Phoenix Mills Stock Soars 6% To Reach Record High

Phoenix Mills Stock Soars 6% To Reach Record High

On a year-to-date basis, Phoenix Mills has given a sizeable 40 percent return and is currently trading at Rs 2,000. Much of the stock’s performance can be attributed to strong quarterly results.

The stock of Phoenix Mills, a realty and hospitality conglomerate, saw a remarkable rise, surging by up to 6 per cent on Friday, reaching at an all-time-high of Rs 2,060, although it later retraced from this peak. The company's total market capitalization past the Rs 35,000 crore mark.

On a year-to-date basis, Phoenix Mills has given a sizeable 40 percent return and is currently trading at Rs 2,000, up by nearly 575 points. Much of the stock’s performance can be attributed to strong quarterly results.

As per the conglomerate’s latest September quarter performance, the company reported a significant 23 percent year-on-year increase in estimated retail collections, amounting to Rs 638 crore. The overall retail consumption for the quarter marked substantial growth, rising by 20 per cent to reach Rs 2,637 crore. Furthermore, the company's residential, hospitality, and commercial segments also delivered robust performances during the same quarter.

In the first half of the FY24, the company reported residential sales amounting to Rs 433 crore, which is slightly lower compared to Rs 466 crore in the first half of the previous fiscal year, H1 FY2023. The residential sales for the second quarter of FY24 surged impressively to Rs 292 crore, marking a remarkable 193 percent increase from Q2 FY23.

During the quarter under review, the company's residential, hospitality, and commercial sectors demonstrated impressive performance. Phoenix Mills is a prominent developer and operator of mixed-use assets with a strong focus on retail in India. Their operational retail portfolio spans approximately 1.1 crore square feet and encompasses 12 retail destinations situated in 8 major cities across the country.

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