Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q1 FY22 Earnings Presentation
58 slides from Phoenix Mills's earnings presentation, Aug 6, 2021
Slide 1: Exchange filing letter: Investors' Presentation on Q1 FY22 results
tit ..� THE PHOENIX Y" MILLS LIMITED 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 August 06, 2021 BSE Limited National Stock Exchange of India Limit
Slide 2: Investor Presentation – Q1 FY22
The Phoenix Mills Ltd. Investor Presentation – Q1 FY22 1 Phoenix Marketcity, Pune
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 Hospitality Ahmedabad 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 Marketcity, Bangalore
Slide 7: Consumption in July, 2021
Consumption in July, 2021 July 2021 Consumption (in Rs. Mn ) As % of July, 2019* 80% 63% NA 90% 106% As % of Mar, 2021* 93% 96% 128% 116% 142% Operational Days 27 31 22 22 22 722 626 407 147 110 PMC Bangalore PMC & Palladium Chennai Phoenix Palassio PU Lucknow PU Bareilly • The pace of recovery in c
Slide 8: 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 Palladium Chennai started on weekdays (during 14th- of timings in our malls in operations (all days) with 25th June) with restricted Chennai &
Slide 9: Q1 FY22 – Consumption Trajectory across all malls
Q1 FY22 – Consumption Trajectory across all malls Q1 FY22 Consumption (in Rs. mn) 566 531 352 357 300 192 162 126 Phoenix Palladium PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly Chennai • Local restriction were imposed across our malls during April, 2021.
Slide 10: PMC Bangalore Consumption Trajectory
PMC Bangalore Consumption Trajectory Monthly Consumption (Rs Mn) Consumption at PMC Bangalore As % SMBY* 69% 80%^ was at Rs 722 mn in July, 2021 Local restriction was imposed on 22nd April As % of Mar21 83% 93%^ and lifted on 05th July with restricted Consumption (as % of July, 2019) 904 timings
Slide 11: PMC and Palladium Chennai Consumption Trajectory
PMC and Palladium Chennai Consumption Trajectory Monthly Consumption (Rs Mn) As % SMBY* 64% 63%^ Local restriction was imposed on 25th April Consumption at PMC and As % of Mar21 88% 96%^ Palladium Chennai was at Rs 626 and lifted on 28th June with restricted 675 mn in July, 2021 timings. 626 472
Slide 12: Phoenix Palassio Consumption Trajectory
Phoenix Palassio Consumption Trajectory Monthly Consumption (Rs Mn) 200 Brands have opened stores (73% As % of Mar21 45% 128%^ Local restriction was imposed on 16th April and of leasable area) in Phoenix Palassio 463 lifted on 21st June with restricted timings on 407 since its launch in July, 2020
Slide 13: Phoenix United Lucknow Consumption Trajectory
Phoenix United Lucknow Consumption Trajectory Monthly Consumption (Rs Mn) Consumption at PU Lucknow was As % SMBY* 51% 90%^ at Rs 147 mn in July, 2021 Local restriction was imposed on 16th April As % of Mar21 70% 116%^ and lifted on 21st June with restricted Consumption (as % of July, 2019) 183
Slide 14: Phoenix United Bareilly Consumption Trajectory
Phoenix United Bareilly Consumption Trajectory Monthly Consumption (Rs Mn) Consumption at PU Bareilly was at As % SMBY* 51% 106%^ Rs 110 mn in July, 2021 Local restriction was imposed on 16th April As % of Mar21 56% 142%^ and lifted on 21st June with restricted Consumption (as % of July, 2019) t
Slide 15: Business Performance - Retail
Business Update Business Performance - Retail Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 16: Phoenix Palladium, Mumbai
Phoenix Palladium, Mumbai (Rs. mn) Q1 FY22 Q1 FY21 Q1 FY20 % of Q1 FY20 Rental 293 344 881 33% CAM & Others 100 57 252 40% Total Income 393 402 1,133 35% Asset EBITDA 349 260 780 45% Asset EBIDTA Margin as % of 119% 78% 89% Rental SPV EBITDA 161 269 700 23% Note: The Rental income also includes inco
Slide 17: 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 Phoenix House
Slide 18: Phoenix Marketcity Bangalore
Phoenix Marketcity Bangalore (Rs. mn) Q1 FY22 Q1 FY21 Q1 FY20 % of Q1 FY20 Rental 112 120 359 31% CAM & Others 75 72 184 41% Total Income 187 191 543 34% Asset EBITDA^ 121 135 385 31% Asset EBIDTA Margin as % of 108% 113% 107% Rental ^ EBITDA is before fees paid to MarketCity Resources Pvt. Ltd (PML
Slide 19: Phoenix Marketcity Pune
