Phoenix Mills Q3FY23 net profit rises by 85 percent

The Phoenix Mills has reported a growth of 85 per cent in its consolidated net profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at INR 211 crore in Q3 FY23 as against INR 114 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s consolidated total income stood at INR 718.57 crore in Q3 FY23, a growth of 60.75 per cent from INR 447 crore it recorded in the similar quarter last year. During the nine month ended December 31, 2022 the company has allotted 45,000 equity shares under ESOP scheme 2007 and 19,730 equity shares under ESOP scheme 2018 at an exercise price of INR 333.90 and INR 726.39 per equity share respectively.

In December 2022, The Phoenix Mills acquired land parcel of about seven acres in partnership with GIC and Bsafal group at Citylight Junction, Udhana Magdalla Road, Surat. . Land consideration was of INR 501 crore and it plans gross leasable area of one million sq ft, it said in its investors presentation.

Total consumption in Q3 FY23 was INR 2,647.40 crore, retail collections were at INR 540.10 crore. It achieved gross leasing of about 3.95 lakh sq ft during year-to-date January 2023, of which about 2.45 lakh sq ft is new leasing and approximately 1.50 lakh sq ft is renewal leasing. Total office income in Q3 FY23 stood at INR 42.40 crore, up 16 per cent year-on-year. It witnessed residential sales of INR 104.10 crore in Q3 FY23 while the collections were at INR 129.40 crore. Average cost of debt in December 2022 stands at 8.41%, the company said in the investors presentation.