Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Investor Presentation (April 2019)
87 slides from Phoenix Mills's investor presentation, April 2019
Slide 1: Corporate Presentation
Corporate Presentation April 2019
Slide 2: Overview and Strategy; Financial Results; Business Performance
Overview and Strategy Financial Results Business Performance Annexure
Slide 3: PML's evolution into a retail powerhouse
PML’s evolution into a retail powerhouse 1999 - 2005 2006 - 2012 2013 - 2017 Now Evolution of HSP from a textile Large, city-centric land parcels Established market leadership Strong consumption sustained rental income growth mill to an entertainment acquired for creating of Malls in res
Slide 4: Portfolio Overview
Portfolio Overview Retail Portfolio Office Portfolio Hospitality Portfolio Residential Portfolio Portfolio Size: 6mn sq ft Portfolio Size: 1.16 mn sq ft Portfolio Size: 588 keys Portfolio Size: 3.72 mn sq ft Own, develop and manage Own and develop commercial Own and develop marquee Develop and sell
Slide 5: Our Annuity Income-Generating Portfolio
Our Annuity Income-Generating Portfolio OPERATIONAL PORTFOLIO PORTFOLIO UNDER DEVELOPMENT MALL PORTFOLIO MALL PORTFOLIO (4.90 MSF) (5.90 MSF) HSP & Palladium Mumbai 0.74 Phoenix MarketCity Pune 1.1 Phoenix MarketCity Chennai 1.00 Wakad Palladium Chennai 0.22 Phoenix MarketCity Bengaluru 1.2 Hebbal P
Slide 6: Our Residential Development Portfolio
Our Residential Development Portfolio Kessaku One Bangalore West RESIDENTIAL PORTFOLIO Area Total Area Balance Project launched (msf) area (msf) (msf) UNDER CONSTRUCTION One Bangalore West 0.97 0.2 0.72 - Towers 6-9 Kessaku, Bengaluru 0.99 0.57 0.42 Total 1.96 0.82 1.14 Total area Area launched Proj
Slide 7: Presence Across Key Gateway Cities in India
Presence Across Key Gateway Cities in India 7
Slide 8: Our Portfolio under Development & Planning
Our Portfolio under Development & Planning Balance PROJECT NAME Retail Office Development Total Potential See table on Retail Portfolio Under-development 4.90 - 4.90 previous page Fountainhead Towers 2-3, Pune - 0.55 - 0.55 Office Portfolio Commercial offices on top of Palladium Under- - 0.42 - 0.42
Slide 9: Portfolio Summary
Portfolio Summary Particulars Retail (msf) Office (msf) Hotel Total Current Operational Assets 5.90 1.32 588 keys 7.22 Under development Portfolio 4.90 0.96 - 5.86 Portfolio under Planning 0.85 3.00 - 3.85 Total 11.65 5.28 588 keys 16.93 Retail Office 2.0x 4.0x Asset-wise portfolio growth post compl
Slide 10: The PML Advantage
The PML Advantage Annuity-led • 90% of revenues from annuity-led businesses: Retail, Commercial and Hotel Business Model • 10% of revenues from Residential development Synergies from • Retail-led mixed use developments, in tune with modern consumer lifestyles (work-life-play) Mixed-use • Synergies o
Slide 11: PML's Multi-faceted Growth Trajectory
PML’s Multi-faceted Growth Trajectory Alliance with CPPIB – Key enabler to Strong Performance of operational double retail portfolio rental assets CPPIB invested Rs. 16,620 mn for a 49% FY13-18 Consumption CAGR at 20% stake; balance 51% with PML FY13-18 rental income CAGR at 15% Committe
