Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Shareholder Meeting (September 2023)
52 slides from Phoenix Mills's shareholder meeting presentation, Sep 22, 2023
Slide 1: Cover 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 6601 CIN No. : L17100MH1905PLC000200 September 22, 2023 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchan
Slide 2: The Phoenix Mills Ltd. 118th AGM Presentation
The Phoenix Mills Ltd. 118th AGM Presentation 22 September 2023 PROMISE | PERFORMANCE | INSPIRATION Phoenix Mall of the Millennium, Wakad, Pune GLA: ~1.20 million sq. ft. Launched on 01-Sep-2023
Slide 3: Promises delivered – doubling of retail portfolio
Promises delivered – doubling of retail portfolio Segments 2018 2023 2027 Retail 5.9 msft ~2x 11.1 msft* >14 msft Offices 1.3 msft 3.0 msft** >7 msft Hotel 588 keys 588 keys 988 keys *Includes Phoenix Mall of Asia (Bangalore) set to launch during 2023 ** Includes Phoenix Asia Towers (Hebbal, Bangalo
Slide 4: India's largest retail mall owner and operator with ~14 msft retail GLA by 2027
India’s largest retail mall owner and operator with ~14 msft retail GLA by 2027 ~11 GLA across 12 GLA of ~3 operational RETAIL under-development & msft* msft malls in 8 cities under-planning RETAIL Leased occupancy EBITDA margin >100% across operational ~97% in Retail Malls malls Retail Rental CAGR
Slide 5: Retail Consumption CAGR at Phoenix Malls of 14% from FY13 to FY23
Retail Consumption CAGR at Phoenix Malls of 14% from FY13 to FY23 CONSUMPTION (INR CR) CAGR: 14% 9,248 6,320 2,570 FY13 FY18 FY23 4
Slide 6: Retail Rental Income CAGR at Phoenix Malls of 13% from FY13 to FY23
Retail Rental Income CAGR at Phoenix Malls of 13% from FY13 to FY23 RETAIL RENTAL INCOME (INR CR) CAGR: 13% 1,313 866 393 FY13 FY18 FY23 5
Slide 7: Adding sustainable, futuristic and urban workspaces to anchor our existing retail destinations
Adding sustainable, futuristic and urban workspaces to anchor our existing retail destinations ~3 GLA across 8 office GLA under-development ~5 msft* spaces in 3 cities and under-planning office msft spaces ~2.81 New leasing Renewal leasing in ~1.50 lakh sft in FY23 FY23 lakh sft * Includes Phase 1 o
Slide 8: Our Commercial Offices Portfolio
Our Commercial Offices Portfolio Operational Commercial Offices: ~3 msft Under development Commercial Offices: ~ 4 msft Offices at Kurla, Mumbai - ~1.20 msft* Millennium Towers, Wakad, Pune- ~1.20 msft Project Rise, Lower Parel, Mumbai - ~1.10 msft Offices at VimanNagar, Pune - ~0.83 msft Asia Tower
Slide 9: Developer of India's Iconic Mixed-Use Developments
Developer of India’s Iconic Mixed-Use Developments Phoenix MarketCity, Mumbai + Offices Upcoming Phoenix Mall of Asia + Phoenix Mall of the Millennium + Upcoming Millennium (Centrium, PPP and Art Guild House) Asia Towers (Offices) Hebbal, Bangalore Towers (Office), Wakad, Pune Actual Phoenix Palladi
Slide 10: The City Center in South Bombay - Our flagship asset - Phoenix Palladium
The City Center in South Bombay - Our flagship asset - Phoenix Palladium Retail + Office Expansion Retail + Office Expansion Tower 2 Tower 1 (Future Potential) Retail Expansion The St. Regis, Mumbai Phoenix Palladium Mall Development timelines and costs carry risks of planning, approvals, execution
Slide 11: Phoenix MarketCity Mumbai (Retail)
The City Centre of Suburban Mumbai Kurla, Mumbai 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 10
Slide 12: Phoenix MarketCity Mumbai Kurla, Mumbai
Phoenix MarketCity Mumbai Kurla, Mumbai Photo shot at location 11
Slide 13: The City Center in the Cultural Hub of Maharashtra Vimannagar, Pune
The City Center in the Cultural Hub of Maharashtra Vimannagar, Pune Phoenix MarketCity + Fountainhead Offices 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 subject to change ba
Slide 14: Phoenix MarketCity Pune Vimannagar, Pune
Phoenix MarketCity Pune Vimannagar, Pune Photo shot at location 13
Slide 15: The City Centre in the Garden City Whitefield, Bangalore
