ICICI Securities research report on The Phoenix Mills
The Phoenix Mills (PHNX) FY21 and Q1FY22 operations have been impacted by mall shutdowns across India owing to successive Covid waves. For FY21, mall consumption of Rs33.3bn was at 69% of FY20 levels while rental income of Rs5.6bn stood at 55% of FY20 levels. To tide over the intermittent Covid related disruptions, PHNX has raised ~Rs26bn of equity capital through QIP route and SPV level stake dilution between Aug’20 to Jun’21 and has access to an additional funding pool of Rs10bn. We assume a 30% LTL rental income....More>>>