PHOENIXLTD · Realty
Phoenix Mills Ltd. reported revenue of ₹975 cr for October to December 2024, −1.1% on the year and +6.2% on the quarter.
Operating profit (EBITDA) was ₹553 cr, a margin of 56.7%, +73 bps on the year and +29 bps on the quarter. Over the last 7 quarters the margin has ranged from 48.0% to 60.7%, averaging 56.3%. Operating costs grew −2.8%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹353 cr, +2.3% on the year and +20.9% on the quarter, with earnings per share of ₹7.41. Profit before other income, one-offs and tax fell 3.4%, so 6 points of the headline growth came from outside the core business. The tax rate was 15% against an average of 20% over the previous 6 quarters, which lifted profit this quarter.
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 ₹29.15 over the last four quarters, the stock at ₹1,905.40 trades at 65.4 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.
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 ₹975 cr (−1.1% on the year) and net profit of ₹353 cr (+2.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −3.4% on the year, against +2.3% for reported profit.
None of the 7 checks that could run raised a question.
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