hoenix Mills Ltd, a prominent player in the development and operation of shopping malls across India, has announced impressive financial results for the third quarter ending December 31, 2023. The company reported a substantial 58.4% year-on-year increase in net profit, reaching ₹279.4 crore, compared to ₹176.4 crore in the same quarter of the previous fiscal year.
The revenue from operations also witnessed a remarkable surge, rising by 44.2% to ₹986.1 crore, up from ₹683.8 crore in the corresponding period last year, as stated in the regulatory filing.
At the operational level, EBITDA (earnings before interest, tax, depreciation, and amortisation) experienced a robust growth of 43.5%, reaching ₹551.8 crore in the third quarter of FY24, compared to ₹384.4 crore in the corresponding period of the previous fiscal. The EBITDA margin stood at 56%, showcasing the company’s efficiency in managing operational costs.
Phoenix Mills achieved its highest-ever quarterly consumption in Q3 FY24, hitting ₹3,296 crore, representing a substantial year-on-year growth of 25%. The retail consumption specifically witnessed a 25% increase from Q3 FY23 to Q3 FY24, with a 5% growth on a like-to-like basis.
The company reported a significant surge in gross retail collections, reaching ₹700 crore in Q3 FY24, marking a robust 30% growth over the corresponding period in FY23.
Despite the positive financial performance, shares of Phoenix Mills Ltd ended at ₹2,630.15, reflecting a decrease of ₹184.20, or 6.55%, on the BSE after the close of the market hours.
