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The Phoenix Mills Ltd. noticed Q1 FY23 (April-June 2022) like-to-like consumption throughout malls at Rs 19.8 billion or 111% of April-June 2019 (Q1 FY20) ranges which translated into Q1 FY23 retail like-to-like Ebitda of Rs 2.9 billion or 115% of Q1 FY20 ranges.
July 2022 like-to-like consumption was at 120% of July-19 ranges on the again of shops’ Finish of Season sale.
Owing to the better-than-expected consumption/leases, we increase our FY23/24E retail Ebitda estimates by 8% every and now mannequin for FY23E rental earnings of Rs 13.7 billion (Rs 12.2 billion on like-to-like foundation versus Rs 10.3 billion in FY20).
With Indore and Ahmedabad malls to open in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, we count on 17% rental earnings compound annual development fee over FY20-25E.
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