Despite reporting a robust consolidated net profit of Rs 279.4 crore in the December quarter, Phoenix Mills shares witnessed a 6% decline in early trade on February 13.
The company’s net profit surged by an impressive 58.4% compared to the same period last year, while revenue also recorded a substantial increase of 44.2% year-on-year, reaching Rs 986 crore.
The quarter saw a significant uptick in consumption, with overall consumption experiencing a double-digit growth of 25% year-on-year, amounting to Rs 3,300 crore.
On a like-to-like basis, consumption in Q3FY24 grew by a commendable 5%. Gross retail collections reached Rs 700 crore, marking a substantial 30% increase from the previous year. Retail collections, inclusive of GST and CAM & other recoveries from retailers, also exhibited notable growth.
Despite these positive financial indicators, Phoenix Mills shares experienced a dip in early trading, with shares trading 6.06% lower at ₹2,494.00 as of 11:04 am.
