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Phoenix Mills’ net profit increases 101%, income up 28% in FY22

For the quarter that ended March, The Phoenix Mills, a retail-led mixed-use asset developer and operator, announced a 101% year-on-year increase in net profit of Rs 116.7 crore. For the quarter, operating income increased by 28% to Rs 495.4 crore. 

The company made a net profit of Rs 263 crore in the financial year 2021-22, owing to an increase in revenue of 38% to Rs 1,483 crore. 

Operating profit for the quarter increased by 39% to Rs 241 crore, and for the fiscal year, it increased by 49% to Rs 734 crore.

During the quarter, retail consumption at its malls was roughly Rs 1,669 crore, up 103% from the fourth quarter of 2018-19 (pre-Covid period). In 2021-22, total consumption was Rs 5,011 crore, up 71%. The company added that total consumption in April 2022 was Rs 720 crore, up 129% from April 2019, and that the robust consumption growth trend has persisted so far in May 2022. 

The total retail collection for the year was Rs 1,170 crore, with the March quarter being roughly Rs 476 crore.

The company has finalised the acquisition of the remaining 50% ownership in Classic Mall Development Company (Phoenix Marketcity Chennai) for Rs 936 crore, making Classic Mall a wholly-owned subsidiary of Phoenix Mills Ltd as of May 5, 2022.

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