Phoenix Mills Ltd Management Discussions.


India has been among the fastest-growing economies in the world over the past decade, achieving a real GDP growth of 6.6% CAGR over FY2015-20. Moreover, in 2019, India leapfrogged the United Kingdom and France to become the fifth-largest economy in the world.

FY2020 was a difficult year for the Indian economy, as Indias real GDP growth rate decelerated to 4.2% compared to the 6.1% growth recorded in FY2019.This deceleration in growth was due to the slowdown witnessed in the manufacturing, mining, and construction sectors coupled with the general liquidity sgueeze in the economy caused by the weakness in the NBFC sector. Strong growth in public spending supported the economy.

Meanwhile, Indias foreign exchange reserves stood higher at ~US$ 475 billion at the end of FY2020.1 The average CPI inflation increased to 4.8% in FY2020 as against 3.4% in FY2019 but remained within the RBIs upper limit of 6%.

The latest challenge of the coronavirus pandemic arrived when the economy was already dealing with a slowdown. The COVID-19 induced disruptions (starting in February 2020), and the subsequent nation-wide lockdown from 25th March 2020 dragged down the growth rate in Q4 FY2020 to 3.1% (slowest recorded quarterly growth since Q4 FY2009). However, a positive development occurred in the form of acceleration of growth in the agriculture sector and government spending in Q4 FY2020.

Response to the Pandemic

In May 2020, the Central Government announced a mega stimulus package of ~US$ 260 billion (which works out to be roughly 10% of the GDP) to revive the lockdown battered economy and make India self-reliant. The stimulus package includes a ~US$ 2.3 billion package of free food grains to the poor along with cash to poor women and elderly, along with the RBIs liquidity measures aimed at easing liquidity concerns for many affected sectors. Furthermore, the RBI reduced the bank rate and repo rate by a significant 160 bps in FY2020 (75 bps in March 2020) to 4.65% and 4.4% respectively in a bid to revive demand and growth.

Economic Outlook

The current fiscal year is likely to be an extremely challenging one for the Indian economy as it battles the COVID-19 outbreak and bears the brunt of the lengthy lockdown in the near-term. According to the Survey of Professional Forecasters (SPF) sponsored by the RBI, Indias real GDP is expected to see a contraction of 1.5% in FY2021 (revised downwards from ~6.0% estimated earlier in January 2020 to account for the slowdown in economic activities amid the COVID-19 outbreak).

As per the estimates of RBI, the timeline of the economic recovery will depend on how quickly the COVID-19 curve flattens and begins to moderate. The recovery in economic activity is expected to begin in Q3 FY2021,and further gain momentum in the Q4 FY2021 as the supply lines are gradually restored to normalcy and the demand slowly revives.

Looking beyond the near-term challenges, Indias long-term growth story remains intact with the Indian economy expected to rebound strongly in FY2021 by registering a growth of 7.2% as per Survey of Professional Forecasters (SPF) sponsored by the RBI.


As per the Boston Consulting Group (BCG) and the Retailers Association of India (RAI), the Indian retail industry was valued at US$ ~700 Billion in 2019. It constitutes ~10% of the GDP and employs ~46 million people. The Indian retail market has grown at a healthy pace over the last 5-6 years.

Currently, the Indian retail market is dominated by the unorganised retail segment (mom-and-pop stores and traditional Kirana stores), accounting for ~88% of the total retail market. In comparison, the organised retail market accounts for 12% of the market. E-commerce, a subset of the organised retail market constitutes 3% of the total retail market.

Impact of the Pandemic & Near-Term Outlook The COVID-19 pandemic is leading the country towards a significant slowdown. The consumer spending has taken a backseat owing to the ongoing lockdown, which restricts the movement along with fear of contracting the virus, gripping the consumers.

The retail sector is one of the most adversely affected sectors, especially the non-essential stores, the shopping complexes, and malls have been the hardest hit as they had to be shut down for ~2-3 months following the nation-wide lockdown imposed by the Government on 25th March 2020.