Slide 12: PML – Preferred destination for All
PML – Preferred destination for All Retailers Customers 1. Creating a community mixed-use 1. Malls located at Prime Catchments development in the major metropolitan cities of India 2. Our malls are typically 1 msft or higher – complete offering with 2. Experienced & Decentralized Mall strong focus o
Slide 13: Phoenix Retail Evolution 2.0
Phoenix Retail Evolution 2.0 • Easy Pickup/Drop for OLA and Uber Creating a • Office Anchor • Multiple Entry Points at Community - • Hotel Mobility & • different levels Technology integration for Convenience FUTURE Mixed-Use • • Large Events Venue Performing Arts Auditorium / Multi- better parking m
Slide 14: Revenue Cycle of a Mall
Revenue Cycle of a Mall PMC malls are currently in 200 second leg of this growth Majority of retail lease agreements at PML pay higher of minimum guarantee (MG) rents and revenue share (% of consumption) Lease renewal at 180 significantly higher rates Rent PSF (Rebased to 100) 160 Generally MG escal
Slide 15: Renewal Schedule (% of total leasable area)
Renewal Schedule (% of total leasable area) 60% of leasable area for renewal over next 3 years 51% of leasable area for renewal over next 3 years HSP & Palladium PMC Mumbai 25% 19% 16% 32% 11% 8% FY19 FY20 FY21 FY19 FY20 FY21 36% of leasable area for renewal over next 3 years 60% of leasable area fo
Slide 16: Long Term Sustainable Growth Delivered Through The Cycle
Long Term Sustainable Growth Delivered Through The Cycle MarketCity malls to follow similar growth trajectory at HSP & Palladium In 2010, trading density and consumption at High Bubble size represents consumption Street Phoenix was at Rs 1,055 psf pm and Rs 4,371 mn, respectively today, has grow
Slide 17: CPPIB Alliance & New Asset Additions
CPPIB Alliance & New Asset Additions High Street Phoenix & Palladium, Mumbai
Slide 18: Strategic Alliance with CPPIB – Key Highlights
Strategic Alliance with CPPIB – Key Highlights • Strategic alliance with CPPIB to acquire, develop, operate retail-led developments formed in April 2017 Rs. 22,000 mn 17,000 mn • CPPIB invested Rs. 1,662 cr in Island Star Mall Developers Pvt. Ltd. (ISMDPL), PML’s subsidiary, for a Enterprise Value f
Slide 19: Strategic Alliance with CPPIB
Strategic Alliance with CPPIB • Established strategic platform in April 2017 for retail-led, mixed use developments in India o PML contributed its existing Island Star Phoenix MarketCity Mall, Mall Whitefield, Bangalore valued at PML Developers CPPIB Equity infusion Rs. 17 bn 51% Pvt. Ltd. 49% Rs. 1
Slide 20: Under-construction asset update
Under-construction asset update We have closed 5 acquisitions – land parcels in Pune, Bangalore and Ahmedabad, under-construction retail assets in Lucknow and Indore – between Aug 2017 & July 2018 These acquisitions take our under-development retail leasable portfolio to c.4.6 million sft We h
Slide 21: Under-construction asset update
Under-construction asset update • Construction commencement on schedule in our greenfield retail development at Wakad Pune, Hebbal Bangalore and Ahmedabad • PMC Lucknow expected to be operational in H2FY20, with fit-out commencement from Q1FY20 Project Partnership / owned Remarks Excavation commence
