Strong growth aided by new malls

Company
11 Mar 2024
5 Min read 
  • Phoenix Mills reported strong growth in its 3QFY24 results, aided by new malls.
  •  The company beat revenue expectations and had in-line EBITDA and PAT.
  •  Rental growth in its malls surpassed consumption growth.
  •  The company's hotel segment showed a strong performance, with increased occupancy and higher average room rates.
  •  The office rental segment is expected to scale up in FY25.
  •  The company plans to close new deals and utilize surplus cash for land acquisition.
  •  Motilal Oswal Research has a neutral rating on the stock with a revised target price of INR2,245.
Login / Open Demat Account to read the report

Never Miss Out on Hot Market Updates

Get exclusive market news delivered to your inbox - on priority