Phoenix Mills: Expect a Steady Quarter :: Citi Research

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Phoenix Mills: Expect a Steady Quarter
Phoenix Mills reports standalone results, which primarily indicates performance of
its flagship mall - High Street Phoenix (HSP) at Lower Parel in Mumbai.
 Revenue and margins: Q2 will be quite in line with Q1. While two major anchor
renewals have been completed and new rentals have commenced (Big Bazaar
and Lifestyle), the upside is partially getting offset by G-connect space (~18,500
sf carved out from earlier Big Bazaar area) which is currently being rolled out and
not contributing to rentals. Overall rental advantage from the renewals and GConnect
space should largely start yielding results Q3 onwards.
 Bottom-line: Ceteris Paribus, standalone bottom line would largely be a function
of other incomes which is difficult to predict. Contribution from newly launched
Pune and Lucknow Mall will not be seen till consolidated results are reported.
 What to look out for?: (1) Launch updates on Kurla and Bangalore Market
Cities (2) Footfall and store opening updates on Pune Market City (3) Phase-II
plan roll-out across market cities (Chennai resi, Bangalore resi, Pune & Kurla
commercial)