Slide 22: Phoenix MarketCity Wakad, Pune - Concept
Phoenix MarketCity Wakad, Pune - Concept Concept Architect – Callison22
Slide 23: Land acquisition at Wakad, Pune (Aug 2017)
Land acquisition at Wakad, Pune (Aug 2017) Deal Overview Wakad, Pune Location Dynamics Land Size (acres) 15 Location Behind Hotel Sayaji Current mall in Viman Nagar serves the CBD of Kharadi and Acquisition Cost – Land + TDR surrounding residential areas of Kalyani Nagar, Boat Club, 2,360 (Rs. Mn)
Slide 24: Phoenix MarketCity Wakad, Pune - Site Pictures
Phoenix MarketCity Wakad, Pune - Site Pictures Excavation commenced on 7th Feb 2019 24
Slide 25: Land acquisition at Hebbal, Bangalore (Apr 2018)
Land acquisition at Hebbal, Bangalore (Apr 2018) Mixed Use Development Commercial • Residential: 30 Acres (development potential of 3.8 million sq. ft.) • Commercial (Tech, SEZ & IT Commercial Park): 23 acres (development potential of 2.9 million sq. ft.) Residential Area acquired by ISML Mall & Mul
Slide 26: Land acquisition at Hebbal, Bangalore (Apr 2018)
Land acquisition at Hebbal, Bangalore (Apr 2018) Deal Overview Hebbal, Bangalore Location Dynamics Land Size (acres) 13 Next to L&T Raintree Boulevard Current mall in Whitefield serves the eastern parts of Location residential Bengaluru city Acquisition Cost (Rs. Mn) 6,990 Hebbal is almost 19 km
Slide 27: Phoenix MarketCity Hebbal, Bengaluru - Site Pictures
Phoenix MarketCity Hebbal, Bengaluru - Site Pictures Excavation to commence in Feb 2019 27
Slide 28: Acquisition of Under-Construction Mall at Indore
Acquisition of Under-Construction Mall at Indore Phoenix Marketcity Indore is a 1.1 msft retail development at Mumbai-Agra National Highway, MR 10, Indore 28
Slide 29: Acquisition of Under-Construction Mall at Indore
Acquisition of Under-Construction Mall at Indore Deal Overview Location Dynamics i. Acquired 19 acres of land parcel for Rs. 2,335 mn. (land and Indore is an underserved market with appetite for a 1 msft. under-construction retail development) in an e-auction high quality retail, F&B and entertain
Slide 30: Acquisition of Under-Construction Mall at Lucknow
Acquisition of Under-Construction Mall at Lucknow Phoenix Marketcity Lucknow is an approx. 1 msft retail development, with a proposed store count of 300, spread over four levels 30
Slide 31: Acquisition of Under-Construction Mall at Lucknow
Acquisition of Under-Construction Mall at Lucknow Deal Overview Location Dynamics i. Acquired 13.5 acres of land, with an under construction Gomti Nagar has emerged as an exclusive growth corridor (structure is 90% ready) retail development via an auction of the city, with reputed companies, schoo
Slide 32: Phoenix MarketCity Lucknow – Master Layout
Phoenix MarketCity Lucknow – Master Layout LDA Land 56.30 acres 32
Slide 33: Phoenix MarketCity Lucknow - Site Pictures
Phoenix MarketCity Lucknow - Site Pictures Site progress on track, fit-outs expected to commence in Q1FY20. Mall to be operational in H2FY20 33
Slide 34: Phoenix MarketCity Lucknow - Site Pictures
