Phoenix Mills shares witnessed a 5 percent decline in early trading on February 13, despite the company reporting a consolidated net profit of Rs 279.4 crore in the December quarter.
The net profit surged by 58.4 percent compared to the same period last year, while revenue experienced a substantial increase of 44.2 percent year-on-year, reaching Rs 986 crore.
As of 9:40 am, Phoenix Mills was trading at Rs 2,550.1 on the National Stock Exchange, marking a 3.9 percent decrease from the previous session’s closing price.
During the quarter, consumption demonstrated double-digit growth, rising by 25 percent year-on-year to Rs 3,300 crore on an overall basis. Like-to-like consumption in Q3FY24 grew by 5 percent. Gross retail collections amounted to Rs 700 crore, reflecting a 30 percent increase from the previous year. Retail collections, inclusive of GST and CAM & other recoveries from retailers, also showed growth.
Phoenix Mills disclosed that it transferred a land parcel owned by the company to the Brihanmumbai Municipal Corporation (BMC) on January 18. This action was in compliance with the development permission granted by BMC and involved a land area of 1,919.73 square meters, reserved for a playground.
Anuraag Srivastava is set to step down as the chief financial officer, effective from March 18.
CRISIL Ratings has revised its outlook on the long-term bank facilities of Phoenix Mills to “positive” from “stable”, while maintaining the rating at ‘CRISIL AA-’.