In many parts of the country, non-essential stores started opening-up in the second half of May 2020. Furthermore, malls have gradually restarted from June 2020 onwards, subject to the lockdown relaxations given by the state governments. Despite these lockdown relaxations, the footfalls are likely to be well short of pre COVID-19 levels in the first few weeks at least.

Given this backdrop, retail sales are likely to see a contraction in the first six to nine months of 2020. A gradual recovery in demand is expected in the latter part of the year with much depending on controlling the rise in new COVID-19 cases and positive medical breakthroughs and developments. Among the different categories, the FMCG and essential household products segments are expected to be the least impacted, while the fashion and lifestyle, and consumer durables categories will be the most affected.

Long-Term Outlook

Despite these near-term challenges, in the longer-term,

Indias long-term retail growth story remains intact. As per a report released by Boston Consulting Group and the Retailers Association of India in February 2020, Indias retail industry is expected to grow at 9-11% CAGR over the next six years to reach US$ 1.1-1.3 trillion by 2025. This will be driven by the burgeoning millennial population, rising per capita disposable income, increasing urbanisation, and expansion in the number of working women. Furthermore, India will continue to be an attractive consumption destination globally as Indian consumer spending is expected to surpass US$ 3 trillion in 2025, growing at 9.9% CAGR over the next six years (2019-25). Please note that these long-term estimates are pre-COVID.

Growth of Organised Retail

While the COVID-19 outbreak is likely to slow down the growth of the organised retail market, in the longer-term, organised retail is expected to continue to grow at a faster pace compared to the broader retail market driven by the increase in internet penetration, more international retailers setting up shops in India, and expansion by established Indian brands and retailers.

Economic Times (Article Link); Mint (Article Link)



The retail leasing activity saw a sharp contraction in CY2019 due to the slowdown in consumer spending as well as the overall economic growth. The struggling automobiles and fashion sector derailed both consumer spending and space absorption, and only F&B, family entertainment centres, cinemas, and beauty/wellness boutiques saw healthy growth.

Further relaxation of FDI norms for single brand retail and widening the scope of mandatory 30% domestic sourcing norms by the Government benefited global brands like IKEA, Apple, and H&M amongst others.

Retail Real Estate Sector Performance on Key Parameters in CY2019

? New retail supply contracted by -10% to 4.4 million sq. ft. in 2019 (4.9 million sq. ft. in 2018)

? Average vacancy levels declined to -14% in 2019 as against -15% in 2018

Note:Data for Top 7 cities only (MMR, NCR, Kolkata, Pune, Hyderabad, Bengaluru, and Chennai): Data includes only Grade A malls sized more than 2 lakh sq. ft, excludes standalone anchors.

Impact of the Pandemic & Retail Real Estate Market Outlook for CY2020

As per Anarock Research, in CY2020, new completions will be deferred, leasing activity will be delayed, rentals may see pressure, vacancies may see a momentary rise and the sectors growth rate will slow down.

Post the lockdown consumers may start to venture out gradually for purchasing necessities. Hence, there will be limited amount of activity at the retail malls and other shopping destinations. While the business situation may improve in the coming months, the recovery will inevitably be gradual.

Mall operators that are better poised to offer a safe and sanitized environment to its patrons are likely to benefit and fare better as consumers would prefer them for their shopping needs once the lockdown is over. Further, in the forthcoming years, there is likely to be polarized absorption - with malls at good locations depicting higher occupancy. At the same time, retailers may move out of other locations that do not generate significant footfalls.

In general, malls will be preferred for shopping by customers over the bazaars & sabzi-mandis as malls are much better placed to ensure safety of its patrons. Malls can enforce mandatory wearing of masks on the premises, body temperature checks for both the shoppers and the staff along with ensuring availability of sanitizers across all touch points. Further, malls can ensure that social distancing is being followed through crowd control and trained staff can regularly sanitize the entire premises to maintain hygiene throughout the mall. However, unlike malls, local Sabzi- Mandis and Bazars at most times are highly crowded, un-organized and proper hygiene and sanitation are not maintained. Further, no implementation of body temperature checks and lack of crowd control put shoppers at sabzi-mandis at greater risk.

