significant restrictions • Malls in Maharashtra ie resumed in HSP, PMC Pune & Mumbai • PMC Bangalore – operational for 21 days in HSP, PMC Mumbai & Pune with
Slide 67: Thank you
Thank you Varun Parwal Deepak Purswani, CFA Advait Phatarfod Contact: +91 22 3001 6800 Contact: +91 99204 35178 Contact: +91 75069 35707 Email: varun.p@phoenixmarketcity.in Email: Email: deepak.purswani@phoenixmarketcity.in advait.p@phoenixmarketcity.in Rohan Rege / Bijay Sharma Contact: +91 22 6169
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