Phoenix Mills shares jump 4% as HSBC raises target price with 15% upside

HSBC noted that the current valuation of Phoenix Mills reflects a transition of the company from mall operators to a diversified and growth-oriented company.

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Shares of Phoenix Mills rose around 3.7 percent after HSBC raised its target price on the counter.

The foreign lender maintained its ‘buy’ call on Phoenix Mills, bumping the target price up to Rs 3,130 per share. From the previous session’s close of Rs 2,707.3 , implying an upside of 15.6 percent.

HSBC noted that the current valuation reflects a transition of the company from mall operators to a diversified and growth-oriented company.

The stabilisation of the new malls and the office portfolio will drive high double-digit growth, noted HSBC.

At 10am, shares of the firm were quoting Rs 2,789.9 on the NSE, higher by 3 percent from the previous session’s closing price.

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On February 13, the company reported a consolidated net profit of Rs 279.4 for the December quarter, marking a 58.4 percent surge over last year, while its revenue spiked 44.2 percent to Rs 986 crore.

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.

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

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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