Phoenix Mills (503100) Q4 23/24 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹3,978 crore in FY2024, up 51% year-over-year, with net profit after tax of ₹1,333 crore and EBITDA of ₹2,177 crore, reflecting robust growth across all business segments.

• Launched two new malls (Phoenix Mall of the Millennium, Pune and Phoenix Mall of Asia, Bangalore), expanding retail GLA to ~11.2 msft, with plans to reach ~14 msft by 2027.

• Retail consumption grew 23% to ₹11,344 crore, retail rental income rose 27% to ₹1,660 crore, and retail EBITDA increased 25% to ₹1,673 crore in FY2024.

• Commercial office income increased 12% to ₹190 crore, hospitality revenue grew 21% to ₹546 crore, and residential segment revenue reached ₹877 crore.

Financial highlights

• Consolidated income from operations: ₹3,978 crore (up 51% YoY).

• Consolidated EBITDA: ₹2,177 crore (up 44% YoY), margin at 55%.

• Net profit after tax: ₹1,333 crore.

• Diluted EPS (before exceptional items): ₹61.31 (up over 50% YoY).

• Net debt to EBITDA: ~1.1x; interest coverage ratio: ~5.5x.

• Operating free cash flow (adjusted for interest): ₹1,781 crore.

• Dividend of ₹5 per share recommended for FY2024.

Outlook and guidance

• Confident in continued strong performance across all segments in FY2025, with focus on ramping up new malls, expanding commercial office leasing, and launching new residential and hospitality projects.

• Five land parcels acquired in the last 18 months to support growth beyond 2027.

• Targeting 70% of energy needs from renewables and 50% of operational portfolio LEED certified by 2027.