Mid-cap real estate stock soared 4 percent in the day’s trade after the company reported Q2 business results with a steady growth in consumption that satisfied the investors in today’s trade.
At 2:50 p.m the shares of Phoenix Mills Limited were trading at Rs. 1,880 a piece up by 4 percent from its previous day close price.
As per the company’s filing, Phoenix Mills Total consumption in Q2 FY24 stood at ~Rs. 2,637 Crs, with a growth of 20 percent YoY over Q2 FY23, in Q2FY24 the consumption has grown by 10 percent over Q2 FY23 and the Retail collections in Q2FY24 stood at 638 Cr with a growth of 23 percent over Q2FY23.
Total consumption in H1 FY24 stood at ~Rs. 5,211 Crs, demonstrating a 19% growth in H1 FY24 over H1 FY23, the consumption has grown by 10% in H1 FY24 over H1 FY23 and the Retail collections stood at ~Rs. 1,252 Crs with a growth of 20% in H1 FY24 over H1 FY23.
The company’s revenue increased by 77.85 percent from 1,483.48 Cr in FY22 to 2,638.35 Cr in FY23, accompanied by increasing profits of 247.99 Cr to 1,472.5 Cr.
The company has reported a return on equity (ROE) of 19.74 percent and return on capital employed (ROCE) of 17.35 percent, this indicates that the company is making good returns on its equity and capital employed.
According to the latest shareholding data available for the June 2023 quarter, the company’s Promoters hold 47.30 percent stake, the Domestic Institutional Investors hold 19.92 percent and the Foreign Institutional Investors (FII) hold 28.56 percent.
Phoenix Mills Ltd operates in the real estate sector and is engaged in the operation & management of malls, construction of commercial & residential property and hotel business in India.
Written by: Bharath K.S