? New retail supply is forecasted to decline by -30-50% in 2020 as compared to 2019

? Net absorption is also forecasted to decline by -30-50% in 2020 as compared to 2019

? Both domestic and global brands may re-strategize their expansion plans as the business will be impacted for a significant part of H1 2020

? Even after the lockdown ends, there might be restrictions on the footfalls as the social distancing norms may extend for malls that have a high population density. Amidst low footfalls, the leasing activity may continue to be slow in 2020

? The slowdown in leasing activity may drive a momentary increase in vacancy levels across malls.

? Mall owners rental collections are likely to see significant pressure in the short-term - as effective collection from retailers may decline by 10%-15% in 2020.

Note:Data for Top 7 cities only (MMR. NCR, Kolkata, Pune, Hyderabad., Bengaluru, and Chennai) Data includes only Grade A malls sized more than 2 lakh sq. ft. excludes standalone anchors.

7Anarock 2019 Real Estate Recap Report

8Anarock Impact of Covid-19 on the Indian Real Estate Sector Report


Indias office real estate sector fared very well in CY2019 with both new supply and net absorption recording double-digit growth. Grade A office space witnessed higher demand as major occupiers committed to large spaces to expand their operations, while vacancy levels in prime locales reduced.

CY2019 was a decidedly vibrant year as Indias first REITs received an overwhelming response. With the launch of REITs, India has entered the league of mature markets. Furthermore, unlike in previous years, when most funds looked at only income-yielding assets in the Indian office realty market, CY2019 saw major funds focus on the development of office assets.

Commercial Real Estate Sector Performance on Key Parameters in CY2019

? New office supply rose by 21% to 46.5 million sq. ft. keeping pace with the higher demand

? Net absorption grew by 19% in 2019 to reach 40 million sq. ft. The ability of the Indian cities to offer sub- dollar rental values for ITeS companies, and sub-one and half dollar rental values for IT companies drove consistent growth in leasing.

? Average vacancy levels remained stable at 14.4%

Note:Data for Top 7 cities only (MMR, NCR, Kolkata, Pune, Hyderabad, Bengaluru, and Chennai): Includes only Grade A office

Impact of the Pandemic & Commercial Real Estate Market Outlook for CY2020

After an impressive performance in the last 3 years, Indias office real estate market is expected to witness some deceleration in 2020, given the slowdown in the Indian economy combined with the impact of the Covid-19 pandemic on the corporate sector globally. While the magnitude of the current downturn is tough to predict, considering the present scenario and assessment of past global crises in the last decade, Anarock Research estimates that supply and net absorption will be significantly lower in 2020.

? New office supply is expected to decline by 15-30% in 2020 as against -46.5 million sq. ft. in 2019, mainly due to the delays in construction and absence of labour and material

? Net absorption is expected to fall by 13-30% in 2020 compared to the -40 million sq. ft. in 2019

? While the vacancies may not rise significantly owing to the supply-demand equilibrium, the occupiers may look to re-negotiate their rental rates and other terms (renewals and new leases are likely to be negotiated intensely)


In CY2019, the residential real estate market witnessed mid-singledigit growth. Housing sales were led predominantly by end-users who preferred ready-to-move-in or almost complete projects. The affordable housing segment saw good traction in CY2019, while the luxury and ultra-segments remained limited to end-user interest, with no serious investor activity.

Smaller developers continued to perish or collaborate with the large players due to extreme financial constraints. Private eguity inflows in residential real estate remained subdued with the major PE funds focusing on the commercial segment.

The Government and the RBI undertook some positive initiatives to help revive the housing sector and protect homebuyer interest. Some of the major initiatives have been mentioned below:

? Creation of an alternative investment fund of 25,000 crore for last-mile funding of the stalled housing projects

? GST rates were slashed to 5% for under-construction projects but without the input tax credit (ITC) benefit

? Tax Holiday to first-time homebuyers - deduction limit on home loan interest for affordable housing increased to 3.5 lakh per annum (for loans taken before FY2020 end)

? Ban on subvention scheme by the NHB to bring in accountability

? RBI reduced the repo rates by a significant 135 bps in 2019 and mandated the commercial banks to link home loan rates to it

