PHOENIXLTD · Realty
Phoenix Mills Ltd. reported revenue of ₹904 cr for April to June 2024, +11.5% on the year and −30.8% on the quarter.
Operating profit (EBITDA) was ₹531 cr, a margin of 58.7%, −193 bps on the year and +1,073 bps on the quarter. Operating costs grew +16.9%, faster than revenue at +11.5%, so operating profit grew less than sales.
Net profit was ₹315 cr, +8.2% on the year and −19.6% on the quarter, with earnings per share of ₹6.50. Profit before other income, one-offs and tax grew 4.8%, so 3 points of the headline growth came from outside the core business. The tax rate of 19% is in line with its recent average.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹30.53 over the last four quarters, the stock at ₹1,905.40 trades at 62.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 58.7%, −193 bps on the year (+1,073 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹986 cr | ₹1,306 cr | ₹904 cr | ₹918 cr | ₹975 cr | ₹1,016 cr | ₹953 cr | ₹1,115 cr | ₹1,121 cr | ₹1,233 cr | ₹1,075 cr | ₹1,153 cr |
| YoY | — | — | +11% | +5% | −1% | −22% | +5% | +21% | +15% | +21% | +13% | +3% |
| EBITDA margin | 56.0% | 48.0% | 58.7% | 56.4% | 56.7% | 55.1% | 59.2% | 59.8% | 58.5% | 60.8% | 59.7% | 61.6% |
| Other income, % of PBT | 8% | 8% | 10% | 10% | 11% | 10% | 8% | 6% | 4% | 9% | 8% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 17% | 20% | 19% | 22% | 15% | 17% | 21% | 26% | 25% | 22% | 20% | 23% |
| Net profit | ₹345 cr | ₹392 cr | ₹315 cr | ₹292 cr | ₹353 cr | ₹348 cr | ₹321 cr | ₹384 cr | ₹366 cr | ₹485 cr | ₹394 cr | ₹427 cr |
| YoY | — | — | +8% | −4% | +2% | −11% | +2% | +32% | +4% | +39% | +23% | +11% |
| Core profit YoY | — | — | +5% | −2% | −3% | −17% | +7% | +44% | +27% | +50% | +21% | +6% |
| EPS | ₹7.82 | ₹9.14 | ₹6.50 | ₹6.10 | ₹7.41 | ₹7.52 | ₹6.73 | ₹8.50 | ₹7.71 | ₹11.28 | ₹8.30 | ₹9.11 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Phoenix Mills Ltd. reported revenue of ₹904 cr (+11.5% on the year) and net profit of ₹315 cr (+8.2% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +4.8% on the year, against +8.2% for reported profit.
None of the 7 checks that could run raised a question.
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