Phoenix Mills Ltd's Q1FY19 consolidated net profit rises 40.25% yoy to Rs59.72cr : Misses Estimates

The company’s consolidated revenue stood at Rs413.16cr, up 4.36% yoy but down 5.37% qoq.

Aug 08, 2018 04:08 IST India Infoline Research Team

Phoenix Mills Ltd Q1FY19

Consolidated Results Q1FY19: (Rs. in cr)

Q1FY19 YoY (%)
Revenue 413.16 4.4
EBITDA 195.32 11.0
EBITDA Margin (%) 47.3 281
Net Profit (adjusted) 59.72 40.3

***EBITDA margin change is bps



For Q1FY19, Phoenix Mills Ltd’s operational revenue increased by 4.4% yoy to Rs413.16cr as against Rs395.90cr. The company’s EBITDA margin has increased by 281bps yoy to 47.3%. The company’s EBITDA rose by 11% yoy to Rs195.32cr. The company’s PAT after minority interest jumped 40% to  Rs59.72cr.

  • Retail segment contributed 70% to PML’S Q1FY19 consolidated revenue
  • Commercial segment contributed 4% to PML’S Q1FY19 consolidated revenue
  • Hospitality segment contributed 19% PML’S Q1FY19 consolidated revenue
  • Residential segment contributed 4% to PML’S Q1FY19 consolidated revenue
  • The company said that Palladium Constructions Pvt Ltd (One Bangalore West and Kessaku projects) has aligned its policy of revenue recognition with Ind AS 115 'Revenue from Contracts with Customers", which is effective from April 01, 2018.
  • Accordingly, revenue in realty business is recognised on delivery of units to customers as against recognition based on percentage completion method followed so far in accordance with the Guidance note issued by ICAI.
  • The company has followed modified retrospective method to the contracts that were not completed as on April 01, 2018 and cumulative effect of initial application has been adjusted in opening retained earnings as permitted by the standard.
  • Accordingly, the comparatives have not been restated, and hence not comparable with previous period figures.
  • The transitional adjustment of Rs113.2cr (net of deferred tax) has been adjusted against the opening retained earnings. Hence, for the quarter, the income from the projects is lower by Rs11.6cr, cost of sales is lower by Rs2.93cr and profit after tax is lower by Rs5.67cr. Accordingly, the comparatives have not been restated, and hence not comparable with previous period figures.




Technical View:

Phoenix Mills Ltd is currently trading at Rs. 645.40, down by 6.15 points or 0.94% from its previous closing of Rs. 651.55 on the BSE.
The scrip opened at Rs. 637.60 and has touched a high and low of Rs. 646.50 and Rs. 632 respectively. So far 37,941 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

Related Story