Phoenix Marketcity Pune (Rs. mn) Q1 FY22 Q1 FY21 Q1 FY20 % of Q1 FY20 Rental 109 125 432 25% CAM & Others 73 47 206 36% Total Income 182 172 638 29% Asset EBITDA 98 118 440 22% Asset EBIDTA Margin as % of 90% 94% 102% Rental 18
Slide 20: Phoenix Marketcity Mumbai
Phoenix Marketcity Mumbai (Rs. mn) Q1 FY22 Q1 FY21 Q1 FY20 % of Q1 FY20 Rental 88 87 323 27% CAM & Others 74 53 181 41% Total Income 163 139 504 32% Asset EBITDA 81 78 323 25% Asset EBIDTA Margin as % of 92% 90% 100% Rental 19
Slide 21: Phoenix Marketcity & Palladium Chennai
Phoenix Marketcity & Palladium Chennai (Rs. mn) Q1 FY22 Q1 FY21 Q1 FY20 % of Q1 FY20 Rental 149 134 467 32% CAM & Others 114 57 235 48% Total Income 262 191 702 37% Asset EBITDA 140 124 496 28% Asset EBIDTA Margin as % of 94% 93% 106% Rental 20
Slide 22: Phoenix Palassio, Lucknow
Phoenix Palassio, Lucknow (Rs. mn) Q1 FY22 FY21 Q4FY21 Q3 FY21 Q2 FY21 Rental 72 321 161 123 37 CAM & Others 58 235 96 79 60 Total Income 130 556 258 201 97 Asset EBIDTA 81 327 171 119 37 Asset EBIDTA Margin as % of 113% 102% 106% 97% 100% Rental Note: Phoenix Palassio became operational on 8th July
Slide 23: Phoenix United, Lucknow
Phoenix United, Lucknow (Rs. mn) Q1 FY22 Q1 FY21 Q1 FY20 % of Q1 FY20 Rental 28 21 77 36% CAM & Others 30 29 49 62% Total Income 58 50 126 46% Asset EBITDA 30 26 72 42% Asset EBIDTA Margin as % of 109% 125% 94% Rental 22
Slide 24: Phoenix United, Bareilly
Phoenix United, Bareilly (Rs. mn) Q1 FY22 Q1 FY21 Q1 FY20 % of Q1 FY20 Rental 19 12 57 33% CAM & Others 24 26 44 56% Total Income 43 38 100 43% Asset EBITDA 20 17 60 34% Asset EBIDTA Margin as % of 107% 143% 105% Rental 23
Slide 25: Retail Rental Income for Q1 FY22
Retail Rental Income for Q1 FY22 Q1 FY22 Q1 FY21 Name of Asset Retail Income Retail Income % of Q1 FY20 % of Q1 FY20 (Rs. mn) (Rs. mn) Phoenix Palladium 293 33% 344 39% Phoenix Marketcity Bangalore 112 31% 120 33% Phoenix Marketcity Pune 109 25% 125 29% Phoenix Marketcity Mumbai 88 27% 87 27% Phoeni
Slide 26: Retail EBITDA for Q1 FY22
Retail EBITDA for Q1 FY22 Q1 FY22 Q1 FY21 Name of Asset EBITDA EBITDA % of Q1 FY20 % of Q1 FY20 (Rs. mn) (Rs. mn) Phoenix Palladium 349 45% 269 34% Phoenix Marketcity Bangalore 121 31% 135 35% Phoenix Marketcity Pune 98 22% 118 27% Phoenix Marketcity Mumbai 81 25% 78 24% Phoenix Marketcity and Palla
Slide 27: Update on under-construction Assets
Update on under-construction Assets Phoenix Phoenix Phoenix Citadel, Palladium, Mall of Asia, Millennium, Pune Indore Ahmedabad Bangalore 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 Amount Spent
Slide 28: The Luxury mall of Gujarat
Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 27
Slide 29: The New Epicentre for West Pune
Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 28
Slide 30: The Largest Retail led Mixed-use development in Bangalore
Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Indicative Render Bangalore Concept Architect – Callison 29
Slide 31: The biggest Retail Destination of Madhya Pradesh
Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 30
Slide 32: 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 33: 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 34: Business Performance - Commercial
Business Update Business Performance - Commercial Financial Results Annexure Phoenix Marketcity, Pune
Slide 35: Our Annuity Income Generating Commercial Portfolio
Our Annuity Income Generating Commercial Portfolio Project Total Area Area Sold Net Leasable Area Leased Trading Average Rate Location Collection (%) Name (msf) (msf) Area (msf) (msf) Occupancy (%) psf. Operational Office Portfolio (1.58 MSF) Art Guild House Mumbai 0.80 0.17 0.63 0.48 76% 108 92% Ph
Slide 36: Commercial Portfolio – Performance Summary
Commercial Portfolio – Performance Summary Total Income (Rs mn) EBITDA (Rs mn) EBITDA as % of Total Income Operational Portfolio Q1 FY22 Q1 FY21 FY21 Q1 FY22 Q1 FY21 FY21 Q1 FY22 Q1 FY21 FY21 Art Guild House* 185 157 639 138 126 492 74% 80% 77% Phoenix Paragon Plaza 71 84 318 54 69 243 76% 82% 76% F
Slide 37: 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 38: 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 Oct 2020; tenants started moving in during May 2021 Tower 3 Construction Complete; OC awaited 37
