The Phoenix Mills' net profit grows 11% in Q1 FY19

Q1 Retail rental income at INR 2.4 billion, up 15% y -o-y The Phoenix Mills Limited (PML), India's largest retail-led mixed-use asset developer and operator, today reported its unaudited financial results for the first quarter and 3 months ended on June 30, 2018 as approved by its Board of Directors. Financial Highlights - Q1 FY2019 Consolidated Revenue from operations at INR 4,132 million, up 4% y-o-y EBITDA at INR 1,953 million, up 11% y-o-y Profit after tax (after minority interest and before other comprehensive income) at INR 597 million, up 40% y-o-y "Aggregate retail rental income across our malls continued to show momentum during the first quarter of FY 2019, reporting a robust growth of 15% backed by an aggregate consumption of INR 17.0 billion across our malls. The hotel portfolio did quite well in what is usually a seasonally weak quarter for the hotel industry due to very low inbound tourist traffic. With 5 acquisitions during the last 14 months, comprising a combination of land parcels and under-construction assets, we demonstrated our resolve to achieve the target of doubling the retail portfolio in the next 4-5 years", said Mr. Shishir Shrivastava, Joint Managing Director, The Phoenix Mills Limited. Commenting on the financial performance, Mr. Pradumna Kanodia, Director - Finance, The Phoenix Mills Limited said, "An excellent performance during the quarter in our retail and commercial portfolios helped us post 11% y-o-y growth in EBITDA and an impressive 40% y-o-y growth in profit after tax. This is helping us generate superior cash flows which we are prudently deploying for our growth initiatives, resulting in much lesser additional debt relative to our deployment. Improvement in credit ratings across our SPVs is a testimony to the company's conservative and prudent fiscal discipline. The company's future growth plans will also be guided by such judiciously planned capital allocation strategy."