Phoenix Mills spurts after turnaround Q1 numbers

12 Aug 2022 , 09:55 AM

Net sales rose 181.21% to Rs 574.39 crore in Q1 June 2022 over Q1 June 2021. The companys revenue from property & related services surged 159.79% YoY to Rs 478.45 crore. Revenue from hospitality services soared 533.62% to Rs 95.93 crore. EBITDA surged 324% year-on-year to Rs 322.90 crore in Q1 June 2022. EBITDA margin stood at 56% in Q1 June 2022 compared with 37% in Q1 June 2021. Profit before tax and exceptional items stood at Rs 222.30 crore in Q1 June 2022, compared with pre-tax loss of Rs 322 crore in Q1 June 2021. The company reported exceptional profit of Rs 556.80 crore in Q1 June 2022. Exceptional item for Q1FY23 refers to remeasurement of previously held stake (50%) in then Associate – Classic Mall Development Company (CMDCL) at fair value on 5 May 2022, as per the requirement of IND AS 103, pursuant to the acquisition by PML of the balance 50% stake in CMDCL from Crest Ventures (46.35%) and Escort Developers (3.65%). The Phoenix Mills is Indias largest retail led mixed-use developer. Its operations span across most aspects of real estate development; planning, execution, marketing, management, maintenance & sales. The group has real estate assets in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly & Ahmedabad. Powered by Capital Market – Live News