Phoenix Mills Shares Gain 3% on Q3 Update

Phoenix Mills shares rose nearly 3% in Friday’s trading session after the company released an upbeat business update for Q3 FY25. The stock hit an intraday high of ₹1,684.6 on the BSE, closing at ₹1,662.35, reflecting a 1.55% gain. In comparison, the broader BSE Sensex remained flat, dipping 0.03%. 

The stellar performance was driven by strong retail consumption, which stood at ₹3,998 crore for Q3 FY25, marking a 21% year-on-year growth. Excluding contributions from recently launched malls, Phoenix Mall of the Millennium and Phoenix Mall of Asia—like-to-like consumption growth was recorded at 10% YoY.

A robust festive season across key properties such as PMC Mumbai, PMC Pune, and Phoenix Palassio was a major factor in the growth. Additionally, the new malls launched in September and October 2023 continued their ramp-up, further boosting retail sales.

The company also reported significant milestones in other segments. Phoenix Palladium in Mumbai recently completed a 250,000-square-foot expansion, adding notable retail brands such as Uniqlo and Lifestyle, with more store openings planned in upcoming quarters.

Phoenix Mills’ performance extended beyond retail. Its commercial office segment saw gross leasing of 1.7 lakh square feet across properties in Kurla, Mumbai, and Vimannagar, Pune. Occupancy levels in these commercial assets reached 69% by December 2024.

In the hospitality sector, the company’s flagship property, The St. Regis Mumbai, achieved an 84% occupancy rate in Q3 FY25, compared to 82% a year ago. Revenue per available room (RevPAR) climbed by 15% to ₹18,855, while the average room rate (ARR) increased by 11% to ₹22,343. Similarly, the Courtyard by Marriott, Agra, reported a 19% rise in RevPAR.

Phoenix Mills also reported steady progress in residential sales. Gross residential sales for Q3 FY25 stood at ₹58 crore, while collections reached ₹38 crore for the same period. For the nine months ending December 2024, gross sales totaled ₹135 crore, with collections amounting to ₹165 crore.

The company's cumulative retail consumption for the nine-month period reached ₹10,504 crore, up 23% compared to the same period in FY24. This growth underscores Phoenix Mills’ resilience and ability to capture consumer demand across various segments.

In Conclusion

With a diversified portfolio spanning retail, commercial, residential, and hospitality, Phoenix Mills continues to strengthen its position as a leader in the real estate industry. The company’s proactive expansion efforts, combined with its ability to deliver strong performance across multiple verticals, reflect its robust growth strategy.

As Phoenix Mills prepares for the future, its recent achievements in retail, hospitality, and commercial leasing provide a strong foundation for sustained growth. Investors remain optimistic about the company’s prospects, further bolstered by its solid Q3 performance.