ICICI Direct has given Buy recommendation for Phoenix Mills with a target price of Rs. 950 in its research report issued on May 30, 2021

ICICI Direct’s research report on Phoenix Mills

The key highlight for Phoenix Mills (PML) was consumption recovery at retail malls. During Q4FY21, total consumption was at Rs 1,435 crore (up 5% QoQ; at ~100% (~94% on like to like basis) of Q4FY20). Reported revenues degrew ~3.4% YoY to Rs 385.9 crore, with core portfolio (commercial + retail + hospitality) revenues down ~14.7% YoY to Rs 329.5 crore, dragged by weak hospitality performance (down ~66% YoY). Reported EBITDA margin were down 620 bps YoY to 44.9%, given the higher mix of residential revenues.

Outlook

We maintain BUY rating with unchanged SoTP based target price of Rs 950/share.

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