Phoenix Mills Ltd Q4 2023 Earnings Call Transcript

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

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Just going back on the consumption guidance that you gave, is it possible to break down what is the same store or same mall consumption growth guidance that you're looking for FY '24? So same area operating into new year, excluding Indore and Ahmedabad, what should be the consumption growth on those accounts?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : We are not INR 1,200 crores, but you're not counting.

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : So Indore, Ahmedabad combined INR 1,200 crores, and then you're not counting in your guidance anything from the new Pune and Bangalore malls.

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : That's very clear now. Secondly, on your office occupancy, what is your strategy? You have about 1.2 million square feet, both in Pune and Bangalore yet to lease. What kind of tenants are you looking for? And are you looking for more smaller spaces or more bigger spaces kind of tenants?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Office, yes.

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : And is it still possible to raise out the entire tower, given that somebody who will take the entire tower would want it to be built to suit, which is not going to be possible now, right?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Understood. Lastly on trading occupancy for your malls, do you think the trading occupancy has largely been in line with what you would have thought for FY '23? I thought the trading occupancy growth was slightly slower than -- and has been much slower than the lease occupancy for the entire fiscal '23?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Okay. So trading occupancy -- should lease occupancy by Diwali this year now?

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : I just have one small confusion. In your opening comments, you mentioned the new mall addition at about 1.1 million square feet. And this is basically Ahmedabad and Indore, and I was looking at my past notes, basically Ahmedabad is about 1.1 and Indore is some 0.7, 1 and -- Indore is 1 and Ahmedabad is 0.7. So it should be 1.7. So is these malls coming up in phases?

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : So then it should be 2.2 million of operational assets plus 1.7 million of the new, right?

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : Okay. But what will show down in your numbers will actually be the operational plus whatever is the Ahmedabad and Indore, which is supposed to come this year, right?

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : My second question is the last question. Can you give me a blended holding in your retail assets? See, I have a separate number that Lower Parel is 100, Chennai is this and Market City malls are a different number. But what will be your blended holding in your malls? And what will be your blended holding in your retail assets?

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : In retail? 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, 2023 / 6:00AM, PHOE.NS - Q4 2023 Phoenix Mills Ltd Earnings Call

Question: Pritesh Chheda - Lucky Investment Managers Private Limited - Analyst : And in office?