Residential Real Estate Sector Performance on Key Parameters in CY 2019

? Housing sales grew by 5.2% to reach 2.6 lakh units as against 2.5 lakh units sold in 2018

? New housing launches registered a healthy growth of 18-20% with 2.3 lakh units being launched in 2019 as compared to 1.95 lakh units launched in 2018

? Average housing prices remained mostly stable

? Unsold inventory stood at 6.5 lakh units, lower by 4% compared to 6.7 lakh units at the end of 2018

Note:Includes Data for Top 7 cities only (MMR, NCR, Kolkata, Pune, Hyderabad Bengaluru: and Chennai)

Impact of The Pandemic & Residential Real Estate Market Outlook for CY 2020

As per Anarock research, the COVID-19 outbreak has severely hit the residential real estate business, and the sector has come to a standstill. With site visits, discussions, documentation, and closures going soft, the early indicators depict that the industry is likely to face a tough time for the next few quarters, and the sectors recovery will be pushed further away by at least a couple of years.

? New housing launches are also expected to be lower by 25-30% in 2020 compared to 2.37 lakh units launched in 2019 due to construction delays and financing issues

? Unsold inventory is likely to remain stable or see a decline of 1-3% in 2020 compared to 2019. With the new launches seeing a sharp decline, prospective buyers may spring into action during the second half of the year and select from the existing unsold inventory from projects across various stages of construction.

Note:Includes Data for Top 7 cities only (MMR, NCR, Kolkata, Pune: Hyderabad. Bengaluru, and Chennai)


CY2019 was a mixed bag for the hospitality sector. While the industry began on a positive note with a good showing in the first quarter, the impact of general elections led to a temporary softening of demand in the second quarter. Easing of GST rates on hotel room tariffs was a positive initiative and benefitted the industry in the latter part of the year.

Overall, in CY2019, the Indian hotel industry witnessed a modest rise in India-wide Revenue Per Available Room (RevPar) and average room rates along with a higher occupancy

? India-wide RevPAR grew by 4.1% to 3,967 in 2019

? Average room rates grew by 2.9% to 5,997 in 2019

? Occupancy rates improved to 66.2% in 2019 vis-a-vis 65.4% in 2018

Brand signings during the year rose by 30% as -171 new hotels entering the branded hotel market, and another 53 hotels being re-branded. Tier 3 & 4 cities continue to witness rapid growth as brands try to establish their presence based on a steadily improving demand from these cities.

Impact of The Pandemic & Hospitality Market Outlook for CY2020

The Indian hotel sector has been hit hard by the COVID-19 induced disruptions since March. Occupancy rates across hotels in key cities declined sharply over March-May 2020. The transient demand is very low, and most of the demand in April and May was from either a few long stay guests or international travellers returning to India (with the hotels having been prescribed by the Government).HVS Research estimates that the hotel sector revenue is likely to see an erosion of 39% to 45% in 2020 as compared to last year. The occupancy ratio is likely to fall by 17-20%, and RevPar by 30-35%.

The hotel industry demand is expected to start recovering in the second half of the year with the onset of the festive season. The occupancy rates are likely to be in the range of 40% to 50% in Q4 2020. Business hotels are expected to see a quicker recovery in occupancy than leisure hotels. Additionally, discounts for room rates are likely to be below 20%, The delayed wedding season in India is further going to substantially boost the demand for hotels in H2 FY20 with upscale and luxury hotels expected to see the least discounts.

However, on a positive note, multiple representative bodies from Travel, Tourism, and Hotels are collectively making representations to the Government and the Prime Ministers Office. Government assistance in the revival of demand will go a long way in cushioning the blow to the sector.

9india Hospitality Industry Overview 2019

10HVS Covid-19: Impact on the Indian Hotels Sector Report - March 2020 nHVS Anarock General Managers Sentiment Survey - May 2020




About Us

The Phoenix Mills Limited is a leading company that owns,develops, and manages prime retail-led assets in the key gateway cities of India. Our Company continues to focus on its strategy of delivering strong long-term returns to shareholders through income and capital growth. Over the last decade, we have demonstrated our capabilities in the creation of large-scale world-class retail destinations and delivery of multiple projects across various city- centres of India within time and budget.

