Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q1 FY21 Earnings Presentation
55 slides from Phoenix Mills's earnings presentation, Jul 29, 2020
Slide 1: Exchange intimation letter on Q1 FY21 investor presentation
tt. i-� 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 July 29, 2020 BSE Limited National Stock Exchange of India Limited
Slide 2: Investor Presentation Q1FY21 Results
Phoenix Palassio, Lucknow GLA: ~0.95 msft Launched on 8th July 2020 Investor Presentation Q1FY21 Results
Slide 3: India's largest mall owner showing >13% rental CAGR in last 7 years
India's largest mall owner showing >13% rental CAGR in last 7 years Total of c.12msft mall GLA expected to be operational by FY24 GLA across 9 operational GLA of ~6.9 RETAIL malls in 5 major under-development & 4.9 msft msft cities under-planning RETAIL Leased occupancy EBITDA margin >100% in Retail
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 Retail Operational Office The St. Regis, Total Saleable Spaces GLA Spaces GLA Mumbai Area 6.90 1.33 395 3.97 msf msf keys msf Under-development & Under-development & Courtyard by Marriot
Slide 5: Concentrated portfolio in India's top urban consumption centres
Concentrated portfolio in India’s top Urban consumption centres Indore Agra Mall Ahmedabad Hospitality Phoenix Market City Bareilly Courtyard of Marriott – (193 keys) – (1.00 msft) Mall Palladium Mall Lucknow – (0.70 msft) Phoenix United – (0.31 msft) Mall Phoenix United – (0.33 msft) Mumbai Phoenix
Slide 6: PML Growth Story
PML Growth Story Segments FY 20 FY 24 Retail 5.96 msf 2x 11.80 msf Commercial 1.33 msf ~5x 6.21 msf Hospitality 593 keys 593 keys Residential 3.97 msf 3.97 msf 5
Slide 7: Business Update
Business Update Business Performance Financial Results Annexure
Slide 8: Operational mall area since re-opening from June 2020
Operational mall area since re-opening from June 2020 Operational Permissible Operational GLA Asset Total GLA GLA (%)* on GLA on 27th July 27th July PMC 1.0 msf 0.83 msf 0.72 msf (295 Stores) 87% Bangalore (271 Stores) (228 Stores) 0.33 msf 0.27 msf 0.24 msf PU Lucknow 90% (127 Stores) (102 Stores)
Slide 9: PMC Bangalore – Sustained increase in consumption since re-opening
PMC Bangalore – Sustained increase in consumption since re-opening Avg Daily Consumption (Rs Mn) Avg spend / footfall Avg. weekly growth: 9% Average weekly growth: 12% ❖ Since July 01, 2020, PMC 9.8 2,670 Bangalore is temporarily 7.1 2,062 closed on Sunday as per 5.8 1,340 government directives. ❖ D
Slide 10: PMC Bangalore – Monthly Trend
PMC Bangalore – Monthly Trend Avg Daily Consumption (Rs Mn) Avg spend / footfall Month-on-month Growth: 34% Month-on-month Growth: 76% 8.5 2,583 6.3 1,467 ❖ Avg daily consumption has improved to 41% v/s avg daily consumption during July 2019 Jun-20 Jul-20 Jun-20 Jul-20 ❖ Average spend per footfall g
Slide 11: PMC Bangalore – Category-wise Performance
PMC Bangalore – Category-wise Performance 88% 51% 39% Electronics Watches & Fashion Accessories Home Accessories 19% 20% 30% Fashion Footwear, Bags & Accessories Cosmetic, Salon& Optics Categories (%) reflects consumption till date in June 2020 divide by consumption during same period in July 2019 o
Slide 12: Boosting Consumption through Curbside pick-up and Home Delivery in Bangalore
Boosting Consumption through Curbside pick-up and Home Delivery in Bangalore Indicative Render 11
Slide 13: PU Lucknow – Steady performance after strong re-opening
PU Lucknow – Steady performance after strong re-opening Avg Daily Consumption (Rs Mn) Avg spend / footfall 3.7 3.2 1,184 1,014 ❖ Fall in average daily consumption for July 2020 was due to a higher base in July 2019 (End of Season Jun-20 Jul-20 Jun-20 Jul-20 Sale) ❖ Compared to June 2019, Average Dai
Slide 14: PU Lucknow – Category-wise performance
PU Lucknow – Category-wise performance 110% 36% 30% Electronics Hypermarkets Fashion 49% 25% 82% Watches & Fashion Accessories Footwear, Bags & Accessories Cosmetic, Salon& Optics Categories (%) reflects consumption till date in June, 2020 divide by average daily consumption in June, 2019 on like to
