Business Update10 Jan 2025, 12:01 am
Phoenix Mills Reports Q3 and 9M FY25 Business Update: Retail Sales Surge, Hospitality Improves, and Residential Sales Steady
AI Summary
The Phoenix Mills Ltd has released its operational business update for the quarter and nine months ended on December 31, 2024. The retail sector saw a significant increase in consumption, up by 21% in Q3 FY25 and 23% in 9M FY25. The hospitality sector also showed improvement with The St. Regis, Mumbai, and Courtyard by Marriott, Agra, reporting increased occupancy and ARR. The residential sector reported steady gross sales and collections for 9M FY25.
Key Highlights
- Retail consumption increased by 21% in Q3 FY25 and 23% in 9M FY25
- The St. Regis, Mumbai, and Courtyard by Marriott, Agra, reported improved occupancy and ARR
- Gross residential sales and collections remained steady for 9M FY25
- The expansion at Phoenix Palladium, Mumbai, added approximately 250,000 square feet of gross leasable area
- Gross leasing of ~1.7 lakh sq. ft. in the currently operational assets at Kurla, Mumbai and Vimannagar, Pune during 9M FY25