Q4 2024 Phoenix Mills Ltd Earnings Call Transcript
Key Points
- Phoenix Mills Ltd (BOM:503100) reported a strong operating performance with retailer sales at malls closing at INR11,344 crores, up 23% year on year.
- EBITDA from the retail business for the full year came in at INR1,672 crores, up 25% year on year.
- New malls contributed approximately INR295 crores in rental income and approximately INR256 crores in EBITDA for FY24.
- Phoenix Citadel Indore and Palladium Ahmedabad have achieved high occupancy levels of 91% and 86% respectively within a year of launch.
- The company has a clear roadmap to expand its operational portfolio to about 14 million square feet of retail, 7 million square feet of offices, and close to 1,000 hotel keys by 2027.
- Income from operations for Q4 FY24 and full-year FY24 have been slightly lower than Q4 FY23 and full year FY23 due to ongoing enhancements and demolitions.
- EBITDA margin as a percentage of rental income is lower in new malls during the initial period of occupancy ramp-up.
- The trading density at Phoenix Citadel Indore is lower at INR600 per square foot per month compared to other malls.
- Consolidated debt as of March 31, 2024, stands at INR4,366 crores with an average cost of roughly 8.8%.
- The company is still determining the best use for newly acquired land parcels in Thane and Bangalore, indicating some uncertainty in future development plans.
Ladies and gentlemen, good day, and welcome to the Q4 FY24 results conference call of The Phoenix Mills Limited. (Operator Instructions)
Please note that this conference is being recorded.
Today, we have with us Mr. Shishir Shrivastava, Managing Director; Mr. Kailash Gupta, Group CFO; and Mr. Varun Parwal, Group President, Strategy, Internal Audit, and Head Corporate Finance.
I now hand the conference over to Mr. Shishir Shrivastava. Thank you, and over to you, sir.
Good morning, ladies and gentlemen. I take pleasure in welcoming you all to discuss the operating and financial performance for the fourth quarter and year ended March 2024. However, before we proceed, I'm very pleased to welcome Mr. Kailash Gupta, as the company's group CFO. Kailash brings over 25 years of experience across various financial disciplines, including business strategy, investor relations, M&A, financial planning and analysis, treasury and
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