Phoenix Mills’ consolidated number in Q3FY19 were much above the consensus estimates. Revenue rose 5.7% yoy to Rs440.4cr as against Rs416.6cr in Q3FY18, beating the estimates by a significant 48.9%. The company’s EBITDA in the quarter grew 7.6% yoy to Rs222.47cr, racing 52.8% ahead of the consensus estimates. EBITDA margin for the quarter under consideration expanded 88bps to 50.5% on a yoy basis. Net profit for the company grew 8.6% yoy to Rs70.83cr in Q3FY19 vs. Rs65.3Cr in Q3FY18, 29.5% higher than the consensus estimates.
Top-line growth for the quarter primarily driven by Property & Related Services (78% of the revenue mix).
Operating performance was mainly driven by a sharp decline in the cost sales (down 24.3% yoy to Rs21.3cr in Q3FY19).
Bottom-line growth in Q3FY19 was led by stable operating performance further supported by higher other income (up 60.4% yoy to Rs17cr) and lower tax expenses (down 19.7% yoy to Rs17.5cr).
Revenues from Property & Related Services increased 6.9% yoy to Rs342.6cr in Q3FY19. EBIT grew 11.2% yoy to Rs153.6cr while EBIT margin stood at 44.8% in Q3FY19 (vs. 43.1% in Q3FY18).
Hospitality Services, which contributed 22% to the consolidated revenues, rose 1.7% yoy to Rs97.8cr for the current quarter. However, EBIT dropped 17.9% yoy to Rs16.6cr, which led to a drop in the EBIT margin from 21% in Q3FY18 to 17% in Q3FY19.
The company’s employee expenses increased 13.9% yoy to Rs45.9cr while other expenses increased 11% yoy to Rs110.5cr in Q3FY19.
Finance costs rose 3.9% yoy to Rs91.7cr during the quarter under review.
Phoenix Mills Ltd share price ended at Rs571, up 3.3 points, or 0.58%, from its previous close of Rs567.70 on the BSE. The scrip opened at Rs568.60 and touched a high and low of Rs579.95 and Rs563, respectively. A total of 18,856 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200-DMA.
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