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• Q3 FY25 Operating Revenue: INR927 crores.

• Q3 FY25 EBITDA: INR561 crores.

• Q3 FY25 Revenue Growth: 14% year-on-year.

• Q3 FY25 EBITDA Growth: 21% year-on-year.

• 9 Months FY25 Operating Revenue: INR2,613 crores, up 19% year-on-year.

• 9 Months FY25 EBITDA: INR1,601 crores, up 21% year-on-year.

• Retail Consumption Q3 FY25: Over INR4,000 crores, 21% growth year-on-year.

• Retail Rental Income Q3 FY25: INR505 crores, up 12% year-on-year.

• Retail EBITDA Q3 FY25: INR505 crores, up 15% year-on-year.

• Retail Rentals 9 Months FY25: INR1,470 crores, 21% growth year-on-year.

• Retail EBITDA 9 Months FY25: INR1,511 crores, up 22% year-on-year.

• Trading Occupancy December '24: 91%.

• Office Business Income Q3 FY25: INR53 crores, 7% growth year-on-year.

• Office Business EBITDA Q3 FY25: INR33 crores, up 17% year-on-year.

• Hotel ADR Q3 FY25: INR22,343, 11% increase.

• Hotel Occupancy Rate Q3 FY25: 84%.

• Hotel Income Q3 FY25: INR148 crores.

• Hotel EBITDA Q3 FY25: INR72 crores, 49% margin.

• Net Cash from Operations 9 Months FY25: INR1,506 crores.

• Capital Expenditure 9 Months FY25: INR1,758 crores.

• Liquidity Position December '24: INR2,074 crores.

• Group Level Gross Debt December '24: INR4,391 crores.

• Net Debt Position December '24: INR2,317 crores.

• Average Cost of Borrowing: 8.64%.

• Warning! GuruFocus has detected 2 Warning Sign with BOM:503100.

Release Date: January 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Phoenix Mills Ltd (BOM:503100) reported a 14% year-on-year revenue growth and a 21% EBITDA growth in Q3 FY25, showcasing strong performance across its core businesses.

• The company completed a significant expansion at Phoenix Palladium Mumbai, adding 250,000 square feet of leasable area, enhancing its retail offerings.

• Retail consumption surged by 21% year-on-year in Q3 FY25, indicating strong discretionary spending and resilience of premium retail assets.

• The St. Regis Hotel Mumbai achieved an 11% increase in Average Daily Rate (ADR) while maintaining a healthy occupancy rate of 84%, reflecting successful pricing strategies.

• Phoenix Mills Ltd (BOM:503100) has strategically acquired six land parcels totaling 53 acres, providing pipeline visibility up to 2030 and supporting long-term growth plans.

Negative Points

• Unseasonal heavy rains in Bangalore and Chennai negatively impacted consumption, which could have been higher by approximately INR55 crores to INR60 crores in Q3 FY25.

• Occupancy across operational office assets in Mumbai and Pune stood at 70%, indicating potential underutilization of office space.

• The residential business showed slow sales velocity, with a focus on maintaining premium pricing rather than accelerating sales.

• The net sales in the residential segment appeared negative, raising concerns about potential cancellations or timing issues.

• There is a noted slowness in commercial leasing, with efforts being made to enhance office amenities and positioning to attract clients.