Slide 15: Business Performance - Retail
Business Update Business Performance - Retail Financial Results Annexure
Slide 16: High Street Phoenix & Palladium
High Street Phoenix & Palladium (Rs Mn) Q1 FY21 Q1 FY20 % as Q1 FY20 Rental 344 881 39% CAM & Others 57 252 23% Total Income 402 1,133 35% EBIDTA 269 780 34% EBIDTA Margin as 78% 89% % of Rental Note: The Rental income also includes income generated from Commercial assets owned by PML 15
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 • 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 18: Phoenix Marketcity Bangalore
Phoenix Marketcity Bangalore (Rs Mn) Q1 FY21 Q1 FY20 % as Q1 FY20 Rental 120 359 33% CAM & Others 72 184 39% Total Income 191 543 35% EBIDTA 135 385 35% EBIDTA Margin 113% 107% as % of Rental 17
Slide 19: Phoenix Marketcity Pune
Phoenix Marketcity Pune (Rs Mn) Q1 FY21 Q1 FY20 % as Q1 FY20 Rental 125 432 29% CAM & Others 47 206 23% Total Income 172 638 27% EBIDTA 118 440 27% EBIDTA Margin 94% 102% as % of Rental 18
Slide 20: Phoenix Marketcity Mumbai
Phoenix Marketcity Mumbai (Rs Mn) Q1 FY21 Q1 FY20 % as Q1 FY20 Rental 87 323 27% CAM & Others 53 181 29% Total Income 139 504 28% EBIDTA 78 323 24% EBIDTA Margin 90% 100% as % of Rental 19
Slide 21: Phoenix Marketcity & Palladium Chennai
Phoenix Marketcity & Palladium Chennai (Rs Mn) Q1 FY21 Q1 FY20 % as Q1 FY20 Rental 134 467 29% CAM & Others 57 235 24% Total Income 191 702 27% EBIDTA 124 496 25% EBIDTA Margin 93% 106% as % of Rental 20
Slide 22: Phoenix United, Lucknow
Phoenix United, Lucknow (Rs Mn) Q1 FY21 Q1 FY20 % as Q1 FY20 Rental 21 77 27% CAM & Others 29 49 59% Total Income 50 126 39% EBIDTA 26 72 37% EBIDTA Margin 125% 94% as % of Rental 21
Slide 23: Phoenix United, Bareilly
Phoenix United, Bareilly (Rs Mn) Q1 FY21 Q1 FY20 % as Q1 FY20 Rental 12 57 22% CAM & Others 26 44 59% Total Income 38 100 38% EBIDTA 17 60 29% EBIDTA Margin 143% 105% as % of Rental 22
Slide 24: Update on under-construction Assets
Update on under-construction Assets Palladium, PMC Wakad PMC Hebbal PMC Indore Ahmedabad 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 Equity invested till Rs. 4,650 mn Rs. 8,500 mn Rs. 3,300 mn Rs. 4,6
Slide 25: Phoenix Palassio
arr f PHOENIX PALASSIO
Slide 26: Brownfield Acquisition – Phoenix Palassio
Brownfield Acquisition Phoenix Palassio • Possession in August 2018 • Completed construction and opened to public in less than 24 months 25
Slide 27: Phoenix Palassio, Lucknow – West Entrance with Spectacular Musical Fountain
Phoenix Palassio, Lucknow – West Entrance with Spectacular Musical Fountain 0.95 msft Total Leasable Area 26
Slide 28: Expansive Spaces…Opulent Interiors…breathtaking Chandeliers
Expansive Spaces…Opulent Interiors…breathtaking Chandeliers 27
Slide 29: Palladium Ahmedabad – The Luxury mall of Gujarat
Palladium Ahmedabad The Luxury mall of Gujarat Indicative Render 28
Slide 30: Phoenix Millennium Pune – The New Epicentre for West Pune
Phoenix Millennium Pune The New Epicentre for West Pune Indicative Render 29
Slide 31: Mall of Asia, Bangalore
Mall of Asia, Bangalore The Largest Retail led Mixed-use development in Indicative Render Bangalore Concept Architect – Callison30
Slide 32: Phoenix Citadel Indore – The biggest Retail Destination of Madhya Pradesh
Phoenix Citadel Indore The biggest Retail Destination of Madhya Pradesh Indicative Render 31
Slide 33: Phoenix Citadel – Opulent Grand Arrivals, Venetian Chandeliers & Murano glasswork
Phoenix Citadel – Opulent Grand Arrivals, Venetian Chandeliers & Murano glasswork Indicative Render Indicative Render Indicative Render 32
Slide 34: Business Performance - Commercial
Business Update Business Performance - Commercial Financial Results Annexure
Slide 35: Our Annuity Income Generating Commercial Portfolio
Our Annuity Income Generating Commercial Portfolio OPERATIONAL OFFICE PORTFOLIO (1.79 MSF) OFFICE PORTFOLIO UNDER DEVELOPMENT (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 0.09 Fountainhead –
Slide 36: Operational Update – Art Guild House
