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

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

Shares of Phoenix Mills have gained 46.80 percent in the last six months.

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.

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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.

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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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