Phoenix MarketCity Lucknow - Site Pictures PERIOD OF POSSESSION FROM (LDA) IN JUNE-2018 CURRENT STATUS - FEB-2019 34
Slide 35: Phoenix MarketCity Lucknow - Site Pictures
Phoenix MarketCity Lucknow - Site Pictures PERIOD OF POSSESSION FROM (LDA) IN JUNE-2018 CURRENT STATUS - FEB-2019 35
Slide 36: Phoenix MarketCity Lucknow - Actual Site Images
Phoenix MarketCity Lucknow - Actual Site Images PERIOD OF POSSESSION FROM (LDA) IN JUNE-2018 36
Slide 37: Phoenix MarketCity Lucknow - Site Pictures
Phoenix MarketCity Lucknow - Site Pictures CURRENT STATUS - FEB-2019 37
Slide 38: Phoenix MarketCity Lucknow - Indicative Renders
Phoenix MarketCity Lucknow - Indicative Renders Mall Arcade View Inside View 38
Slide 39: Land acquisition at Thaltej, Ahmedabad – Overview
Land acquisition at Thaltej, Ahmedabad – Overview Premium retail development with GLA of approx. 0.6 msf located at Thaltej on the Sarkhej-Gandhi (SG) Highway 39
Slide 40: Land acquisition at Thaltej, Ahmedabad
Land acquisition at Thaltej, Ahmedabad Deal Overview Location Dynamics i. PML has entered into a 50:50 alliance with Sarkhej Gandhinagar (SG) Highway road is the key Ahmedabad based BSafal group growth corridor of the city ii. The alliance has acquired 5.16 acres of land, located This area include
Slide 41: Palladium, Ahmedabad - Site Pictures
Palladium, Ahmedabad - Site Pictures Construction commenced in Jan 2019 41
Slide 42: Palladium, Ahmedabad - Site Pictures
Palladium, Ahmedabad - Site Pictures Construction commenced in Jan 2019 42
Slide 43: Overview and Strategy; Financial Results; Business Performance
Overview and Strategy Financial Results Business Performance Annexure
Slide 44: Q3 & 9MFY19 Standalone P&L
Q3 & 9MFY19 Standalone P&L YoY % YoY % (Rs. mn) Q3 FY19 Q3 FY18 9M FY19 9M FY18 Change Change Income from 1,121 1,001 12% 3,300 2,928 13% operations EBITDA EBITDA 663 619 7% 2,025 1,878 8% 7% Rs. 663 mn EBITDA Margin (%) 59% 62% 61% 64% Profit Before Tax and 392 371 6% 1,620 1,494 8% exceptional ite
Slide 45: Q3 & 9MFY19 Consolidated P&L
Q3 & 9MFY19 Consolidated P&L YoY % 9M 9M YoY % (Rs. mn) Q3 FY19 Q3 FY18 Change FY19 FY18 Change Income from 4,404 4,166 6% 12,583 11,831 6% operations Retail 2,899 2719 7% 8,643 7,897 9% EBITDA 8% Residential 199 311 723 1,032 Rs. 2,225 mn Commercial 327 173 89% 637 430 48% Hospitality & Others 979
Slide 46: Debt Profile as on 31st Dec 2018
Debt Profile as on 31st Dec 2018 Average cost of borrowing up marginally to 9.29% Status Asset Class Amount (Rs. mn) Retail 31,253 94% of Debt is long-term. Debt on the operational Hospitality 5,869 portfolio is primarily lease-rental discounting for retail Operational Commercial 2,737 and comme
Slide 47: Effective Cost of Debt & Maturity Profile
Effective Cost of Debt & Maturity Profile Effective cost of debt (%) Debt Maturity Profile^(Rs. mn) 13.0% 12.5% 12.3% 21,124 12.0% 11.8% 11.0% 11.5% 11.0% 10.5% 10.2% 10.0% 9.14% 9.29% 9.5% 8.94% 8.99% 4,310 9.0% 3,307 2,067 2,418 8.5% 8.0% Jun-18 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Sep-18 Dec-18 FY1
Slide 48: Debt reduction across operating Assets
