Phoenix Mills Net Profit Jumps 58% to ₹279 Crore in Q3

13 Feb 2024 , 02:02 PM

Phoenix Mills Ltd., a national developer and operator of shopping centres, announced on Monday, February 12, a 58.4% YoY increase in net profit for the third quarter ending December 31, 2023, totaling ₹279.4 Crore.

Phoenix Mills reported a net profit of ₹176.4 Crore for the same quarter last year, according to a regulatory filing from the business. Compared to the same time in the previous fiscal year, when revenue from operations was ₹683.8 Crore, the company’s revenue from operations climbed by 44.2% to ₹986.1 Crore.

In terms of operations, EBITDA increased by 43.5% to ₹551.8 Crore during the third quarter of current fiscal year compared to ₹384.4 Crore during the same time in the previous fiscal year.

The reporting quarter’s EBITDA margin was 56%, down from 56.2% during the same time in the prior fiscal year. Earnings before interest, tax, depreciation, and amortization is known as EBITDA.

Phoenix Mills recorded its highest-ever quarterly consumption in the third quarter of FY24, coming in at ₹3,296 Crore. This number showed a significant year-over-year increase of 25% when compared to the same time in FY23.

With regard to retail spending in particular, there was a 25% increase between Q3 of FY23 and Q3 of FY24. In addition, Q3 FY24 consumption increased by 5% over Q3 FY23 on a like-to-like basis.

According to the firm, there was a notable increase in gross retail receipts as well, with ₹700 Crore recorded in Q3 FY24—a substantial 30% increase over the same time in FY23.

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