Operational Update – Art Guild House Net Average Total Area Area Sold Leasable Rate Area Leased (msf) Area (Rs./sq.ft (msf) (msf) (msf) ) Art @ @ Guild 0.80 0.17 0.63 0.55 106 House Q1 FY21 Q1 FY20 FY20 Total Income 157 148 611 (Rs. mn) EBITDA 126 78 357 (Rs. mn) EBITDA as % of 80% 53% 58% Total Inc
Slide 37: Operational Update – Phoenix Paragon Plaza
Operational Update – Phoenix Paragon Plaza Net Average Total Area Area Leasable Rate Area Sold Leased Area (Rs./sq.f (msf) (msf) (msf) (msf) t) Phoenix Paragon 0.43 0.12 0.31 0.22 124 Plaza Q1 FY21 Q1 FY20 FY20 Total Income 84 72 379 (Rs. mn) EBITDA (Rs. mn) 69 44 221 EBITDA as % of 82% 61% 58% Tota
Slide 38: 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 39: 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 40: Fountainhead Pune – Premium Office Spaces
Fountainhead Pune – Premium Office Spaces Fountainhead Pune Remarks Tower 1 95% area leased and operational Tower 2 Fully ready. High interest from market Tower 3 4 months away from completion 39
Slide 41: Fountainhead Pune – Tower 2 and Tower 3 Construction Status
Fountainhead Pune – Tower 2 and Tower 3 Construction Status Tower 2 – Construction Completed Tower 1 – Lobby 40
Slide 42: Business Performance - Residential
Business Update Business Performance - Residential Financial Results Annexure
Slide 43: 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 FY21 (operational) Total Balance Area launched (msf)^ (Rs. mn) (Rs. mn) in Q1 FY21 Cumulative Area Area One Bangalore West, 2.41 1.80
Slide 44: Kessaku – Choices Galore for Customers
Kessaku – Choices Galore for Customers Layout Options 3.5 & 4 BHK 3 & 4.5 BHK HOMES 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 43
Slide 45: 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 46: One Bangalore West, Bangalore
One Bangalore West, Bangalore Actual Site Picture 45
Slide 47: Kessaku, Bangalore
Kessaku, Bangalore Actual Site Picture 46
Slide 48: Financial Results
Business Update Business Performance Financial Results Annexure
Slide 49: Q1 FY21 Standalone P&L
Q1 FY21 Standalone P&L % of Q1 (Rs. mn) Q1 FY21 Q1 FY20 FY2020 FY20 Income from operations 402 1,133 35% 4,444 EBITDA 269 700 38% 2,592 EBITDA Margin (%) 67% 62% 108% 58% Profit Before Tax and exceptional 8 458 2% 1,796 item Profit after tax & before 8 356 2% 1476 comprehensive income Diluted EPS (R
Slide 50: Q1 FY21 Consolidated P&L
Q1 FY21 Consolidated P&L (Rs. mn) Q1 FY21 Q1 FY20 % of Q1 FY20 FY2020 Income from operations 1,347 6,150 22% 19,411 Retail 885 2,933 30% 11,993 Residential 0 2,071 0% 2,794 Commercial 382 363 105% 1,138 Hospitality & Others 80 783 10% 3,486 EBITDA 703 2,927 24% 9,671 EBITDA Margin (%) 52% 48% 50% Pr
Slide 51: Debt Profile as on 30th June 2020
Debt Profile as on 30th June 2020 ➢ Average cost of borrowing down to 9.14% Effective cost of debt (%) in Q1FY21 from 9.19% in Q4FY20 13.0% 12.3% ➢ 86% of Debt is long-term. Debt on the 12.5% 11.8% operational portfolio is primarily lease- 12.0% 11.5% 11.0% rental discounting for retail and commerci
Slide 52: Annexure
Business Update Business Performance Financial Results Annexure
Slide 53: Q1 FY21 Debt Across Subsidiaries
Q1 FY21 Debt Across Subsidiaries Q4 FY20 Debt Q1 FY21 Debt Asset Type SPV Asset Name PML Ownership (Rs.mn) (Rs. Mn) PML Standalone High Street Phoenix, Mumbai 100% 8,002 8,316 Classic Mall Phoenix MarketCity, Chennai 50% 7,140 7,379 Development The Crest C (Residential) Phoenix MarketCity, Pune Vamo
Slide 54: Shareholding Pattern as on 30th June 2020
Shareholding Pattern as on 30th June 2020 Shareholding Pattern 2.58% Sr. No Top Institutional Investors % Shareholding 1.64% 1 SCHRODER 5.63% 10.93% 2 TT FUNDS 2.41% Promoters 3 FIDELITY 2.37% FII 4 ICICI PRUDENTIAL AMC 2.25% DII 5 DSP MF 1.71% 25.74% Public 6 NORDEA BANK 1.69% Corporate bodies 7 MO
Slide 55: Contact
Varun Parwal Deepak Purswani Advait Phatarfod Contact: +91 22 3001 6800 Contact: +91 99204 35178 Contact: +91 75069 35707 Email: Email: Email: varun.p@phoenixmarketcity.in deepak.purswani@phoenixmarketcity.in advait.p@phoenixmarketcity.in Rohan Rege / Ajay Tambhale Contact: +91 22 6169 5988 Email: p