Debt reduction across operating Assets Debt on Operational portfolio 42,480 41,314 41,256 40,121 • Reduction in debt has been done across most operating FY18 Q1FY19 Q2FY19 Q3FY19 assets in line with steady Debt on Under-development portfolio annuity income 3,494 2,582 2,670 • Incremental borrowings
Slide 49: Demonstrated Strong & Increasing Free Cash Flow Generation
Demonstrated Strong & Increasing Free Cash Flow Generation • Consolidated EBITDA has 9MFY19 3,454 grown at a CAGR of 24.2% 6,160^ between FY13-18 FY18 4,404 7,774^ • Free Cash Flow (FCF) has FY17 3,633 8,469 grown at a CAGR of 27.2% between FY13-18 FY16 2,543 utilization was largely 7,869 towards
Slide 50: Q3 & 9MFY19 Highlights
Q3 & 9MFY19 Highlights Operational Consumption^ 10% Retail consumption increased by 10% yoy to Rs. 18,879 mn in Q3FY19 while retail Rs. 18,879 mn rental Income is up 16% yoy in Q3FY19 at Rs. 2,565 mn Retail EBITDA came in strong at Rs. 2,459 mn, up 21% yoy for Q3FY19 PMC Mumbai and PMC Pune we
Slide 51: Management Commentary
Management Commentary Mr. Shishir Shrivastava, Joint Managing Director, Mr. Pradumna Kanodia, Director - Finance, The Phoenix Mills Limited The Phoenix Mills Limited “The Phoenix Mills Limited, India’s largest Retail mall “We remain focused on creating long-term shareholder developer and operator, h
Slide 52: Overview and Strategy; Financial Results; Business Performance
Overview and Strategy Financial Results Business Performance Annexure
Slide 53: Operational Update – Retail Portfolio
Operational Update – Retail Portfolio HSP & Phoenix MarketCity Phoenix United Palladium Palladium Mumbai Bangalore Chennai Mumbai Pune Bareilly Lucknow Chennai Retail Leasable/Licensable Area (msf ) 0.74 1.00 1.00 1.11 1.19 0.31 0.33 0.22 Total No. of Stores 270 296 263 311 352 139 128 86 Average Re
Slide 54: Q3 FY19 – Retail Key Highlights
Q3 FY19 – Retail Key Highlights 4,755 Consumption (Rs. mn) Total Consumption – Rs. 18.9 bn, up 10% yoy 3,514 3,405 2,898 2,654 297 828 528 HSP & Palladium PMC Chennai PMC Bengaluru PMC Pune PMC Mumbai Palladium Phoenix United Phoenix United Chennai Lucknow Bareilly Opened 4% 5% 7% 15% 14% in Feb’18
Slide 55: Q3 FY19 – Retail Key Highlights
55 Q3 FY19 – Retail Key Highlights 886 Rental Income (Rs. mn) Total Rental Income – Rs. 2.6 bn , up 16% yoy 388 361 416 311 70 78 55 HSP & Palladium PMC Chennai PMC Bengaluru PMC Pune PMC Mumbai Palladium Phoenix United Phoenix United Chennai Lucknow Bareilly Opened 14% 11% 10% 17% 10% in Feb’18 7%
Slide 56: 9M FY19 – Retail Key Highlights
9M FY19 – Retail Key Highlights 13,031 Consumption (Rs. mn) Total Consumption – Rs. 52.6 bn, up 10% yoy 8,625 9,795 9,387 7,203 775 2,336 1,449 HSP & Palladium PMC Chennai PMC Bengaluru PMC Pune PMC Mumbai Palladium Phoenix United Phoenix United Chennai Lucknow Bareilly Opened 5% 4% 3% 14% 17% in Fe
Slide 57: 9M FY19 – Retail Key Highlights
57 9M FY19 – Retail Key Highlights 2,564 Rental Income (Rs. mn) Total Rental Income – Rs. 7.4 bn, up 16% yoy 1,144 1,046 1,183 906 194 219 158 HSP & Palladium PMC Chennai PMC Bengaluru PMC Pune PMC Mumbai Palladium Phoenix United Phoenix United Chennai Lucknow Bareilly Opened 10% 16% 10% 10% 15% 10%
Slide 58: PML owned Assets: Consumption and rental income