The City Centre in the Garden City Whitefield, Bangalore Retail expansion GLA- ~0.20 msft and ~17 screen multiplex 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 14
Slide 16: Phoenix MarketCity Bangalore Whitefield, Bangalore
Phoenix MarketCity Bangalore Whitefield, Bangalore Photo shot at location 15
Slide 17: Phoenix MarketCity and Palladium Chennai Velachery, Chennai
Phoenix MarketCity and Palladium Chennai Velachery, Chennai Photo shot at location Photo shot at location Indicative Render 16
Slide 18: Palladium Offices Velachery, Chennai
Palladium Offices Velachery, Chennai Photo shot at location Office GLA: ~0.40 msft 50% of GLA is up for renewal by FY22 17
Slide 19: Our Second City Center in Pune Wakad, Pune
Our Second City Center in Pune Wakad, Pune Phoenix Mall of the Millennium + Millennium Towers (Offices) Indicative Render 18
Slide 20: Phoenix Mall of the Millenium – Launched on 1-Sep-23
Phoenix Mall of the Millenium – Launched on 1-Sep-23 Wakad, Pune Photo shot at location Retail GLA: ~1.20 msft 19
Slide 21: Integrated with Commercial Offices - Millennium Towers
Integrated with Commercial Offices - Millennium Towers Wakad, Pune Photo shot at location Offices GLA: ~1.20 msft 20
Slide 22: Our Second City Center at Bangalore Hebbal
Our Second City Center at Bangalore Hebbal, Bangalore Phoenix Mall of Asia + Asia Towers (Offices) The Largest Retail led Mixed-use development in Bangalore Indicative Render 21
Slide 23: Phoenix Mall of Asia – Opening soon
Phoenix Mall of Asia – Opening soon Hebbal, Bangalore Photo shot at location Retail GLA: ~1.20 msft 22
Slide 24: Phoenix Asia Towers – Offices on top of the mall
Phoenix Asia Towers – Offices on top of the mall Hebbal, Bangalore Photo shot at location Office GLA: Phase 1: ~0.80 msft and Phase 2: ~0.40 msft 23
Slide 25: Destination consumption hubs for the city
Destination consumption hubs for the city 24
Slide 26: The only mall delivered during the pandemic
The only mall delivered during the pandemic Photo shot at location 25
Slide 27: Breathtaking interiors
Breathtaking interiors Photo shot at location Photo shot at location 26
Slide 28: Interior shots
Interior shots Photo shot at location Photo shot at location 27
Slide 29: The Retail destination of Madhya Pradesh – Launched on 01-Dec-22
The Retail destination of Madhya Pradesh – Launched on 01-Dec-22 Retail GLA: ~1 msft Photo shot at location 28
Slide 30: Opulent Grand Arrivals, Venetian inspired Chandeliers & Glasswork
Opulent Grand Arrivals, Venetian inspired Chandeliers & Glasswork Photo shot at location Photo shot at location 29
Slide 31: Sustainability updates
Sustainability updates Photo shot at location ✓ Received the USGBCTM LEED Gold Certification ✓ First retail asset in India to achieve the IFC Edge Advanced Certification ✓ Green loan availed for this asset – first asset in PML portfolio to avail a green loan Actual Photo Actual Photo 30
Slide 32: Unveiling Gujarat's newest luxury shopping destination
Unveiling Gujarat’s newest luxury shopping destination Photo shot at location Actual Photo 31
Slide 33: Our offering to Gujarat's discerning shoppers
Our offering to Gujarat’s discerning shoppers Photo shot at location Actual Photo Photo shot at location 32
Slide 34: Phoenix Grand Victoria, Kolkata: Excavation commenced
Phoenix Grand Victoria, Kolkata: East India’s retail destination – Excavation commenced Retail GLA: ~1 msf with additional development potential Indicative Render 33
Slide 35: Surat – our 2nd retail destination in Gujarat
Surat – our 2nd retail destination in Gujarat – Land parcel acquired in Dec-22 UNVEILING SOON 34
Slide 36: Residential & Warehousing
Residential & Warehousing 35
Slide 37: Residential Development
Residential Development • 9 Towers - One Bangalore West Indicative Render, One Bangalore West • Towers 1 to 6 – OC received • Tower 7 – Under construction • Towers 8, 9 – Under Planning • 5 Towers – Kessaku • OC received for all 36
