Phoenix Mills Ltd Q4 2022 Earnings Call Transcript

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

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Congratulations on the strong numbers. My first question is, how should one think about the minimum guarantee range for FY '23. Will it be fair to assume that the last 2 years, which have been lost FY '21 and '22, the growth would be on the base of FY '20? Or should we assume a 4%, 5% CAGR growth in '21, '22 and building a minimum guarantee for a (inaudible)?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Okay. You had alluded to this percentage share of revenue, will that be applicable for just a small period of time to recoup the loss centers in '21 and '22 or that be a new norm going into '24, '25, '26, '27?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Okay. And will that -- for new leasing, will there be a lower minimum guarantee? Or will the minimum guarantee standards remain intact?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Got it. This is helpful. And my second question is your malls are close to completion in Indore and Ahmedabad this year and Pune, Bangalore next year. There has obviously been a rise in construction cost as well. What impact has that made to your budget in terms of the total construction spend for these malls?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Okay. So -- but there will be impact on the finished products, right, the marble whatever the...

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Got it. Got it. That's very helpful. My third one is now that Chennai Mall acquisition is completed and paid for, when you did the calculation, what kind of cap rate did sign for purchase of that acquisition, for the mall for the balance of 50%?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Understood. And lastly, the timeline for completion for Project Rise?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Great. And if I can just squeeze one more. On your commercial offices now that you've started work on a lot of new assets, what kind of demand

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : Two clarifications. One in the retail assets of our, what would be our blended holding post this transaction of the Classic Mall, so that we get an understanding of your share of the retail revenue or rental revenue, sorry? And second, my question is on the office assets. There is a slide about new agreements of about 170,000, 180,000 square feet, so is it possible for you to give a 180,000. So is it possible for you to give us a view in terms of we have the capacity available, considering the Fountainhead 2, what kind of utilizations we'll see over the next couple of years?

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : I want to know our blended holding in the retail rental revenue.

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : Yes, of the portfolio.

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : Okay. So the Ahmedabad is 50%.

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : So from an existing portfolio, MarketCity, Bangalore, MarketCity, Pune and MarketCity Mumbai is where you have less than 100% holding. That's about whatever, 64% you mentioned, 64%, 65%? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 25, 2022 / 5:30AM, PHOE.NS - Q4 2022 Phoenix Mills Ltd Earnings Call

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : I was looking for that simple answer, sir. Okay. And on the office asset side, if you could give us what kind of leasing activity growth that you see over the next couple of years? So you have -- I think your -- you have leased out 890,000 square feet, which I can see from your presentation. This 890,000 should be what number in the next couple of years?

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : In this current financial?

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : Okay. So this 1 million to 2 million you have the necessary visibility so it's all -- because I don't see in your presentation, usually, you have given in your retail assets, how much is pre-leased but you haven't given that in your rental assets, office assets.

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : Yes. I see the -- yes -- but from 1 million to 2 million, you haven't mentioned anywhere in the presentation. So that's why I'm asking...