Phoenix Mills - Riding The Consumption Wave: Motilal Oswal Initiates Coverage

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .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..Click on the attachment to read the full report:.Cera Sanitaryware, Kajaria Ceramics -Aspirations Accelerating Growth: Prabhudas Lilladher Initiates Coverage.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Phoenix Mills - Riding The Consumption Wave: Motilal Oswal Initiates Coverage

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