Slide 38: Residential Business Performance
Residential Business Performance Photo shot at location Clubhouse at Kessaku Rs. 465 cr Gross Sales across residential business during FY 2023 Rs. 368 cr Collections across residential business during FY 2023 37
Slide 39: Under development projects: Residential HIDCO, Alipore
Under development projects: Residential Photo shot at location Clubhouse Residential HIDCO, Alipore ✓ 5.5 acres prime land parcel ✓ Saleable area of ~1 msft 38 38
Slide 40: Under development projects: Warehousing Sohna, NCR
Under development projects: Warehousing Warehousing Sohna, NCR ✓ 33 acres land parcel ✓ GLA of ~0.83 msft 39
Slide 41: ESG Initiatives
ESG Initiatives 40
Slide 42: Environment conscious efforts implemented
Environment conscious efforts implemented ~30% energy consumption of EV Charging Stations Offsite renewable energy plants the retail portfolio was through installed across retail For 5 of the assets in the portfolio renewable sources in FY23 portfolio Professional Vendors for Zero Liquid discharge f
Slide 43: Environment conscious efforts implemented – Renewable Energy
Environment conscious efforts implemented – Renewable Energy Overview of Solar energy at PMC Bangalore, Pune, Mumbai and Phoenix Palassio Lucknow ~31 mn UNITS OF SOLAR ENERGY PROCURED ~28,735 tCO2e AVOIDED DUE TO USE OF SOLAR ENERGY Wind energy is being used at PMC and Palladium Chennai 42
Slide 44: CSR at Phoenix - Cherishing our Environment and Society
CSR at Phoenix - Cherishing our Environment and Society India’s most prolific Water Conservation Initiative through: 62 604 Education of Tribal Girls Support to Farmers CHECK DAMS CHECK DAMS BUILT BUILT IN FY23 UPTO MAR-23 ~ Rs. 2,000 cr ANNUAL NET EARNINGS OF THE VILLAGES IMPACTED IN FY23 ~ 822 ~ 1
Slide 45: Adding Pillars of Governance & Experience to the Board
Adding Pillars of Governance & Experience to the Board Dr. Archana Hingorani Mr. Anand Khatau Mr. Sumeet Anand Ms. Rashmi Sen Independent & Non- Independent & Non- Independent & Non- Whole Time Director & Executive Director Executive Director Executive Director COO - Retail ✓ Managing Partner at Sia
Slide 46: Growing with Prudence
Growing with Prudence 45
Slide 47: Strong performance over the last decade
Strong performance over the last decade Consolidated EBITDA (Rs. cr) Operational FCF (post interest & taxes paid) 1,519 (Rs. cr) 1,404 777 440 263 132 FY13 FY18 FY23 FY13 FY18 FY23 ~6x Rs. 1,404 cr Consolidated Operational EBITDA grew Operational FCF (post interest and taxes paid) from Rs. 263 cr in
Slide 48: Focus on optimizing debt levels and cost of debt
Focus on optimizing debt levels and cost of debt Parameter FY20 FY23 Outcome Net Debt Rs. 4,263 cr Rs. 2,282 cr 46% Net Debt to 66% 4.2x 1.4x EBITDA Interest Coverage 2.4x 4.1x 71% Ratio 47
Slide 49: Focus on optimizing cost of debt by reducing spread over benchmark rate
Focus on optimizing cost of debt by reducing spread over benchmark rate Effective cost of debt reduced by ~32 bps 9.19% 8.74% 8.87% 8.17% 7.89% 7.30% Spread: 216 bps Spread: 479 bps 6.50% 6.50% 5.90% 4.40% 4.00% 4.00% Mar-20 Mar-21 Mar-22 Sep-22 Mar-23 Jun-23 Cost of Debt (%) RBI Repo Rate(%) 48
Slide 50: Gross Debt for FY23 at the lowest level in the past five years
Gross Debt for FY23 at the lowest level in the past five years since FY19 Gross Debt (Rs cr) 4,573 4,547 4,510 4,380 4,037 FY19 FY20 FY21 FY22 FY23 49
Slide 51: Robust growth trajectory to solidify leadership position in mixed use developments
Robust growth trajectory to solidify leadership position in mixed use annuity generating developments in India Segments 2023 2027 Retail 11.1 msft* >14 msft Commercial Offices 3.0 msft** >7 msft Hotels 588 keys 988 keys Residential 4.0 msft 5.0 msft Warehousing - 0.8 msft *Includes Phoenix Mall of A
Slide 52: Thank you
Thank you Website: https://www.thephoenixmills.com/investors
The Phoenix Mills — Shareholder Meeting (September 2023) on 6ix