Phoenix Mills Ltd

About

Phoenix Mills Ltd is engaged in the operation & management of malls, construction of commercial & residential property and hotel business in India. It is India’s largest mall owner, with presence across major metros including Mumbai, Bengaluru, Chennai, Pune and Lucknow. It has an operational history of more than 100 years. The Co. operates 8 Malls spread over ~6 mn sq ft in 6 Major Cities [1] [2]

Key Points

Segment Wise Revenue in FY 20
Property & Related Services - 80%
Hospitality Services - 18 %[1]

Read More
  • Market Cap 16,297 Cr.
  • Current Price 948
  • High / Low 1,200 / 653
  • Stock P/E 99.2
  • Book Value 328
  • Dividend Yield 0.11 %
  • ROCE 4.22 %
  • ROE 1.22 %
  • Face Value 2.00

Pros

Cons

  • Stock is trading at 2.89 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -9.60% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 6.86% for last 3 years.
  • Dividend payout has been low at 14.53% of profits over last 3 years
  • Debtor days have increased from 58.32 to 100.83 days.
  • Promoter holding has decreased over last 3 years: -17.32%

Peer comparison

Sector: Realty Industry: Construction

Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
440 723 615 415 512 399 135 215 338 386 204 371
218 346 322 204 252 195 64 123 179 212 128 185
Operating Profit 222 377 293 211 259 204 70 92 159 173 76 186
OPM % 51% 52% 48% 51% 51% 51% 52% 43% 47% 45% 37% 50%
Other Income 17 81 15 27 13 10 13 14 15 50 12 16
Interest 92 83 87 88 89 84 87 94 86 81 72 75
Depreciation 52 51 51 51 51 55 50 54 53 52 48 48
Profit before tax 95 324 170 99 132 76 -54 -42 35 90 -32 79
Tax % 18% 16% 14% 35% 27% 37% 6% 6% -71% 29% -8% 20%
Net Profit 71 228 130 66 92 47 -42 -36 65 66 -26 59
EPS in Rs 4.62 14.90 8.50 4.29 5.99 3.04 -2.76 -2.09 3.81 3.81 -1.52 3.46

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
123 210 394 466 1,441 1,639 1,769 1,817 1,614 1,977 1,936 1,068 1,299
48 70 184 202 762 877 978 961 830 975 963 567 705
Operating Profit 75 141 210 263 679 762 790 856 784 1,001 973 501 595
OPM % 61% 67% 53% 57% 47% 47% 45% 47% 49% 51% 50% 47% 46%
Other Income 27 29 46 51 47 -63 -11 39 50 125 60 86 93
Interest 9 23 95 143 345 396 443 424 349 351 348 348 314
Depreciation 17 31 56 47 105 168 177 195 198 204 208 209 201
Profit before tax 76 115 105 124 275 136 159 276 287 572 478 29 173
Tax % 19% 28% 18% 34% 33% 36% 48% 31% 26% 19% 26% -16%
Net Profit 62 84 106 84 128 35 129 168 242 421 335 53 164
EPS in Rs 4.28 5.81 7.29 5.81 8.87 2.44 8.43 10.97 15.83 27.47 21.81 3.06 9.56
Dividend Payout % 28% 31% 27% 38% 25% 90% 26% 22% 16% 11% -0% 33%
Compounded Sales Growth
10 Years: 18%
5 Years: -10%
3 Years: -13%
TTM: 3%
Compounded Profit Growth
10 Years: -5%
5 Years: -16%
3 Years: -39%
TTM: 173%
Stock Price CAGR
10 Years: 17%
5 Years: 19%
3 Years: 16%
1 Year: 39%
Return on Equity
10 Years: 7%
5 Years: 7%
3 Years: 7%
Last Year: 1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
29 29 29 29 29 29 31 31 31 31 31 34 34
Reserves 1,576 1,641 1,682 1,740 1,695 1,645 1,997 2,119 2,821 3,443 3,678 4,850 5,605
Borrowings 661 962 1,668 2,196 3,406 3,402 3,889 3,626 3,666 4,244 4,308 4,063 3,874
416 506 734 1,046 1,630 1,565 1,507 1,233 1,979 2,398 2,528 2,506 3,256
Total Liabilities 2,682 3,138 4,113 5,011 6,760 6,641 7,424 7,008 8,497 10,116 10,545 11,453 12,769
732 793 1,188 2,784 4,170 4,130 4,548 4,500 5,668 6,522 6,453 7,272 7,636
CWIP 914 1,100 1,359 167 235 214 195 328 503 896 1,534 1,274 1,531
Investments 560 479 487 555 354 200 161 410 829 745 590 574 1,305
476 766 1,079 1,505 2,001 2,097 2,520 1,770 1,498 1,952 1,968 2,333 2,296
Total Assets 2,682 3,138 4,113 5,011 6,760 6,641 7,424 7,008 8,497 10,116 10,545 11,453 12,769

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
118 94 382 24 377 564 497 1,419 1,514 350 739 437
-315 -242 -848 -470 -1,246 -102 -377 -354 -1,825 -1,394 -362 -955
73 184 485 399 886 -455 -71 -1,108 277 1,053 -287 522
Net Cash Flow -124 35 19 -47 17 7 50 -43 -33 9 90 3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 128 167 57 66 50 49 57 30 29 36 38 101
Inventory Days 2,511
Days Payable 687
Cash Conversion Cycle 128 167 1,881 66 50 49 57 30 29 36 38 101
Working Capital Days 629 160 138 432 224 221 239 145 -44 73 76 132
ROCE % 4% 6% 7% 7% 13% 12% 12% 12% 10% 12% 10% 4%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
62.77 62.76 62.75 59.16 59.14 59.11 59.11 45.56 45.53 45.51 45.50 45.48
27.93 26.34 26.88 26.29 27.53 25.74 25.74 33.91 33.45 34.30 34.43 32.29
4.34 5.70 6.14 7.02 9.18 10.88 11.40 16.28 17.38 16.54 16.21 18.04
4.96 5.19 4.23 7.53 4.15 4.26 3.74 4.25 3.63 3.65 3.85 4.19

Documents