The Phoenix Mills Limited has released its operational business update for the third quarter (Q3) and the nine months (9M) ended December 31, 2024. The company’s performance showed significant growth across its retail, commercial, hospitality, and residential segments, reflecting its continued expansion and operational efficiency.
Retail Segment Growth
The retail division saw a robust performance in Q3 FY25, with consumption (retailer sales) reaching approximately Rs. 3,998 crore, marking a 21% year-on-year (YoY) increase. On a like-to-like basis, excluding the newly launched Phoenix Mall of the Millennium and Phoenix Mall of Asia, the growth was 10% YoY. The quarter was driven by a strong festive season, with notable contributions from Phoenix Mall Mumbai (PMC Mumbai), Phoenix Mall Pune (PMC Pune), and Phoenix Palassio. Furthermore, consumption for 9M FY25 reached Rs. 10,504 crore, a 23% increase compared to the same period in FY24.
Additionally, Phoenix Palladium, Mumbai, completed a significant expansion in December 2024, adding 250,000 square feet of gross leasable area. The expansion introduced a diverse range of retail stores, including international brands like Uniqlo, Lifestyle, Celio, Ecco, and San-Cha Tea.
The company also made progress in the commercial office space segment, leasing approximately 1.7 lakh square feet in its operational assets at Kurla, Mumbai, and Vimannagar, Pune, during 9M FY25. As of December 2024, the occupancy rate in these assets stood at 69%.
Hospitality Segment Performance
In the hospitality segment, The St. Regis Mumbai demonstrated a significant improvement in key metrics. For Q3 FY25, the hotel achieved an occupancy rate of 84%, up from 82% in Q3 FY24. The Average Room Rate (ARR) increased by 11% to Rs. 22,343, and Revenue per Available Room (RevPAR) rose by 15% to Rs. 18,855. Similarly, for 9M FY25, the hotel achieved a RevPAR increase of 13%, reaching Rs. 15,831.
Courtyard by Marriott in Agra also showed strong growth, with Q3 FY25 occupancy at 83%, up from 84% in the previous year. ARR and RevPAR showed healthy gains of 18% and 19%, respectively.
The residential segment saw gross sales of Rs. 58 crore in Q3 FY25, with collections amounting to Rs. 38 crore. For 9M FY25, gross sales reached Rs. 135 crore, and collections totaled Rs. 165 crore, indicating healthy demand for residential properties.
Outlook and Future Prospects
The Phoenix Mills Limited continues to expand its portfolio and enhance its operational capabilities. The strong performance across its diverse business segments positions the company for sustained growth in FY25 and beyond. The company’s ability to leverage key assets, such as Phoenix Mall and The St. Regis Mumbai, while expanding its commercial and residential projects, showcases its commitment to long-term success.
This operational update underscores The Phoenix Mills Limited’s strategic growth and operational excellence across its diverse business segments, reflecting a positive outlook for FY25.
