Phoenix Mills Ltd. · NSE:PHOENIXLTD

Phoenix Mills — The Phoenix Mills — Q4 FY21 Earnings Presentation

66 slides from Phoenix Mills's earnings presentation, May 27, 2021

  1. Slide 1: Investors' Presentation 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 May 27, 2021 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Pla

  2. Slide 2: Investor Presentation – Q4 & FY21

    The Phoenix Mills Ltd. Investor Presentation – Q4 & FY21 1 Phoenix Marketcity, Pune

  3. Slide 3: 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 + Courtyard by Marriott, Agra Retail Spaces GLA Office Spaces GLA Area ~7 ~1.6 588 ~4 msf msf keys msf Under-development & Under-developm

  4. 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

  5. Slide 5: Developer of India's Iconic Mixed Use Developments

    Developer of India’s Iconic Mixed Use Developments Offices at Phoenix MarketCity, Mumbai Rise Offices at HSP and Palladium Offices at Phoenix Millennium, Pune Offices at Phoenix MarketCity, Offices at Phoenix MarketCity, Bangalore Pune Offices at Palladium, Chennai Development timelines and costs ca

  6. Slide 6: Business Update

    Business Update Business Performance Financial Results Annexure Phoenix Marketcity, Bangalore

  7. Slide 7: Q4 FY21 – Consumption Trajectory across all malls

    Q4 FY21 – Consumption Trajectory across all malls Q4 FY21 Consumption (in Rs. mn) % of 96% 105% 93% 85% 75% NA 73% 90% LYSQ 3,503 2,689 2,199 2,084 1,611 1,354 500 410 Phoenix Palladium PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly Chennai • Consumption ac

  8. Slide 8: FY21 – Consumption across all malls

    FY21 – Consumption across all malls FY21 Consumption (in Rs. mn) % of 74% 69% 69% 63% 73% NA 57% 62% LY 8,098 6,726 5,206 3,769 4,170 2,896 1,387 1,049 Phoenix Palladium PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly Chennai • All malls across portfolio re-

  9. Slide 9: Consumption and Footfall Trajectory across all malls since re-opening

    Q4 FY21 – Consumption and Footfall Trajectory across all malls since re- opening % of LYSQ 49% 67% 100%  Consumption across all malls recovered swiftly to Pre-COVID level and reached at 100% of last year in Q4 FY21  Excluding the contribution of Phoenix Palassio (launched in July, 2020), consumpti

  10. Slide 10: Phoenix Palladium – Consumption & Trading Density Trajectory

    Phoenix Palladium – Consumption & Trading Density Trajectory Quarterly Consumption (Rs mn) 56% 66% 96% % of LYSQ 3,413 3,503  Consumption grew 2.6% QoQ to Rs. 3,503 mn 1,161  Consumption improved to 96% of last year v/s 66% in Q3 FY21 Q2 FY21 Q3 FY21 Q4 FY21  Trading Density was flattish at Rs. 2

  11. Slide 11: Phoenix Marketcity Bangalore – Consumption & Trading Density Trajectory

    Phoenix Marketcity Bangalore – Consumption & Trading Density Trajectory Quarterly Consumption (Rs mn) 49% 64% 105% % of LYSQ  Consumption grew 4.1% sequentially at Rs. 2,689 mn 1,210 1,354 in Q4 FY21 332  Consumption stood at 105% of last year v/s 64% in Q3 Q2 FY21 Q3 FY21 Q4 FY21 FY21  Trading D

  12. Slide 12: Phoenix Marketcity Pune – Consumption & Trading Density Trajectory

    Phoenix Marketcity Pune – Consumption & Trading Density Trajectory 50% 61% 93% % of LYSQ  Consumption declined marginally QoQ to Rs. 2,199 mn  Consumption was at 93% of last year v/s 61% in Q3 FY21  Trading Density was at Rs. 1,056 pspm in Q4 FY21  Trading Occupancy stood at 89% in Q4 FY21v/s 82