Our retail-led mixed-use assets are more than mere shopping destinations. They have evolved into modern-day urban sanctuaries of joy in the heart of bustling metropolises. Our assets, with an eclectic mix of international, national, and local brands are consistently delighting and engaging the Indian consumer.

During FY2020, the retail consumption at our malls stood at 69.3 billion, recording an increase of 1% as against 68.9 billion in FY2019. The rental income has increased from 9.9 billion in FY2019 to 10.2 billion in FY2020.

Our Retail Portfolio

The Phoenix Mills Limited has advanced into a retail powerhouse and a quality, multi-asset, PAN India, retail-led Company with 8 operating malls of approximately 6 million square feet under management in 6 cities in India. Our iconic retail assets have been uncovering urban demand with a mix of top international and national brands, and well-loved dining concepts. During FY2014 to FY2020, consumption at our malls grew at a CAGR of 12%. Retail rental income is also growing in sync with underlying consumption growth and is supported by the organic growth of our existing assets.

Spread over approximately 6 million square feet

In 6 Major Cities

^5.8 million square feet of Under Construction Assets



The Phoenix Mills Limited operates commercial centres in Mumbai and Pune with a rent-generating leasable area of 1.31 million sg.ft.Our growing portfolio of Grade A commercial spaces complement our retail centres and adds to our annuity income stream, besides fitting in with our philosophy of an integrated work-life balance. Moving ahead, we have a clear priority to add ~ 4.96 million sg.ft.of more area to our rentgenerating commercial space at our assets in Mumbai, Pune, Bengaluru,and Chennai.

Key Statistics

1.31 I

Million Sq. Ft. of Net Leasable Area

1.09 1

Million Sq. Ft. of Area Leased

4.96 I

Million Sq.ft of area under construction/planning

Our Operating Commercial Portfolio at a Glance

Net Leasable Area (Msf) Area Leased (Msf)
Phoenix House 0.10 0.08
Centrium 0.10 0.08
Art Guild House 063 0.55
Phoenix Paragon Plaza 031 0.88
Fountainhead - Tower 1 0.17 0.16
Total 1.31 1.09

Our Under Construction/Planned Commercial Portfolio

Net Leasable Area (Msf)
Fountainhead - Tower II Fountainhead - Tower III 0.66
Phoenix Marketcity,Chennai 0.48
Phoenix Millennium Offices, Pune 0.60
Phoenix MarketCity Bangalore Offices 1.05
Phoenix Mall Of Asia Offices 1.80
High Street Phoenix Lower Parel, Mumbai 1.03
Total 4.96


Our residential portfolio comprises of premium and large scale developments, with 3.44 million sq. ft. total saleable area. The product design, quality and being located around mixed-use destinations have established our Residential Projects as market leaders. It recorded cumulative sale of 1.58 million sq. ft. for the year ended 31st March 2020.

Key Statistics


Million Sq. Ft. of Total Area


Million Sq. Ft. of Area Launched (Till Date)

Our Residential Portfolio at a Glance

Project Name (operational)

Sale Area (msf)

Cumulative Area Sold (msf)

Total Area Area Launched Balance Area
One Bangalore West 2.41 1.80 0.61 1.31
Kessaku, Bangalore 1.03 1.03 - 027
Total 3.44 2.83 0.61 1.58


Our hospitality assets, The St. Regis, Mumbai and Courtyard Marriot, Agra; consolidated their strong positions. These are marquee hotel properties managed by best-in-class and renowned global operators and have been established as the best performing hotels in their respective categories. These have turned into stable assets with self-sustaining and growing operating cash flows. The St. Regis, Mumbai in particular was well on path to report its best annual performance until its operations were disrupted due to COVID-19.


