Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Investor Presentation (December 2021)
48 slides from Phoenix Mills's investor presentation, Dec 1, 2021
Slide 1: Exchange filing cover letter for corporate 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 Date: December 1, 2021 To, BSE Limited. National Stock Exchange of India Limited. Phiroze Jeejeebhoy Tow
Slide 2: The Phoenix Mills Ltd. Corporate Presentation December 2021
The Phoenix Mills Ltd. Corporate Presentation December 2021 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 91% of October 2019
Consumption in October 2021 at 91% of October 2019 October 2021 Consumption as % of Oct 2019 As % 80% 100% 75% 62% 93% NA 63% 79% of Oct 2019* 1,439 1,432 1,051 1,065 649 710 211 159 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly Palladium Chennai •
Slide 11: Consumption in November 2021 at 116% of November 2019
Consumption in November 2021 at 116% of November 2019 November 2021 Consumption as % of Nov 2019 As % 105% 120% 106% 87% 78% NA 103% 119% of Nov 2019* 1,560 1,290 1,070 810 700 700 260 200 Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly Palladium Che
Slide 12: Business Performance - Retail
Business Update Business Performance - Retail Financial Results Annexure Phoenix Marketcity, Chennai
Slide 13: Raised equity capital of ~Rs. 4,350 cr in 15 months
Raised equity capital of ~Rs. 4,350 cr in 15 months… Qualified Institutional August 2020 ~Rs. 1,100 cr Placement (QIP) JV with CPPIB for Kolkata May 2021 ~Rs. 384 cr Development 49% stake for CPPIB Equity Infusion in existing retail May 2021 ~Rs. 392 cr platform with CPPIB (ISML) CPPIB’s share of Co
Slide 14: Optimizing cost of debt and reducing gross debt levels
… while optimizing cost of debt and reducing gross debt levels … Effective cost of debt (%) Gross Debt (Rs. cr) 9.38% 4,573 9.19% 4,547 4,487 8.17% 7.84% 4,299 Mar' 19 Mar' 20 Mar' 21 Sep' 21 Mar' 19 Mar' 20 Mar' 21 Sep' 21 • Average cost of debt reduced from 9.38% in March 2019 to 7.84% in Septembe
Slide 15: Capital autonomy: liquidity, debt and EBITDA
… in order to give us the necessary capital autonomy Group Level PML Share Liquidity (Bank balance + Rs. 19,791 mn Rs. 17,959 mn Investments + DSRA)* Gross Debt # Rs. 42,986 mn Rs. 31,779 mn Net Debt Rs. 23,195 mn Rs. 13,820 mn Q2 FY22 EBITDA^ Rs. 3,152 mn Rs. 2,485 mn *Data as of 25th Nov’21; Does
Slide 16: Delivery timelines for Under Construction Assets on Track
… to keep Delivery timelines for Under Construction Assets on Track Phoenix Citadel, Indore Palladium, Ahmedabad Phoenix Millennium, Pune Phoenix Mall of Asia, Bangalore • Ahmedabad’s very • Retail GLA ~1.2 msft • Retail GLA ~1.2 msft • Retail GLA ~1.0 msft own luxury mall under construction under c
Slide 17: 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 18: Phoenix Citadel Indore
Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 17
Slide 19: Palladium Ahmedabad
Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 18
Slide 20: Phoenix Millennium Pune
Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 19
Slide 21: Mall of Asia, Bangalore
Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Indicative Render Bangalore Concept Architect – Callison 20
Slide 22: 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 23: 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 ~1.0 ~6.6 msft in 4 years Palladium Chennai – Office Chennai ~0.4
Slide 24: We continue planning for future marquee developments
We continue planning for future marquee developments…
Slide 25: PML & CPP Investments joint development at Lower Parel, Mumbai
PML & CPP Investments to jointly develop an office-led mixed use development at Lower Parel, Mumbai The Phoenix Mills Ltd and CPP Investments, entered into a definitive agreement to jointly develop a ~1.2 msft office-led mixed use development, comprising a Retail component of ~0.2 msft and Office
Slide 26: Gross Leasable Area mix in Retail and Commercial
Gross Leasable Area (GLA mix) in Retail and Commercial Segments FY 21 FY 26 Retail 6.9 msf 1.9x 13.0 msf Commercial 1.6 msf 4.1x 6.6 msf Robust growth trajectory to solidify leadership position in mixed use developments in India
Slide 27: Business Performance - Commercial
Business Update Business Performance - Commercial Financial Results Annexure Fountainhead Towers, Pune
Slide 28: 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 29: 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 30: Business Performance - Hospitality
Business Update Business Performance - Hospitality Financial Results Annexure Phoenix Marketcity, Mumbai
Slide 31: 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 32: 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 31
Slide 33: 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 34: 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 33
Slide 35: Business Performance - Residential
Business Update Business Performance - Residential Financial Results Annexure Phoenix Marketcity, Bangalore
Slide 36: 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 37: One Bangalore West, Bengaluru
One Bangalore West, Bengaluru Actual Site Picture 36
Slide 38: Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style
Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style Actual Site Picture Actual Site Picture 37
Slide 39: Financial Results
Business Update Business Performance Financial Results Annexure Palladium Chennai
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 47
The Phoenix Mills — Investor Presentation (December 2021) on 6ix