Phoenix Mills Ltd Q3 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Pritesh Sheth - Motilal Oswal Securities Limited, Research Division - Analyst : Yeah, thanks for the opportunity and congrats on your strong growth. First question is on, if consumption growth versus your rental growth. So if I look at the nine-month number, the consumption growth was at 21%, while rental growth was at 25% for your retail portfolio. Generally, we have a -- we keep a close track on the consumption growth. I mean in terms of our performance. But of late, it has been higher, it's just largely due to the mix of retenant or we know it has something to do with something, you know, a trend which is going forward, we can see. And how should one look at your rental growth as a percentage of consumption growth. Will that increase again in future as well?

Question: Pritesh Sheth - Motilal Oswal Securities Limited, Research Division - Analyst : Yeah, sure. Thanks. That's helpful and answered my question. Second of all, the upcoming months, the time line that you have mentioned is the FY, financial year, right? I mean not the calendar year.

Question: Pritesh Sheth - Motilal Oswal Securities Limited, Research Division - Analyst : Oh, you mentioned the calendar year. Okay. And so Kolkata would be calendar year '27, any reason for that in terms of delay because earlier you were expecting to be '25, '26. And you know, if the next upcoming monies in FY27, I mean, calendar year '27 or '28, how should one look at the growth of your in your retail portfolio because more or less and beyond FY25, we would be largely looking at the consumption led growth of the existing mall. So how should one look at that growth? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 13, 2024 / 5:30AM, PHOE.NS - Q3 2024 Phoenix Mills Ltd Earnings Call

Question: Pritesh Sheth - Motilal Oswal Securities Limited, Research Division - Analyst : Sure. That's helpful. I'll ask few more, I'll join back to queue. Thank you all the best and all the best Anuraag for future endeavors.

Question: Parikshit Kandpal - HDFC Securities - Analyst : Hi Shishir. Congratulations on the recent quarter. So my question is on the residential piece. So any thoughts around the Thane land? What do you want to do? Because I think last quarter you are not quite clear what you wanted to with that. So any update on that?

Question: Parikshit Kandpal - HDFC Securities - Analyst : Any idea what could be the CapEx for this hotel and the retail portion?

Question: Parikshit Kandpal - HDFC Securities - Analyst : Any tentative areas for in-store hospitality and retail. I mean, so out of this, I would understand that, well, copper to pre revenue followed by retail mix.

Question: Parikshit Kandpal - HDFC Securities - Analyst : Just on the consumption issue, I mean, if I just compare like to like adjusted for trading and occupancies, ramp-up of finance to do the calculation. So what according to you further matured assets could be the consumption growth because what I was doing my numbers, I'm getting that even not we are not able to invest much of the inflation. The numbers have been slightly under 1 million for the quantity of central color on that?

Question: Parikshit Kandpal - HDFC Securities - Analyst : Okay, on this high base now sits within your internal estimates on how long do you think that there's such a holiday weekends to go or Y-o-Y and beat inflation?

Question: Parikshit Kandpal - HDFC Securities - Analyst : And just the last question. (Multiple speaker) Okay I will join the queue.

Question: Pulkit Patni - Goldman Sachs Asset Management. - Analyst : Thanks for taking my question. To clarify. I'm not from the asset management arm and from the research side, my question is on jewelry. Can you give a sense of how your understanding of rental movement for jewellery is given the fact that the gold prices can be extremely volatile? So if you could get a sense. So how that works so that we can model it better.

Question: Pulkit Patni - Goldman Sachs Asset Management. - Analyst : So but 1.5% on average of consumption is what we can model it?

Question: Pulkit Patni - Goldman Sachs Asset Management. - Analyst : Sure. Thank you, Shishir.

Question: Chetan Gindodia - PGIM India Mutual Fund - Analyst : Hi sir, coming back to the earlier question on retail mall addition. So we have based on the presentation, we planned additions of [2.7 million] square feet only in 2028 over a base of 11 million square feet. So even the number seems abnormally low given that we have with a strong balance sheet and there are very few players in this market who are bringing upgraded malls. Given this opportunity landscape. And given our balance sheet and the place we are right now, are you looking at building up this pipeline further or to accelerate our mall additions over the coming five, seven year period there, how are you overall thinking about it?

Question: Chetan Gindodia - PGIM India Mutual Fund - Analyst : Okay, so would you be targeting 1 million square feet a year? That is what we had earlier planned.

Question: Chetan Gindodia - PGIM India Mutual Fund - Analyst : Okay. Got it.

Question: Chetan Gindodia - PGIM India Mutual Fund - Analyst : Right, still this won't be able to utilize 100%. Our cash flows towards this commercial addition rate, will still be having a significant surplus given over and above the construction cost.

Question: Chetan Gindodia - PGIM India Mutual Fund - Analyst : Yes, yes. Well, it does. Thank you and all the best.