Phoenix Mills shares fall 5%; consumption grows 4% YoY on like-to-like basis in Q3

Shares of Phoenix Mills sank around five percent in trade on January 11. According to the mall operator’s business update, Phoenix Mills recorded the highest ever quarterly consumption at Rs 3,287 crore for the quarter ended December FY24, increasing 24 percent over a year-ago period.

However, on a like-to-like basis, consumption in Q3FY24 grew by 4 percent over Q3FY23. The like-to-like basis excludes consumption from the recently launched malls and is adjusted for the closure of Lifestyle block at Phoenix Palladium from May 2023.

As of 11.15 am, shares of Phoenix Mills were quoting Rs 2,466.50 apiece, lower by 4.11 percent on the NSE.

Gross retail collections were at Rs 700 crore during the quarter, higher by 30 percent on-year. Meanwhile, the total consumption in the nine-month period ended December came in at Rs 8,500 crore, growing by 21 percent YoY.

The residential portfolio has seen a steady traction in demand for ready units. The sales momentum has been strong, with gross residential sales of Rs 82 crore in Q3FY24 and Rs 515 crore the nine months of FY24.

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FTSE will announce changes to its indices in February as Phoenix Mills, Thermax, and Suzlon Energy are most likely to be added to the FTSE All World index, as per IIFL Alternative Research.

The firm on January 9 said that Phoenix Mills’ addition can bring in flows worth $46.2 million, Thermax could see $26.5 million worth of flows and Suzlon Energy is likely to get $89.4 million inflows.

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