Phoenix Mills shares surge 8% after Q3 business update

When Phoenix Mills Ltd reported its business update for the quarter commencing in December 2020, share prices jumped over 8% on 8th January 2021 during the early trade.

It rallied at almost 8.7% to Rs 819.00 apiece on the BSE. At 10:30 AM on 8th January 2021, the shares were trading at 7.27% higher at Rs 808.15 as compared to 0.89% gain in the benchmark Sensex.

Since malls reopened post lockdown restrictions been eased, the company said that it saw a sustained recovery path in consumption. The consumption across the retail portfolio was at Rs 1,370 crore in Q3FY21, up by 192% QoQ and at approximately, 66% of Q3FY20.

Similar to consumption, retail collections view sharp improvement. Q3FY21 collection was at Rs 260 crore approximately while the collection was around Rs 390 crore for the nine months to December 2020, according to the company.

In the residential category, the developer sold 14 units with an aggregate sales value of approximately Rs 74 crore in Q3FY21. The collection during the quarter was Rs 37.8 crore.

Rent & CAM collections across the commercial portfolio were at Rs 39 crore in the December quarter. Phoenix Mills Ltd. received an occupation certificate for Fountainhead Tower 2 in October 2020 and elated around 25,000 sq ft during g December 2020.

In a regulatory filing, Phoenix Mills Ltd, said, “Out hotel properties saw improved traction in social events and F&B revenue during Q3FY21. Revenue at St. Regis, Mumbai has almost doubled sequentially to approximately Rs 179 million Q3FY21 and is at 28% of Q3FY20. Revenue at Courtyard by Marriott, Agra stood approximately Rs 45 million in Q3FY21, at 36% of Q3FY20.”

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