Q2 2025 Phoenix Mills Ltd Earnings Call Transcript
Key Points
- Phoenix Mills Ltd (BOM:503100) reported a 22% growth in operating revenue for Q2 FY25, excluding the residential business, reaching INR870 crore.
- Retail rental income grew by 22% to INR474 crore for the quarter, with retail EBITDA also increasing by 22% to INR495 crore.
- The company's retail portfolio saw a 24% year-on-year increase in retailer sales for Q2 FY25, driven by the fast ramp-up of newly launched malls.
- Phoenix Mills Ltd achieved a historic high EBITDA of INR1,027 crore for the first half of FY25, marking the first time EBITDA surpassed the INR1,000 crore mark.
- The company's liquidity position was strong at INR1,974 crore as of September 2024, with a healthy net debt-to-EBITDA ratio of 1.1x.
- The FEC and multiplex categories experienced a 15% decline in Q2 FY25, attributed to fewer blockbuster releases during the quarter.
- Net profit after minority interest (PATMI) showed a decline, with a 14% year-over-year decrease in the latest quarter.
- The company's commercial office occupancy in Mumbai and Pune stood at only 70% as of September 2024.
- There was a noted impact on consumption in Chennai and Bangalore due to heavy rains, affecting performance by approximately INR20 crore.
- The residential business saw a decline in gross sales, achieving only INR78 crore for the first half of FY25.
Ladies and gentlemen, good day, and welcome to Q2 and H1 FY25 results conference call of the Phoenix Mills Limited. (Operator Instructions) Management of the company is being represented by Mr. Shishir Shrivastava, Managing Director; Mr. Kailash Gupta, Group CFO; and Mr. Varun Parwal, Group President, Strategy, Audit and Head, Corporate Finance.
(Operator Instructions) Please note that this conference is being recorded. At this time, I would like to hand over the conference to Mr. Shishir Shrivastava. Thank you, and over to you, sir.
Thank you. Good morning, ladies and gentlemen. It's a pleasure to have you all here today to discuss our performance for the second quarter and half year ended September 2024. I hope you've had a chance to look at the results presentation shared by us. The same is uploaded on the stock exchanges as well as our corporate website.
Let's start with an overview of our performance on a consolidated level. In Q2 FY25, we achieved an operating revenue of INR918
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