Occupancy at The St. Regis Mumbai during FY2020


Average Revenue per Room at The St. Regis, Mumbai during FY2020


Occupancy at Courtyard by Marriott, Agra during FY2020

Key Statistics Key Highlights

The St. Regis, Mumbai Courtyard by Marriott, Agra
395 No of Keys 193 No of Keys
78% occupancy in FY2020 65% occupancy in FY2020
10 Restaurants 4 Restaurants
12,241 Average Room Rate 4,352 Average Room Rate
in FY2020 in FY2020
Total Revenue of Total Revenue of 376 mn
3,088 mn in FY20 in FY20



Income from Operations

On Standalone basis, which includes operations of only High Street Phoenix & Palladium (HSP), Mumbai, including the commercial office spaces in the complex, income from operations has increased by 1% YoY to 4,444 million in FY2020 from 4,403 million in FY2019.

On a consolidated basis, Income from Operations decreased by 2% to 19,411 million in FY2020 from 19,816 million in FY2019.The total Rental income from malls was at 11,993 million, up 4% YoY. Hospitality revenue was at 3,486 million, down 3% YoY.Revenue from residential was 2J94 million while commercial revenue was 1,138 million, up 29% YoY.

Earnings Before Interest, Depreciation and Taxes (EBITDA)

The Standalone EBITDA decreased by 4% YoY to 2,592 million in FY2020from 2,686 million in FY2019.The EBITDA margins were 58% in FY2020 as compared to 61% in FY2019.Consolidated EBITDA has decreased by 3% to 9,671 million in FY2020from 9,931 million in FY2019.The consolidated margins have been flat at 50% in FY2020 as well as in FY2019.

Interest and Depreciation

The Standalone depreciation increased by 5% to 463 million in FY2020from 442 million in FY2019, whereas the consolidated depreciation increased by 2% YoY to 2,076 million in FY2020from 2,042 million in FY2019. Standalone interest expense decreased by 3% to 758 million in FY2020from 777 million in FY2019.The consolidated interest expense has decreased by 1% YoY to 3,478 million in FY2020from 3,506 million in FY2019.

Profit After Tax and Minority Interest

Standalone Profit after Tax decreased to 1,476 million in FY2020 from 1,731 million in FY2019. The Consolidated Profit After Tax after Minority Interest decreased by 20% YoY to 3,347 million in FY2020 from 4,210 million in FY2019.

Share Capital

During FY2020, Share Capital of the Company was at 307 million. Standalone Reserves and Surplus increased to 28,174 million in FY2020from 27,139 million in FY2019, whereas Consolidated Reserves and Surplus Stood at 36,777 million in FY2020 as against 34,435 million in FY2019.

Non-Current and Current Liabilities

The Standalone Non-Current (long term) borrowings of the Company have decreased to 5,879 million in FY2020 from 6,631 million in FY2019. The Consolidated Non-Current (long-term) borrowings decreased to 34,053 million in FY2020 from 34,319 million in FY2019. The Consolidated Current Liabilities have increased to 19387 million in FY2020 from 18,020 million in FY2019.

Fixed Assets

The Consolidated Tangible Assets have decreased to 60,795 million in FY2020 from 61,489 million in FY2019 and CWIP has increased to 15341 million in FY2020 from 8,960 million in FY2019.

Current Assets

The Consolidated Current Assets have decreased to 17,363 million in FY2020 from 18,517 million in FY2019.Consolidated Inventories decreased to 8,161 million in FY2020 from 8,987 million in FY2019.


Key Highlights

FY2020 FY2019 YoY Change Comments (for change greater than 25%)
Debtors Turnover Ratio 9.8 12.2 (19.9)% -
Inventory Turnover Ratio 02 0.3 (18.6)% -
Interest Coverage Ratio 2.4 25 (57)% -
Current Ratio 0.9 10 (10.9)% -
Debt Equity Ratio 0.96 0.99 (3.0)% -
Operating Profit Margin 49.8% 50.1% 29 bps -
Net Profit Margin 17.2% 21.2% 400 bps -
Return on Net worth 9.3% 133% (399) bps -


