Investing.com — April-September 2020 were two horrid quarters for malls in the country. Thanks to the lockdown, footfalls in shopping centers dropped to zero. However, the corner might have turned in the festive season that began in October 2020.
In an update for its business ending for the December quarter, The Phoenix Mills Ltd. (NS:) said that consumption in its retail portfolio increased to Rs 1,370 crore, up 192% compared to the September quarter and around 66% of the corresponding period in 2019. The third quarter of FY2021 proved to be a turnaround quarter for the company.
Retail collections recorded a sharp revival at Rs 260 crore. This number accounted for nearly 67% of the company’s total collections of Rs 390 crore for the nine months to December 2020, the company said.
Phoenix Mills’ hotel business also saw significant uptake in the quarter. “Our hotel properties saw improved traction in social events and F&B revenue during Q3FY21. Revenue at The St. Regis, Mumbai has almost doubled sequentially to approximately Rs 179 million in Q3FY21 and is at 28 percent of Q3FY20. Revenue at Courtyard by Marriott, Agra stood at approximately Rs 45 million in Q3FY21, at 36 percent of Q3FY20,” Phoenix Mills said in a regulatory filing.
The stock is currently trading at Rs 799.45, still 22% away from its 52-week high of Rs 979.