  13. Slide 13: Phoenix Marketcity Mumbai – Consumption & Trading Density Trajectory

    Phoenix Marketcity Mumbai – Consumption & Trading Density Trajectory Quarterly Consumption (Rs mn) 47% 54% 85% % of LYSQ 1,611 1,210  Consumption grew 1.3% QoQ to Rs. 1,611 mn 332  Consumption stood at 85% of last year v/s 54% in Q3 FY21 Q2 FY21 Q3 FY21 Q4 FY21  Trading Density was at Rs. 817 psp

  14. Slide 14: Phoenix Marketcity & Palladium Chennai – Consumption & Trading Density

    Phoenix Marketcity & Palladium Chennai – Consumption & Trading Density Trajectory 39% 54% 75% % of LYSQ  Consumption grew 16% QoQ to Rs. 2,084 mn  Consumption stood at 75% of last year v/s 54% in Q3 FY21  Trading Density improved at Rs. 1,040 in Q4 FY21 v/s Rs. 906 pspm in Q3 FY21  Trading Occup

  15. Slide 15: Phoenix Palassio Lucknow – Consumption & Trading Density Trajectory

    Phoenix Palassio Lucknow – Consumption & Trading Density Trajectory  189 Brands have opened stores in Phoenix Palassio since its launch in July, 2020  24 additional stores are currently under fit out  Trading Density at Phoenix Palassio has shown marked improvement since its launch  Trading Dens

  16. Slide 16: Business Performance - Retail

    Business Update Business Performance - Retail Financial Results Annexure Phoenix Marketcity, Bangalore

  17. Slide 17: Phoenix Palladium, Mumbai

    Phoenix Palladium, Mumbai % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Rental 662 780 85% 1,962 3,486 56% CAM & 173 202 86% 530 958 55% Others Total Income 835 982 85% 2,492 4,444 56% Asset EBITDA 539 797 68% 1,476 3,151 47% Asset EBIDTA Margin as % 81% 102% 75% 90% of Rental SPV EBITDA

  18. Slide 18: 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. m

  19. Slide 19: Phoenix Marketcity Bangalore

    Phoenix Marketcity Bangalore % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Rental 293 307 95% 779 1,426 55% CAM & 148 157 94% 461 703 66% Others Total Income 441 464 95% 1,240 2,129 58% Asset 309 297 104% 837 1,457 57% EBIDTA ^ Asset EBIDTA 105% 97% 107% 102% Margin as % of Rental ^ EBIT

  20. Slide 20: Phoenix Marketcity Pune

    Phoenix Marketcity Pune % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Rental 336 350 96% 848 1,667 51% CAM & 158 174 91% 451 778 58% Others Total Income 494 524 94% 1,298 2,445 53% Asset 338 324 104% 823 1,646 50% EBIDTA Asset EBIDTA 101% 93% 97% 99% Margin as % of Rental 19

  21. Slide 21: Phoenix Marketcity Mumbai

    Phoenix Marketcity Mumbai % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Rental 255 283 90% 615 1,270 48% CAM & 148 153 97% 430 691 62% Others Total Income 403 436 93% 1,045 1,961 53% Asset 276 242 114% 639 1,239 52% EBIDTA Asset EBIDTA 108% 86% 104% 98% Margin as % of Rental 20

  22. Slide 22: Phoenix Marketcity & Palladium Chennai

    Phoenix Marketcity & Palladium Chennai % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Rental 338 385 88% 782 1,809 43% CAM & 217 233 93% 528 972 54% Others Total Income 555 618 90% 1,310 2,781 47% Asset 359 346 104% 811 1,792 45% EBIDTA Asset EBIDTA 106% 90% 104% 99% Margin as % of Rental

