Buy Phoenix Mills; target of Rs 870: ICICI Direct
ICICI Direct’s research report on Phoenix Mills
Phoenix Mills’ (PML) topline grew 2.6% YoY to Rs 415.1 crore. Adjusting for residential business (Rs 11.2 crore), core portfolio (retail, commercial & hospitality) revenues grew 6.1% YoY to Rs 403.9 crore. The EBITDA margin expanded 180 bps YoY to 50.8%. RPAT grew 6.0% YoY to Rs 65.8 crore, which includes Rs 7.8 crore net exceptional item. Adjusting for residential business PAT, core portfolio PAT grew 14.2% YoY to Rs 70.8 crore.
We remain positive on PML given its quasi play on India’s consumption story, quality of retail & commercial assets, healthy balance sheet & strategic expansion plans. We roll over our valuation on FY21E estimates and maintain BUY recommendation with an SoTP based TP of Rs 870/share.
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