Key Highlights

Development/ Name of Award Awarded By Year of
Project Award
High Street Phoenix Most admired shopping centre of the year - National Times Network 2018
and Palladium Shopping centre of the year Luxury Times Network 2018
Shopping centre of the year Luxury West CMO Asia 2018
Best Digital Marketing Campaign of the year - HSPWISHCIRCLE (Palladium) CMO Asia 2018
For Brand excellence in Retail & Golden Globe Tigers 2019
Real Estate Sector Brand Excellence Awards ABP News Awards 2019
Best festive decor TAVF Awards 2019
Most admired shopping centre of the year - marketing and ET Now 2020
consumer promotions Shopping centre of the year ET Now 2020
Most admired shopping centre of the year - Retailers Choice BTVI 2020
(Palladium) Shopping centre of the year Luxury West (Palladium) BTVI 2020
Best Retail Estate Developer Shopping Malls (HSP and Palladium) BTVI 2020
Phoenix Market City, Bangalore Shopping centre of the year Metros (South) The Golden Globe Tigers Awards 2019
Best Thematic Decoration Tallest Christmas Tree in the Country A Times Network 2018
The Time Trailblazers Award Times Business Award 2019
Best IP of the year - Phoenix Festival Season 2 TAVF Awards 2020
Most Admired Marketing Campaign of the Year - Holiday Land BTVI 2020
Most admired shopping centre of the year Times Business Award 2019
Excellence and Leadership in Branding & Marketing Market The Golden Globe Tiger 2019
Leadership Award. Most Admired Marketing Campaign of the Year - Phoenix Festival Season 2 ET Now 2019
Phoenix MarketCity Most Luxurious Shopping Destination of the year (Palladium) Times retail icon award 2019
and Largest Cricket BAT (PMC Chennai & Palladium) Guinness World Records 2019
Palladium Chennai Best Shopping Mall (PMC Chennai) Times Retail Icon Award 2019
Best Customer Shopping Mall (PMC Chennai) Global Awards 2020
Shopping Centre (Luxury) (Palladium Chennai) Global Awards 2020
Phoenix MarketCity, Best Customer experience - shopping mall CMO Asia 2018
Mumbai Best digital marketing campaign - #HAUTESPRING CMO Asia 2018
Shopping centre of the year west CMO Asia 2018
Iconic mall of central suburbs Mid day 2018
Popular Shopping Mall ET Business Icon Awards 2019
Best Shopping Mall of the Country GIAA - Genius Indian Achievers Award 2019
Popular F&B Destination of the City - Dublin Sguare Times Hospitality Icon Award 2019
Development/ Project Name of Award Awarded By Year of Award
Best Entertainment Venue TAVF Awards 2019
Phoenix MarketCity, Pune Shopping Centre of the Year Pride of Maharashtra Awards 2018
Best Social Media Marketing Campaign Pride of Maharashtra Awards 2019
Most Admired Shopping Centre of the year Asian Shopping Mall Leadership Awards 2018
Luxury Mall of Maharashtra My Maharashtra Awards 2019
Best Festive Decor - Sheesh Mahal TAVF Awards 2019
The Good Life Moment - The most Admired Marketing Campaign of the Year BTVI National Awards for Marketing Excellence 2019
Best Thematic Decor - Wax Of Fame BTVI National Awards for Marketing Excellence 2019
Marketing Campaign of the year - Royal Diwali ABP news presents Brand Excellence Awards 2019
Shopping Centre (Luxury West) ET Now - Global Awards 2019
Phoenix United, Lucknow Most admired shopping centre of the year - Non Metro North Images Shopping Centre Awards 2019
Most admired shopping centre of the year - retailers choice Global awards 2019
Most admired shopping centre Pride of Uttar Pradesh 2019
Most admired food court of the year Images food service award 2019
Best turn around centre Umbrella Aegis 2019
Best Activation Campaign Umbrella Aegis 2019
Shopping Centre of the Year Pride of Uttar Pradesh 2020
Kessaku Luxury Project of the year Estrade Real Estate Award 2016
Developer Website India Asia Pacific Development Property Awards 2018
Best Uber Luxury Project Times Business Awards 2019 2019
Bengaluru Brand Summit & HOT Brands 2019 Paul Writer 2019
Residential High Rise Development Asia Pacific Development Property Awards 2020
One Bangalore West Special Mention for Search Marketing Campaign Masters of Modern Marketing Awards 2018
Best Luxury Residential Project Confederation of Real Estate Associates, CREA (I) 2018
Best Online Advertisement Campaign 3rd Edition Digital Enterprises Awards 2019
Developer Website Asia Pacific Property Awards 2020
Marketing Campaign of the year Stars of the Industry Awards 2019
The St. Regis, Mumbai Best Restaurant Design (5 Star Hotel) - Yuuka Food Food Awards 2018
Best World Cuisine Restaurant (5 Star Hotel) - Seven Kitchen Food Food Awards 2018
Excellence in Restaurant Wine Program India Wine Awards 2018
Best Bar & Lounge (5 Star Hotel - Luna) Food Food Awards (South & West) 2019
Development/ Name of Award Awarded By Year of
Project Award
Best Indian - Premium Dining (South Mumbai) - Sahib Room & Times Food Nightlife 2019
Kipling Bar Best Oriental & Japanese (Premium Dining South Mumbai) - By Awards Times Food Nightlife 2019
the Mekong INCA F&B Director of the Year - Sharad Singh Awards India Nightlife Convention & Awards 2019
Courtyard by Highest External Ready Talent APEC Region 2018
Marriott, Agra The Best Indian Speciality Restaurant Agra Food & Hospitality Awards 2018
9.1 out of 10 - Loved by Guest Awards 2019
Best 5 Star Hotel of the year UP Hotel Industry 2019
Best Employer Brands Awards Leadership Awards 14th Employer Brands Awards 2019
Top 10% of Hotels Worldwide Trip Advisor Travelers Choice Awards 2020


