The Phoenix Mills jumped 7.15% to Rs 807.30 after the said that it witnessed sustained recovery in the consumption at its malls since reopening.
The company said that consumption across its retail portfolio came in at Rs 1370 crore in Q3 FY21, up 192% quarter-on-quarter (QoQ) and at approximately 66% of Q3 FY20.
Consumption in December 2020 was steady at approximately Rs 500 crore, at the same level as November 2020 and at 70% of December 2019.
In line with consumption, retail collections continue to witness sharp improvement. Q3 FY21 collection was at approximately Rs 260 crore.
In its residential portfolio, Phoenix Mills witnessed significant interest from customers for ready‐to‐move‐in inventory at One Bangalore West and Kessaku. It sold 14 units with aggregate sales value of approximately Rs 74 crore and the collections were at Rs 37.8 crore in Q3 FY21.
In its commercial portfolio, the company's rent & CAM collections across the commercial portfolio remained strong at approximately Rs 39 crore in Q3 FY21. It received occupation certificate for Fountainhead Tower 2 in October 2020 and leased approximately 25,000 sq ft during December 2020.
In the hospitality segment, the company's hotel properties saw improved traction in social events and F&B revenue during Q3FY21. Revenue at The St. Regis, Mumbai has almost doubled sequentially to approximately Rs 17.9 crore in Q3 FY21 and is at 28% of Q3FY20. Revenue at Courtyard by Marriott, Agra stood at approximately Rs 4.5 crore in Q3 FY21, at 36% of Q3FY20.
The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of of eight retail mall assets across major cities in the country. It also has an office portfolio of in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate in Bengaluru and Chennai.
On a consolidated basis, the company posted a net loss of Rs 39.98 crore in Q2 September 2020 as against a net profit of Rs 64.26 crore reported in Q2 September 2019. Net sales declined 48% year on year to Rs 214.9 crore in Q2 September 2020.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU