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ICICI Securities Report
The Phoenix Mills Ltd. saw August 2022 like-to-like consumption across malls at Rs 6.7 billion or 114% of August-19 levels and mirrors the July-22 LTL consumption growth which was at 120% of July-19 levels on the back of retailers’ End of Season sale.
In Q1 FY23 (April-June-22), LTL consumption across malls stood at Rs 19.8 billion or 111% of April-June-19 (Q1 FY20) levels which translated into Q1 FY23 retail LTL Ebitda of Rs 2.9 billion or 115% of Q1 FY20 levels.
Owing to continued consumption strength, we model for FY23E rental income of Rs 13.7 billion (Rs 12.2 billion on LTL basis versus Rs 10.3 billion in FY20).
With Indore and Ahmedabad malls to open in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, we expect 17% rental income compound annual growth rate over FY20-25E.
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