Retail mall developer Phoenix Mills Ltd announced a healthy financial performance during the fourth quarter of FY24, showcasing robust growth in total consumption and gross retail collections. For Q4FY24, the company reported 27 per cent year-on-year growth in total consumption at Rs 2,818 crore. On a like-to-like basis, consumption in Q4 increased by 9 per cent in comparison to the same period last year. Moreover, gross retail collections stood at Rs 791 crore in Q4FY24, recording a growth of 37 per cent over Q4FY23.
For the full financial year, Phoenix Mills reported retail consumption at Rs 11,327 crore, up by 22 per cent over FY23. On a like-to-like basis, consumption in FY24 went up by 8 per cent over FY23. Gross retail collections, the company said, stood at Rs 2,743 crore in FY24, up 27 per cent on-year.
Meanwhile, Phoenix Mills’ office portfolio also reported improvement in occupancy and leasing traction. In the exchange filing, it said that occupancy during the quarter in review went up to 70 per cent as against 63 per cent the previous year. It said that gross leasing increased from approximately 4.3 lakh sqft during FY23 to 5.3 lakh sqft during FY24, of which 3.6 lakh sqft is new leasing and 1.7 lakh sqft is renewal.
Further, the company said that St. Regis, Mumbai RevPAR went up by 15 per cent during the fourth quarter of FY24 and ARR was up 10 per cent in comparison to the same quarter last year. For FY24, RevPAR was up by 22 per cent and ARR went up by 23 per cent on-year.
Courtyard by Marriott, Agra reported Q4 FY24 RevPAR growth of 21 per cent and ARR was up 11 per cent as against Q4FY23.For FY24, RevPAR recorded an increase of 22 per cent and ARR was up 10 per cent on year-on-year basis.
In its residential portfolio, Phoenix Mills reported a steady traction in demand for ready units. It stated that the sales trajectory has seen good improvement backed by strong demand and faster conversions. The company reported gross residential sales of Rs 55 crore during the fourth quarter of FY24 and Rs 570 crore for the full financial year.
During the third quarter of FY24, Phoenix Mills had reported a 58.4 per cent year-on-year jump in net profit at Rs 279.4 crore. In the corresponding quarter last year, Phoenix Mills jhad posted a net profit of Rs 176.4 crore. The company’s revenue from operations had gone up by 44.2 per cent to Rs 986.1 crore as against Rs 683.8 crore in the corresponding period of the preceding fiscal.