Slide 39: Fountainhead Pune – Tower 2 and Tower 3 Construction Status
Fountainhead Pune – Tower 2 and Tower 3 Construction Status Tower 2 – OC received on 6th Oct 2020; Tower 3 – North East Side Façade tenants started moving in during May 2021 38
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 % of Q1 FY22 Q1 FY21 Q1 FY20 Q1FY20 Revenue from Rooms (Rs. 66 49 318 21% mn) Revenue from F&B and Banqueting 45 11 316 14% (Rs. mn) Other Operating Income 18 20 64 29% (Rs. mn) Total Income 130 80 698 19% (Rs. mn) Operating EBITDA -11 -40 253 (Rs. mn) EBITDA margins (%) 36% Oc
Slide 42: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Q1 FY22 Q1 FY21 Q1 FY20 % of FY20 Revenue from Rooms (Rs. 8 0 37 23% mn) Revenue from F&B and Banqueting 12 0 35 35% (Rs. mn) Other Operating Income 0 0 4 12% (Rs. mn) Total Income 21 0 76 28% (Rs. mn) Occupancy (%) 17% 0 64% ARR (Rs.) 3,428 0 3,353 102% Note: Hotel opera
Slide 43: Business Performance - Residential
Business Update Business Performance - Residential Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 44: 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 Q1 FY22 (operational) Total Area Balance (msf)^ (Rs. mn) (Rs. mn) in Q1 FY22 Cumulative Area launched Area One Bangalore West, 2.41 1.80
Slide 45: One Bangalore West, Bengaluru
One Bangalore West, Bengaluru Actual Site Picture 44
Slide 46: Kessaku – Grand Arrival Experience
Kessaku – Grand Arrival Experience Actual Site Picture Actual Site Picture 45
Slide 47: Kessaku – Zen Court & Pool Side Garden
Kessaku – Zen Court & Pool Side Garden Actual Site Picture 46
Slide 48: Kessaku, Bangalore
Kessaku, Bangalore Actual Site Picture Actual Site Picture 47
Slide 49: Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style
Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style Actual Site Picture Actual Site Picture 48
Slide 50: Financial Results
Business Update Business Performance Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 51: Q1 FY22 Standalone P&L
Q1 FY22 Standalone P&L (Rs. mn) Q1 FY22 Q1 FY21 Q1FY20 % of Q1 FY20 Income from operations 393 402 1,133 35% EBITDA 161 269 700 23% EBITDA Margin (%) 41% 67% 62% Profit Before Tax and exceptional item 290 8 458 63% Profit after tax* 2,346 8 356 Diluted EPS (Rs.) 14.23 0.05 2.32 *Note: Exceptional it
Slide 52: Q1 FY22 Consolidated P&L
Q1 FY22 Consolidated P&L (Rs. mn) Q1 FY22 Q1 FY21 Q1 FY20 % of Q1 FY20 Income from operations 2,043 1,347 6,150 33% Retail 1,153 885 2,933 38% Residential 376 0 2,071 18% Commercial 362 382 363 100% Hospitality & Others 151 80 783 19% EBITDA 761 703 2,927 26% EBITDA Margin (%) 37% 52% 48% Profit aft
Slide 53: Q1 FY22 Debt and Cash Position
Q1 FY22 Debt and Cash Position Group Level PML Share Liquidity (Bank balance Rs. 16,620 mn* Rs. 15,505 mn + Investments + DSRA) Gross Debt Rs. 43,567 mn Rs. 32,365 mn Net Debt Rs. 26,948 mn Rs. 16,861 mn *Note: Does not include funds of Rs. 6,893 mn parked in overdraft accounts
Slide 54: Annexure
Business Update Business Performance Financial Results Annexure Palladium Chennai
Slide 55: Debt Profile as on 30th June 2021
Debt Profile as on 30th June 2021 Average cost of debt down to 7.90% in June Effective cost of debt (%) 2021 from 8.17% in Mar 2021, down by 27 bps QoQ Lowest rate on borrowing stands at 7.30% 10.20% Status Asset Class Amount (Rs. mn) Retail 32,153 9.38% Hospitality 5,574 9.19% 8.94% Operational
Slide 56: Q1 FY22 Debt Across Subsidiaries
Q1 FY22 Debt Across Subsidiaries PML Group Asset TypeQ1 SPV Asset Name Q4FY21 (Rs. mn) Q1FY22 (Rs. Mn) Ownership* PML Standalone High Street Phoenix, Mumbai 100% 6,165 5,735 Classic Mall Development Phoenix MarketCity, Chennai 50% 7,229 7,037 Vamona Developers Phoenix MarketCity, Pune 74% 6,015 4,30
Slide 57: Shareholding Pattern as on 30th Jun 2021
Shareholding Pattern as on 30th Jun 2021 Shareholding Pattern Sr. No Top Institutional Investors % Shareholding 3.36% 0.49% 1 SCHRODER 6.78% 2 GIC 4.33% 16.22% 3 ICICI PRUDENTIAL AMC 2.27% 4 TT FUNDS 2.10% 5 VANGUARD 1.84% 45.50% 6 ADITYA BIRLA SUNLIFE MF 1.79% 7 SBI MF 1.76% 8 BAILLIE GIFFORD 1.70%
Slide 58: 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 57