  23. Slide 23: Phoenix Palassio, Lucknow

    Phoenix Palassio, Lucknow (Rs. mn) Q2 FY21 Q3 FY21 Q4FY21 FY21 Rental 37 123 161 321 CAM & Others 60 79 96 235 Total Income 97 201 258 556 Asset EBIDTA 37 119 171 327 Asset EBIDTA Margin 100% 97% 106% 102% as % of Rental Note: Phoenix Palassio became operational on 8th July 2020. Hence, prior period

  24. Slide 24: Phoenix United, Lucknow

    Phoenix United, Lucknow % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Rental 64 72 89% 181 318 57% CAM & 38 51 75% 136 207 65% Others Total Income 102 123 83% 317 525 60% Asset 61 66 92% 170 283 60% EBIDTA Asset EBIDTA 95% 92% 93% 89% Margin as % of Rental 23

  25. Slide 25: Phoenix United, Bareilly

    Phoenix United, Bareilly % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Rental 57 50 113% 145 224 65% CAM & 37 45 81% 124 176 70% Others Total Income 94 96 98% 269 399 67% Asset 53 53 99% 149 206 72% EBIDTA Asset EBIDTA 93% 106% 102% 92% Margin as % of Rental 24

  26. Slide 26: Retail Rental Income for Q4 and FY21

    Retail Rental Income for Q4 and FY21 Q4 FY21 FY21 Name of Asset Rental Income Rental Income % of Q4 FY20 % of FY20 (Rs. mn) (Rs. mn) Phoenix Palladium 662 85% 1,962 56% Phoenix Marketcity Bangalore 293 95% 779 55% Phoenix Marketcity Pune 336 96% 848 51% Phoenix Marketcity Mumbai 255 90% 615 48% Phoe

  27. Slide 27: Retail EBITDA for Q4 and FY21

    Retail EBITDA for Q4 and FY21 Q4 FY21 FY21 Name of Asset EBITDA EBITDA % of Q4 FY20 % of FY20 (Rs. mn) (Rs. mn) Phoenix Palladium 539 68% 1,476 47% Phoenix Marketcity Bangalore 309 104% 837 57% Phoenix Marketcity Pune 338 104% 823 50% Phoenix Marketcity Mumbai 276 114% 639 52% Phoenix Marketcity and

  28. Slide 28: 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

  29. Slide 29: Phoenix Palassio

    tas 30% : PALASSIO

  30. Slide 30: Brownfield Acquisition – Phoenix Palassio

    Brownfield Acquisition Phoenix Palassio • Possession in August 2018 • Completed construction and opened to public in less than 24 months 29

  31. Slide 31: Phoenix Palassio, Lucknow

    Phoenix Palassio, Lucknow ~0.90 msf Total Leasable Area 30

  32. Slide 32: Expansive Spaces…Opulent Interiors…breathtaking Chandeliers

    Expansive Spaces…Opulent Interiors…breathtaking Chandeliers 31

  33. Slide 33: Phoenix Palassio - Festive Decor

    Phoenix Palassio - Festive Decor 32

  34. Slide 34: State of Art Multiplex now operational

    State of Art Multiplex now operational 33

  35. Slide 35: Palladium Ahmedabad – The Luxury mall of Gujarat

    Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 34

  36. Slide 36: Phoenix Millennium Pune – The New Epicentre for West Pune

    Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 35

  37. Slide 37: Mall of Asia, Bangalore

    Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Indicative Render Bangalore Concept Architect – Callison 36

  38. Slide 38: Phoenix Citadel Indore

    Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 37

  39. Slide 39: Business Performance - Commercial

    Business Update Business Performance - Commercial Financial Results Annexure Phoenix Marketcity, Pune

  40. Slide 40: Our Annuity Income Generating Commercial Portfolio

    Our Annuity Income Generating Commercial Portfolio OPERATIONAL OFFICE PORTFOLIO OFFICE PORTFOLIO UNDER DEVELOPMENT (1.58 MSF) (0.83 MSF) Project Total Area Area Sold Net Leasable Area Leased OFFICE PORTFOLIO ( 0.83 MSF) Name (msf) (msf) Area (msf) (msf) Phoenix House 0.09 - 0.09 0.08 Fountainhead –

