Latest news with #IslandStarMallDevelopers
Business Standard
25-07-2025
- Business
- Business Standard
Phoenix Mills jumps after posting steady Q1 earnings
Phoenix Mills jumped 6.25% to Rs 1538.80 after the company reported a steady performance for the quarter ended June 2025 (Q1 FY26). Consolidated revenue grew 5% YoY to Rs 953 crore, aided by a 4% rise in revenue from core businesses retail, offices, and hotels which stood at Rs 881 crore. The residential and other segments contributed Rs 72 crore, a healthy 21% jump from the year-ago period. Net profit after minority interest and associate share came in at Rs 241 crore, marking a 4% growth YoY. The company also managed to reduce its finance cost by 8% even as depreciation rose 21%. Consolidated EBITDA rose 6% YoY to Rs 564 crore, with core EBITDA climbing 2% to Rs 544 crore. Residential and other verticals added Rs 20 crore to the operating profit, a segment that had no contribution in the same quarter last year. The EBITDA margin remained strong at 59%, unchanged from Q1 FY25. Retail consumption rose by 12% year-on-year to Rs 3,588 crore. Gross retail collections reached Rs 853 crore, a 7% increase over the previous year. In commercial offices segment, gross leasing of approximately 4.07 lakh sq. ft. is achieved with income from commercial offices at Rs 52 crore, up 4%. In hospitality segment, revenue rose 11% YoY to Rs 130 crore. In residential segment, gross sales reached Rs 168 crore, more than three times the figure from the prior year; collections from the segment climbed to Rs 99 crore. Meanwhile, the company announced a plan acquire the remaining 49% stake in Island Star Mall Developers (ISMDPL) from CPP Investments for Rs 5,449 crore, to be paid in four tranches over 36 months. This acquisition will give Phoenix Mills 100% ownership of ISMDPL, which includes 4.4 million sq. ft. of operational retail space and 2.2 million sq. ft. of completed office area. The transaction is subject to shareholder and regulatory approvals, including those from the Competition Commission of India.
Reuters
24-07-2025
- Business
- Reuters
Canada pension fund to pocket $631 million from India mall JV exit
July 24 (Reuters) - Canada's biggest pension fund will exit a joint venture with India's Phoenix Mills ( opens new tab in a cash deal worth 54.49 billion rupees ($630.9 million), the mall operator said on Thursday. CPP Investments' exit comes at a time when brick-and-mortar retailers are grappling with reducing footfalls and increasing competition from e-commerce platforms. The rise of quick-commerce platforms - which deliver food, groceries, home decor and even electronics under 10 minutes - has exacerbated this trend. The deal, which involves CPP's sale of a 49% stake in Island Star Mall Developers, gives Phoenix Mills full control of the Phoenix MarketCity mall in the South Indian city of Bengaluru. Island Star - a joint venture the two entities formed, opens new tab in 2017 - also operates three other malls and two commercial office spaces in Bengaluru, Indore and Pune through its units. Phoenix will use its surplus cash and debt to fund the deal. CPP Investments will receive the payment in four tranches over the next three years. Cash flow from Island Star to Phoenix is expected to be more efficient post-deal and result in an up to four-fold surge in core profit over time, the mall operator said. Traditional retailers have reported a drop in frequency of customer visits to stores and a subsequent decline in foot traffic, with the trend steeper in top urban markets and across larger store formats, a report by PwC said, opens new tab. ($1 = 86.3640 Indian rupees)