PML owned Assets incl. High Street Phoenix & Palladium Consumption and rental income continue to grow Up 4% yoy Consumption (Rs. mn) 4,574 4,251 4,755 3,934 4,208 4,057 4,025 3,617 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Rental Income (Rs. mn) Up 14% yoy 803 839 839 886 709 7
Slide 59: PML owned Assets incl. High Street Phoenix & Palladium
PML owned Assets incl. High Street Phoenix & Palladium % yoy % y-o-y Q3 FY19 Q3 FY18 9M FY19 9M FY18 growth growth Rental Income (Rs. mn) ^ 886 776 14% 2,564 2,219 16% Recoveries (CAM and 236 225 735 709 other) (Rs. mn) Total Income (Rs. mn) 1,121 1,001 12% 3,300 2,928 13% Asset EBITDA (Rs. mn) 794
Slide 60: High Street Phoenix & Palladium Mall
High Street Phoenix & Palladium Mall FY13-18 Rental Income (Rs.mn) CAGR – 11% 3,022 2,837 2,601 2,293 2,039 1,824 FY13 FY14 FY15 FY16 FY17 FY18 FY13-18 Consumption (Rs.mn) Average Trading Density (Rs./sft pm) CAGR – 7% 16,456 2,894 3,034 15,438 16,264 2,741 14,403 2,553 13,185 2,263 11,711 2,020 FY1
Slide 61: PML owned Assets Income Split– Commercial & Retail
PML owned Assets Income Split– Commercial & Retail PML (Standalone entity) owns the following assets: • Retail – High Street Phoenix & Palladium: Leasable area of 0.74 msft • Phoenix House: Leasable area of 0.14 msft • Centrium: Leasable area of 0.10 msft • Art Guild House: Leasable area of 0.16 msf
Slide 62: Universal Square – New Event Space at HSP
Universal Square – New Event Space at HSP
Slide 63: Universal Square – New Event Space at HSP
Universal Square – New Event Space at HSP KK Live in concert on 24th Nov 2018
Slide 64: Phoenix MarketCity Chennai
Phoenix MarketCity Chennai Category changes in the retail product mix have had a positive impact on rental income Up 5% yoy Consumption (Rs. mn) 2,812 2,706 2,747 2,478 2,857 2,867 2,898 2,401 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Rental Income (Rs. mn) Up 11% yoy 380 388 3
Slide 65: Phoenix MarketCity Chennai
Phoenix MarketCity Chennai % yoy % yoy Q3 FY19 Q3 FY18 9M FY19 9M FY18 growth growth Rental Income (Rs. mn) 388 351 11% 1,144 1,037 10% Recoveries (CAM and other) 259 194 653 599 (Rs. mn) Total Income (Rs. mn) 647 545 19% 1,797 1,636 10% EBITDA (Rs. mn) 427 382 12% 1,242 1,154 8% EBIDTA Margin (as %
Slide 66: Phoenix MarketCity Chennai
Phoenix MarketCity Chennai FY14-18 CAGR – 13% Rental Income (Rs.mn) 1,394 1,286 1,196 1,109 858 FY14 FY15 FY16 FY17 FY18 FY14-18 Consumption (Rs.mn) Average Trading Density (Rs./sft pm) CAGR – 12% 11,289 10,699 10,742 10,481 1,480 1,572 1,553 1,489 6,938 1,226 800 518 FY13 FY14 FY15 FY16 FY17 FY18 F
Slide 67: Palladium Chennai
Palladium Chennai • Palladium Chennai became operational 0.22 Million Sq. Ft. on 13th Oct 2017 with launch of H&M Total Leasable Area 13th Oct 2017 • Includes brands such as Michael Kors, Operations Begin Tumi, Coach, H&M, Shoppers Stop, etc. • Full scale operations commenced from Feb 17, 2018
Slide 68: Palladium Chennai
Palladium Chennai Q3FY19 9MFY19 Rental Income (Rs. mn) 70 194 Recoveries (CAM and other) 47 110 (Rs. mn) Total Income (Rs. mn) 118 304 EBITDA (Rs. mn) 45 136 EBIDTA Margin (as % of 65% 70% Rental Income) Rental Rate (Rs./sft pm) 131 132 Consumption (Rs. mn) 297 775 Trading Density (Rs./sft pm) 852 7
