Phoenix Mills July-September net profit Rs 185.8 crore, up 212% on year

The , retail-led mixed-use asset developer and operator, has reported over 212% on-year jump in consolidated net profit at Rs 185.8 crore for the quarter ended September. Income from operations for the quarter rose 75% from a year ago to Rs 651.1 crore.

Income from retail operations for the quarter rose 95% to Rs 456 crore, while income from residential business saw 5% decline to Rs 57.9 crore. Total income from office business rose 3% to Rs 43.5 crore, the company said in a regulatory filing.

The company’s operating profit for the quarter rose 104% from a year ago to Rs 380.9 crore.

According to the company, robust leasing traction continues during the year-to-date October 2022, with gross leasing of nearly 2 lakh sq ft over this period, of which around 1.3 lakh sq ft is new 70,000 sq ft is renewal leasing.

As at September end, the company’s consolidated gross debt stood at Rs 4,263.6 crore with average cost of borrowing at 7.89%.