Feb'25 View on Phoenix Mills Ltd

Phoenix Mills Ltd is engaged in the operation & management of malls, construction of commercial & residential property and hotel business in India. India's leading retail mall developer and operator with approximately 0.64 million square meters of retail space spread across 9 malls in 6 gateway cities of India. It has developed over 2.11 million square meters. The Stock has fallen from its high of 2,000 and now at 1,600 level and looks to regain 1,800 level on back of following inputs. • Hospitality segment saw healthy double-digit RevPAR (Revenue per available roomnights) growth. • We like PHNX for its aggressive growth plans, great execution and healthy ramp- up of malls. • PHNX reported Improving consumption trends aided by seasonality. • Reported healthy 21% yoy overall consumption growth in Q3FY25, aided by four new malls (27% contribution). • Hospitality business sees an improvement; office occupancy remains stable.