Slide 69: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore Steady improvement in Rental Income and EBITDA Up 7% yoy Consumption (Rs. mn) 3,172 3,299 3,100 3,183 3,514 3,030 2,859 2,554 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Rental Income (Rs. mn) Up 10% yoy 329 322 339 345 361 283 313 311 Q4 FY17 Q1 FY18
Slide 70: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore Q3 Q3 % yoy 9M 9M % yoy FY19 FY18 growth FY19 FY18 growth Rental Income (Rs. mn) 361 329 10% 1,046 953 10% Recoveries (CAM and 167 176 512 504 other) (Rs. mn) Total Income (Rs. mn) 527 504 5% 1,557 1,457 7% EBITDA (Rs. mn) ^ 372 303 23% 1,080 929 16% EBIDTA Margin 103% 9
Slide 71: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore FY13-18 Rental Income (Rs.mn) CAGR – 16% 1,275 1,090 958 876 768 603 FY13 FY14 FY15 FY16 FY17 FY18 FY13-18 Consumption (Rs.mn) Average Trading Density (Rs./sft pm) CAGR – 26% 1,694 12,361 1,444 10,200 1,287 8,859 1,131 7,753 975 6,573 745 3,832 FY13 FY14 FY15 FY16 FY17 F
Slide 72: Phoenix MarketCity Pune
Phoenix MarketCity Pune High consumption leading to increased rental and superior operating performance Up 15% yoy Consumption (Rs. mn) 2,969 3,045 3,405 2,747 2,616 2,937 2,422 2,495 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Rental Income (Rs. mn) Up 17% yoy 380 387 416 330 33
Slide 73: Phoenix MarketCity Pune
Phoenix MarketCity Pune % yoy 9M 9M % yoy Q3 FY19 Q3 FY18 growth FY19 FY18 growth Rental Income (Rs. mn) 416 357 17% 1,183 1,026 15% Recoveries (CAM and 192 207 600 634 other) (Rs. mn) Total Income (Rs. mn) 608 564 8% 1,783 1,660 7% EBITDA (Rs. mn) 400 312 28% 1,178 926 27% EBIDTA Margin (as % of 96
Slide 74: Phoenix MarketCity Pune
Phoenix MarketCity Pune FY13-18 Rental Income (Rs.mn) CAGR – 17% 1,386 1,202 1,035 941 789 640 FY13 FY14 FY15 FY16 FY17 FY18 Average Trading Density (Rs./sft pm) FY13-18 Consumption (Rs.mn) 1,208 1,224 CAGR – 19% 10,828 1,077 9,629 975 8,659 812 7,650 6,221 653 4,610 FY13 FY14 FY15 FY16 FY17 FY18 FY
Slide 75: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai PMC Mumbai continues strong performance, establishing itself as a premium destination mall Up 14% yoy Consumption (Rs. mn) 2,654 2,052 2,320 2,266 2,283 1,784 1,801 1,970 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Rental Income (Rs. mn) Up 9% yoy 271 28
Slide 76: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai % yoy 9M 9M % yoy Q3FY19 Q3FY18 growth FY19 FY18 growth Rental Income (Rs. mn) 311 284 9% 906 821 10% Recoveries (CAM and 200 147 561 431 other) (Rs. mn) Total Income (Rs. mn) 512 432 18% 1,467 1,252 17% EBITDA (Rs. mn) 310 231 34% 888 704 26% EBIDTA Margin (as % of 100% 81
Slide 77: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai FY13-18 Rental Income (Rs.mn) CAGR – 8% 1,102 991 954 934 926 750 FY13 FY14 FY15 FY16 FY17 FY18 FY13-18 Consumption (Rs.mn) Average Trading Density (Rs./sft pm) CAGR – 24% 1,044 942 8,143 797 6,957 705 5,480 5,957 586 4,460 454 2,818 FY13 FY14 FY15 FY16 FY17 FY18 FY13 FY14
Slide 78: Operational Update – Commercial Portfolio