PML identifies new risks and re-evaluates old risks during the year, in the process of considering risk mitigating strategies. Some of the risks the Companys core businesses are exposed to include credit risk, market risk, operational risk, and legal risk. It is also exposed to specific risks in connection with the management of investments and the environment within which it operates. The Company manages cost escalation risk through processes aimed at optimizing costs through suppliers and through rigorous contracts and procurement. To manage project execution risk, PML evaluates track records and performance capabilities to ensure the right contracts are on board. As a part of the monitoring system, a project review is done every week on timelines and budgets to evaluate project cost and costs to completion.

The Company seeks to understand, limit, and manage the adverse impacts arising from external and internal events. The risk management team safeguards and protects the Companys assets against unauthorized use or disposition, maintenance of proper accounting records and verification of authenticity of all transactions. Within the Company, the directors are responsible for maintenance of a sound system of internal controls. This is done by way of continuous process of identifying, evaluating, and managing the risks faced by the company.

The Groups effectiveness on internal control and their internal control system is also checked by external agencies. This results in an unbiased and independent examination of the adeguacy and effectiveness of the internal control system and aims to achieve the objective of optimal functioning of the Company.


Your Company understands that an adeguately eguipped IT infrastructure, both technologically and guantitatively, is the foundation for stable IT systems and optimal IT support. It has the best-in-class IT systems and the entire IT backbone to manage administration and delivery of its services. A key hallmark of its IT systems is its ability to monitor and assist each retail store, helping them manage their business better and has a comprehensive package for managing its retail properties. This enables the entire operation to be on a centralised platform offering single system property management and accounting integration.

The advanced IT system facilitates PML in establishing various business intelligence reports for investment management, electronic procurement, paperless transaction processing, budgeting, forecasting and cash flow modelling. The Company

has adopted global standards in information automation, performance metrics and management excellence. The efficient enhancement of the application environment at different locations in the business processes and in sales network is just as vital as having a modern IT infrastructure. The technical staff is responsible not only for programming the systems, but also supporting the users in technical development. Expert teams develop solutions that can be applied across verticals to establish IT standards in business areas that are the basis for leveraging potential synergies.


This document contains statements about expected future events, financial and operating results of The Phoenix Mills Limited, which are forward-looking. By their nature, forwardlooking statements reguire the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions, predictions, and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forwardlooking statements as a number of factors could cause assumptions, actual future results, and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and gualified in its entirely by the assumptions, gualifications and risk factors referred to in the managements discussion and analysis of The Phoenix Mills Limiteds Annual Report, FY2020.