  41. Slide 41: 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 0.48 96 House Q4 FY21 Q4 FY20 FY21 FY20 Total Income 214 143 639 611 (Rs. mn) EBITDA 184 111 492 357 (Rs. mn) EBITDA as % of 86% 77% 77%

  42. Slide 42: Operational Update – Phoenix Paragon Plaza

    Operational Update – Phoenix Paragon Plaza Net Total Area Area Average Leasable Area Sold Leased Rate Area (msf) (msf) (msf) (Rs./sq.ft) (msf) Phoenix Paragon 0.43 0.12 0.31 0.16 107 Plaza Q4 FY21 Q4 FY20 FY21 FY20 Total Income 81 118 318 379 (Rs. mn) EBITDA 60 92 243 221 (Rs. mn) EBITDA as % of 77%

  43. Slide 43: 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)

  44. Slide 44: 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; expected to commence operations in Q2 FY22 Tower 3 Construction nearing completion 43

  45. Slide 45: 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 44

  46. Slide 46: Operational Update – Fountainhead Towers 1, 2 & 3

    Operational Update – Fountainhead Towers 1, 2 & 3 Average Total Area Area Leased Rate (msf) (msf) (Rs./sq.ft) Fountainhead – 0.17 0.16 80 Tower 1 Fountainhead – 0.25 0.06^ 71 Tower 2 Fountainhead – 0.41 Under Development Tower 3 Q4 FY21 Q4 FY20 FY21 FY20 Total Income 45 42 172 153 (Rs. mn) EBITDA 40

  47. Slide 47: Business Performance - Hospitality

    Business Update Business Performance - Hospitality Financial Results Annexure Phoenix Marketcity, Mumbai

  48. Slide 48: The St. Regis, Mumbai

    The St. Regis, Mumbai % of Q4 % of Q4 FY21 Q4 FY20 FY21 FY20 FY20 FY20 Revenue from 103 328 31% 305 1,373 22% Rooms (Rs. mn) Revenue from F&B and Banqueting 111 336 33% 254 1,429 18% (Rs. mn) Other Operating 29 88 32% 94 287 33% Income (Rs. mn) Total Income 243 753 32% 653 3,088 21% (Rs. mn) Operati

  49. Slide 49: Courtyard by Marriott, Agra

    Courtyard by Marriott, Agra Q4 FY21 Q4 FY20 FY21 FY20 Revenue from Rooms 29 61 54 199 (Rs. mn) Revenue from F&B and 26 43 57 158 Banqueting (Rs. mn) Other Operating Income (Rs. mn) 1 5 2 19 Total Income (Rs. mn) 57 109 113 376 Occupancy (%) 53% 60% 36% 65% ARR (Rs.) 3,246 5,827 3,340 4,352 Note: Hot

  50. Slide 50: Business Performance - Residential

    Business Update Business Performance - Residential Financial Results Annexure Phoenix Marketcity, Bangalore

  51. 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 Q4 FY21 (operational) Total Area Balance (msf)^ (Rs. mn) (Rs. mn) in Q4 FY21 Cumulative Area launched Area One Bangalore West, 2.41 1.80

  52. Slide 52: One Bangalore West, Bengaluru

    One Bangalore West, Bengaluru Actual Site Picture 51

  53. Slide 53: Kessaku – Grand Arrival Experience

    Kessaku – Grand Arrival Experience Actual Site Picture Actual Site Picture 52

  54. Slide 54: Kessaku – Zen Court & Pool Side Garden

    Kessaku – Zen Court & Pool Side Garden Actual Site Picture 53

  55. Slide 55: Kessaku, Bangalore

    Kessaku, Bangalore Actual Site Picture Actual Site Picture 54

  56. Slide 56: Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style

    Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style Actual Site Picture Actual Site Picture 55

