Phoenix Mills stock down 5% despite 58% surge in Q3 profit

Phoenix Mills shares were down 5 percent in the early trade on February 13 even after reporting a consolidated net profit of Rs 279.4 in December quarter.

The net profit grew 58.4 percent from the year-ago period. Revenue rose 44.2 percent YoY to Rs 986 crore.

As of 9.40 am, Phoenix Mills was trading at Rs 2,550.1 on the National Stock Exchange, down 3.9 percent from the previous session’s closing price.

Consumption saw a double-digit growth in the quarter, rising 25 percent on-year to Rs 3,300 crore on an overall basis. On a like-to-like basis consumption in Q3FY24 grew 5 percent.

Gross retail collections stood at Rs 700 crore, growing 30 percent from the last year. Retail collections inclusive of GST and CAM & other recoveries from retailers.

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Phoenix Mills said it transferred a land parcel owned by the company to the Brihanmumbai Municipal Corporation (BMC) on January 18as per the “mandate / compulsion of development permission granted by BMC”. The land measured 1,919.73 square meters, which was reserved for a playground.

Anuraag Srivastava will quit as the chief financial officer with effect from March 18.

CRISIL Ratings has revised its outlook on the long-term bank facilities of Phoenix Mills to “positive” from “stable” while reaffirming the rating at ‘CRISIL AA-’.

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