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Motilal Oswal Report
Phoenix Mills Ltd., a leading retail-led mixed use asset developer, operates 11 malls across eight cities in India and three new malls are currently under construction including one in Kolkata (ninth city).
The company also operates few grade-A standalone offices in Mumbai and Pune and is aiming to build offices on top of/adjacent to its malls to improve the yield on land. Phoenix Mills has also built one hotel each in Mumbai and Agra and residential projects in Bengaluru and Chennai.
Post the second wave of Covid, consumption across Phoenix Mills’ retail portfolio has been reporting a steady recovery, apart from a minor blip in January 2022 (third wave), and is year-to-date 27% higher than pre-Covid levels.
As per Knight Frank, consumption in malls across the top eight cities is expected to register a compound annual growth rate of 29% over FY23-28.
Phoenix Mills' mall portfolio is expected to increase to 14 million square feet by FY27 from ~9 msf as of March 2023 and its presence would expand to six out of the top eight cities. Hence, the company is likely to be the biggest beneficiary of consumption boom in India.
Phoenix Mill's retail portfolio is expected to report a 32% CAGR in rental over FY23-25.
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