  57. Slide 57: Financial Results

    Business Update Business Performance Financial Results Annexure Phoenix Marketcity, Bangalore

  58. Slide 58: Q4 & FY21 Standalone P&L

    Q4 & FY21 Standalone P&L % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Income from operations 835 982 85% 2,492 4,444 56% EBITDA 300 563 53% 1,235 2,592 48% EBITDA Margin (%) 36% 57% 50% 58% Profit Before Tax and exceptional item 218 266 82% 3,163 1,796 176% Profit after tax & before 80

  59. Slide 59: Standalone Balance Sheet

    Standalone Balance Sheet As on March As on March As on March As on March (Rs. mn) (Rs. mn) 31, 2021 31, 2020 31, 2021 31, 2020 Share capital 344 307 Non-current assets 33,777 37,130 Reserves and surplus 41,959 28,174 Tangible assets + intangible assets 3,973 6,758 Sub-Total 42,303 28,481 Capital wor

  60. Slide 60: Q4 & FY21 Consolidated P&L

    Q4 & FY21 Consolidated P&L % of Q4 (Rs. mn) Q4 FY21 Q4 FY20 FY21 FY20 % of FY20 FY20 Income from operations 3,858 3,992 97% 10,733 19,411 55% Retail 2,672 2,705 99% 7,289 11,993 61% Residential 563 130 433% 1,566 2,794 56% Commercial 326 290 113% 1,115 1,138 98% Hospitality & Others 297 867 34% 763

  61. Slide 61: Consolidated Balance Sheet

    Consolidated Balance Sheet As on March As on March As on March As on March (Rs. mn) (Rs. mn) 31, 2021 31, 2020 31, 2021 31, 2020 Share capital 344 307 Non-current assets 94,380 88,053 Reserves and surplus 48,488 36,777 Tangible assets 68,997 60,795 Intangible Assets (including Goodwill) 3,727 3,732

  62. Slide 62: Annexure

    Business Update Business Performance Financial Results Annexure Palladium Chennai

  63. Slide 63: Debt Profile as on 31st March 2021

    Debt Profile as on 31st March 2021  Average cost of debt down to 8.17% in March 2021 from 8.46% in Dec 2020, down by 29 bps QoQ Effective cost of debt (%)  Lowest rate on borrowing stands at 7.50%  Cost of Borrowing is further expected to go below 8% post refinance of certain existing 10.20% loan

  64. Slide 64: Q4 FY21 Debt Across Subsidiaries

    Q4 FY21 Debt Across Subsidiaries Asset Type SPV Asset Name PML Ownership Q3 FY21 (Rs. mn) Q4FY21 (Rs. mn) PML Standalone High Street Phoenix, Mumbai 100% 6,498 6,165 Phoenix MarketCity, Chennai Classic Mall Development 50% 7,230 7,229 The Crest C (Residential) Phoenix MarketCity, Pune Vamona Develop

  65. Slide 65: Shareholding Pattern as on 31st Mar 2021

    Shareholding Pattern as on 31st Mar 2021 Shareholding Pattern Sr. No Top Institutional Investors % Shareholding 1 SCHRODER 6.78% 2 GIC 4.33% 3 TT FUNDS 2.33% 4 ICICI PRUDENTIAL AMC 2.26% 5 ADITYA BIRLA SUNLIFE MF 1.87% 6 VANGUARD 1.83% 7 UTI 1.73% 8 MOTILAL OSWAL 1.63% 9 BAILLIE GIFFORD 1.61% 10 DSP

  66. Slide 66: Thank you

    Thank you Deepak Purswani, CFA Advait Phatarfod Rohan Rege Email: Email: Email: deepak.purswani@phoenixmarketcity.in advait.p@phoenixmarketcity.in rohan.rege@phoenixmarketcity.in Bijay Sharma Contact: +91 22 6169 5988 Email: pml@churchgatepartners.com Website: https://www.thephoenixmills.com/investo

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