ICICI Direct has given Buy recommendation for Phoenix Mills with a target price of Rs. 950 in its research report issued on Feb 14, 2021
ICICI Direct’s research report on Phoenix Mills
The key highlight for Phoenix Mills (PML) was consumption recovery at retail malls with festivities. During Q3FY21, total consumption was at Rs 1,380 crore (up 195% QoQ; at ~67% of Q3FY20) and the improving trend continued in January 2021 – growing 5% MoM to Rs 530 crore (~83% of January 2020). Reported revenues de-grew ~34% YoY to Rs 337.8 crore, with core portfolio (commercial + retail + hospitality) revenues down ~39% YoY to Rs 282.3 crore, dragged by weak hospitality performance (down 74% YoY). Reported EBITDA margin was down 366 bps YoY to 47%.
We maintain BUY rating with SoTP based target price of Rs 950 (Rs 795, earlier).