Operational Update – Commercial Portfolio Net Total Area Average Project Area Sold Leasable Area Leased Rate Name (msf) Area (msf) (msf) (Rs./sq.ft) (msf) Phoenix 0.14 - 0.14 0.13 110^ House # Centrium 0.28 0.18 0.10 0.10 91 Art Guild @ @ 0.76 0.21 0.55 0.50 95 House Phoenix 0.42 0.05 0.37 0.17 97 P
Slide 79: Operational Update – Hospitality
Operational Update – Hospitality The St. Regis, Courtyard by Mumbai Marriott, Agra Keys 395 193 Restaurants & Bar 10 4 Occupancy (%)# 82% 79% Average room rent 12,422 4,646 (Rs. / room night) # The St. Regis, Mumbai Courtyard by Marriott, Agra 82% room occupancy in Q3 FY19 vs 76% in Q3 FY18 Tota
Slide 80: The St. Regis, Mumbai
The St. Regis, Mumbai % yoy % yoy Q3 FY19 Q3 FY18 9M FY19 9M FY18 growth growth Revenue from 368 323 14% 968 869 11% Rooms (Rs. mn) Revenue from F&B and Banqueting (Rs. 397 357 11% 986 926 7% mn) Other Operating 74 87 213 214 Income (Rs. mn) Total Income (Rs. 839 767 9% 2,167 2,008 8% mn) Operating
Slide 81: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Q3 FY19 Q3 FY18 9M FY19 9M FY18 Revenue from Rooms (Rs. mn) 67 59 129 116 Revenue from F&B and 49 50 108 116 Banqueting (Rs. mn) Other Operating Income 2 5 5 13 (Rs.mn) Total Income (Rs. mn) 118 114 242 245 Occupancy (%) 79% 73% 66% 61% ARR (Rs.) 4,646 4,686 3,876 3,636 8
Slide 82: Residential Portfolio: High Margin, Cash Flow Business
Residential Portfolio: High Margin, Cash Flow Business • Premium and upscale, large-scale residential developments One Bangalore West and Kessaku • Product design, quality and location in or around mixed-use destinations have established the project as a market leader • Expect substantial free cash
Slide 83: Operational Update – Residential Portfolio
Operational Update – Residential Portfolio Revenue recognized Saleable area (msf) Project Name Area Sold Sales Value Average Selling Price Collections (Rs. mn) (operational) Total Area Balance (msf) (Rs. mn) (Rs. psf) (Rs. mn) in Q3 FY19 Cumulative Area launched Area One Bangalore West, 2.20 1.48 0.
Slide 84: Shareholding Pattern as on 31st Dec 2018
Shareholding Pattern as on 31st Dec 2018 Sr. No Top Institutional Investors % Shareholding Shareholding Pattern 1 Nordea Bank 6.90% 2.82% 1.39% 5.01% 2 Schroder 3.17% 3 Fidelity 2.49% Promoters FII 4 TT Funds 2.38% 27.98% DII 5 Reliance Mutual Fund 2.05% Public 6 Pabrai Funds 1.69% Corporate bodies
Slide 85: Annexure
Overview and Strategy Financial Results Business Performance Annexure Iridium Spa at The St.Regis, Mumbai
Slide 86: Q3 FY19 Debt Across Subsidiaries
Q3 FY19 Debt Across Subsidiaries Asset PML FY18 Debt Q1FY19 Debt Q2FY19 Debt Q3FY19 Debt SPV Asset Name Type Ownership (Rs. mn) (Rs. mn) (Rs.mn) (Rs.mn) PML Standalone High Street Phoenix, Mumbai 100% 7,174 9,263 9,254 8,632 Classic Mall Phoenix MarketCity, Chennai 50% 4,779 4,675 4,563 4,500 Develo
Slide 87: Investor Relations Contacts
Varun Parwal Advait Phatarfod Contact: +91 22 3001 6737 Contact: +91 22 3001 6804 Email: [email protected] Email: [email protected] Saket Somani / Rohan Rege Contact: +91 22 6169 5988 Email: [email protected] Website: http://www.thephoenixmills.com/investordesk.html 8
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