The company said that consumption across its retail portfolio came in at Rs 1370 crore in Q3 FY21, up 192% quarter-on-quarter (QoQ) and at approximately 66% of Q3 FY20.

Consumption in December 2020 was steady at approximately Rs 500 crore, at the same level as November 2020 and at 70% of December 2019.

In line with consumption, retail collections continue to witness sharp improvement. Q3 FY21 collection was at approximately Rs 260 crore.

In its residential portfolio, Phoenix Mills witnessed significant interest from customers for ready‐to‐move‐in inventory at One Bangalore West and Kessaku. It sold 14 units with aggregate sales value of approximately Rs 74 crore and the collections were at Rs 37.8 crore in Q3 FY21.

In its commercial portfolio, the company's rent & CAM collections across the commercial portfolio remained strong at approximately Rs 39 crore in Q3 FY21. It received occupation certificate for Fountainhead Tower 2 in October 2020 and leased approximately 25,000 sq ft during December 2020.

In the hospitality segment, the company's hotel properties saw improved traction in social events and F&B revenue during Q3FY21. Revenue at The St. Regis, Mumbai has almost doubled sequentially to approximately Rs 17.9 crore in Q3 FY21 and is at 28% of Q3FY20. Revenue at Courtyard by Marriott, Agra stood at approximately Rs 4.5 crore in Q3 FY21, at 36% of Q3FY20.

The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of of eight retail mall assets across major cities in the country. It also has an office portfolio of in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate in Bengaluru and Chennai.

On a consolidated basis, the company posted a net loss of Rs 39.98 crore in Q2 September 2020 as against a net profit of Rs 64.26 crore reported in Q2 September 2019. Net sales declined 48% year on year to Rs 214.9 crore in Q2 September 2020.

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Phoenix Mills Ltd rose 2.49% today to trade at Rs 744.15. The S&P BSE Realty Index index is up 1.18% to quote at 2308.1. The index is up 15.44 % over last one month. Among the other constituents of the index, Sobha Ltd increased 1.62% and Prestige Estates Projects Ltd added 1.51% on the day. The S&P BSE Realty Index index went up 3.3 % over last one year compared to the 10.99% surge in benchmark SENSEX.

Phoenix Mills Ltd has added 14.23% over last one month compared to 15.44% gain in S&P BSE Realty Index index and 4.4% rise in the SENSEX. On the BSE, 352 shares were traded in the counter so far compared with average daily volumes of 12797 shares in the past one month. The stock hit a record high of Rs 979.5 on 25 Feb 2020. The stock hit a 52-week low of Rs 466.25 on 18 May 2020.

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Phoenix Mills has allotted 23,500 Equity Shares of Rs. 2/- each fully paid-up to the grantees upon exercise of stock options pursuant to The Phoenix Mills Employees Stock Option Plan 2007.

Consequent upon allotment of the above shares, the paid-up Equity Share Capital of the Company stands increased Rs. 34,35,08,032 consisting of 17,17,54,016 Equity Shares of Rs. 2/- each to Rs. 34,35,55,032 consisting of 17,17,77,516 Equity Shares of Rs. 2/- each.

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The leading mall developer, Phoenix Mills, and its subsidiaries, Offbeat Developers (ODPL), Graceworks Realty and Leisure (GRLPL) and Vamona Developers (VDPL), have jointly signed a non-binding term-sheet with an affiliate of GIC, for formation and development of a strategic retail-led mixed use platform. The proposed transaction is subject to execution of definitive agreements by the parties and fulfilment of conditions.

GIC will invest in the Phoenix Mills subsidiaries by way of a combination of primary infusion and secondary purchase of equity shares. Subject to mutually agreed terms and conditions between the parties, GIC will initially acquire an equity stake of 26%. The parties to the transaction may mutually agree for GIC to further increase its stake up to 35% within a 12 month period.

Phoenix Mills will contribute its retail assets -- Phoenix Marketcity Mumbai and Phoenix Marketcity Pune; and its commercial assets -- Art Guild House, Phoenix Paragon Plaza and Centrium in Mumbai as a part of the platform. Together these assets, which are held by the Phoenix Mills subsidiaries, constitute a retail gross leasable area of approximately 2.33 million square feet (msf) and office gross leasable area of approximately 1.03 msf, aggregating to GLA of 3.36 msf with FY20 net operating income of approximately Rs 370 crore.

Phoenix Mills' asset contributions are indicatively valued at an approximate enterprise value of Rs 5600 crore - Rs 5700 crore, subject to due diligence and adjustments, if any.

The proceeds from the proposed transaction are intended to be utilized as growth capital for further expansion and acquisition of greenfield, brownfield, operational/distressed mall opportunities.

Parties may consider various options to monetize this platform, including by way of a REIT, over a three to five-year period from the closing of the proposed transaction.

The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of of eight retail mall assets across major cities in the country. It also has an office portfolio of in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate in Bengaluru and Chennai.

On a consolidated basis, the company posted a net loss of Rs 39.98 crore in Q2 September 2020 as against a net profit of Rs 64.26 crore reported in Q2 September 2019. Net sales declined 48% year on year to Rs 214.9 crore in Q2 September 2020.

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