March 01, 2017 / 10:46 AM IST
Phoenix Mills Ltd (PML) defied the slowdown due to demonetization to report 12% YoY and 10% YoY growth in rental income and consumption at its malls in Q3. The growthwas driven by festive demand in Oct’ 16 and strong recovery (post demonetization) in Dec’ 16 (consumption growth in Dec ‘16 stood at 17% YoY).
Outlook
Visibility of rental growth remains strong, driven by rental renewals (40% of its leasable area) at significantly higher Minimum Guarantees (MG) and better revenue share terms. Further, PML’s development business can generate net cash flow of Rs 25-30 bn over next 5-6 years, which could be used to fund growth/ deleveraging.
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