The Phoenix Mills Ltd. | Q2FY15 Result Update | Maintain HOLD with PT of Rs 329 :: IndiaNivesh

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In Q2FY15 PML consolidated revenue stood at Rs 4,433 mn, down 6.9% Y/Y
(up 26.4% Q/Q). The decrease in revenue was attributable to 39.8% decline
in Developers segment revenue, partially offset by 226.9%/22.0% Y/Y increase
in Hospitality and Mall segments revenue, respectively.
Maintain HOLD with PT of Rs 329
Segment Revenue (Rs Mn) Q2FY15 Q1FY15 Q2FY14 Q/Q % Y/Y %
Mall 2,560 2,485 2,098 3.0% 22.0%
Developers 1,545 744 2,565 107.7% ‐39.8%
Hospitality 329 277 101 18.8% 226.9%
Total 4,433 3,506 4,763 26.5% ‐6.9%
 EBITDA for the quarter was Rs 2,084 mn, down 0.4% y/y (up 14.3% q/q). The
de-growth was due to lower EBITDA margin in Developers segment. This was
partially offset by growth in Mall segment EBITDA and turnaround in
Hospitality segment EBITDA. The significant decline in Developers segment
EBITDA indicates that major projects are at initial phase

Key Result Highlights
High Double-Digit Growth in HSP & Palladium Rentals (standalone
performance)
HSP & Palladium reported revenue growth of 10.0% Y/Y to Rs.778 mn led by 15.7%
Y/Y increase in Rental Rate. During the quarter, rental rate stood at Rs.250 (Psf Pm)
relative to Rs.216 (Psf Pm) in Q2FY14. EBITDA margin contracted 300 bps Y/Y to
64.8% (v/s 67.8% in Q2FY14) led by higher other expenditure. As a result, total
expenditure during the quarter was 35.3% (as % of Rev) relative to 32.3% in Q2FY14.
Consumption and trading density went up 9.0% each to Rs.3,573 mn /Rs.2,456 (psf
pm), respectively. Rental income also went-up 9.8% Y/Y to Rs.574 mn. PAT during
the quarter decline 0.1% to Rs.365 mn

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