Q4 2025 Phoenix Mills Ltd Earnings Call Transcript
Key Points
- Phoenix Mills Ltd (BOM:503100) reported a 16% year-on-year increase in revenue from its core businesses, reaching INR3,507 crores, and a 20% growth in retail EBITDA.
- Retailer sales across malls increased by 21% over FY24, driven by new malls like Phoenix Mall of the Millennium and Phoenix Mall of Asia.
- The company made significant progress in its commercial office portfolio, with occupation certificates received for major projects in Bangalore and Pune.
- The hotel portfolio delivered strong performance, with The St. Regis Mumbai crossing INR500 crores in revenue for the first time.
- Phoenix Mills Ltd (BOM:503100) maintained a strong balance sheet with a net debt-to-EBITDA ratio of 1.2x and reduced the cost of debt from 9.2% to 8.5%.
- Consolidated revenue from operations decreased by 4% year-on-year to INR3,814 crores, and EBITDA remained flat compared to FY24.
- Residential sales moderated compared to the previous year, impacting overall revenue growth.
- There was a temporary shutdown of about 100,000 square feet of leasable area at Phoenix Palladium due to revamping, affecting rental income.
- Trading occupancy declined in some malls due to planned closures and revamps, leading to short-term dips in occupancy.
- The company faces rising competition in the real estate sector, with new malls expected to open in the vicinity in the coming years.
Ladies and gentlemen, good day, and welcome to the Q4 and 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 Chief Financial Officer; and Mr. Varun Parwal, Group President. (Operator Instructions) Please note that this conference is being recorded.
At this time, I would like to hand the conference over to Mr. Shishir Shrivastava. Thank you, and over to you, sir.
Good evening, everyone. We welcome you all to discuss the operating and financial performance for the fourth quarter and full year ended March 2025.
FY25 was a strong year across our core businesses of retail, offices and hotels, which together delivered revenue of INR3,507 crores, up 16% year on year and EBITDA of INR2,111 crores. This performance reflects the continued strength and cash generating capacity of our
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