Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 Fax : (022) 3001 6601 CIN No. : L17100MH1905PLC000200

Date: July 06, 2022

To,

BSE Limited.

Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400001

National Stock Exchange of India Limited. “Exchange Plaza”, Bandra Kurla Complex, Bandra (E),Mumbai – 400051

(Security code: 503100)

(Symbol: PHOENIXLTD)

Dear Sir/Madam,

Sub:- Monthly Business Update - Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”), please find attached herewith monthly business update of the Company.

This same is also being uploaded on the Company’s website at https://www.thephoenixmills.com

We request you to take the above information on record.

Thanking You,

Yours Faithfully, For The Phoenix Mills Limited GAJENDR Digitally signed by GAJENDRA A MEWARA Date: 2022.07.06 MEWARA 19:31:34 +05'30' ____ Gajendra Mewara Company Secretary

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : (022) 2496 4307 / 8 / 9 Fax : (022) 2493 8388 E-mail : [email protected] www.thephoenixmills.com

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The Phoenix Mills Ltd.

Monthly Update – July 2022

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Phoenix MarketCity, Bangalore
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Diversified portfolio across asset class

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Retail Commercial Hospitality Residential
Operational Operational The St. Regis, Mumbai Total Saleable
+ Courtyard by Marriott, Agra
Retail Spaces GLA Office Spaces GLA Area
~7 ~2 588 ~4
msf msf keys msf
Under-development &
Under-development &
Under-planning Completed Area
Under-planning
Under-planning
Grand Hyatt, Bengaluru (OC Received)
Retail GLA
Offices GLA
~6 ~5 ~300 ~3
msf msf keys msf
Total Total Total Total
~13 msf ~7 msf ~888 keys ~4 msf
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Note: Under development and under planning assets are subject to change and carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations. Grand Hyatt term sheet executed, definitive documentation underway. Data as on 30[th] June 2022

Portfolio in India’s top cities

Agra Hospitality – Courtyard by Marriott (193 keys) Lucknow

Indore Ahmedabad Mall Mall Phoenix Citadel – Palladium (~1 msf) – (~0.7 msf) Mumbai

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Bareilly Mall Phoenix United – (~0.34 msf) Mall Phoenix United – (~0.37 msf) Phoenix Palassio – (~0.90 msf)

Mall Phoenix Palladium – (~0.92 msf) Bengaluru Phoenix MarketCity – (~1.14 msf) Mall Phoenix Palladium Densification Retail – (~0.5 msf) Phoenix MarketCity – (~1 msf) + Expansion (~0.31 msf) Commercial Phoenix Mall of Asia – (~1.2 msf) Phoenix Paragon Plaza – (~0.44 msf)[#] Residential The Centrium – (~0.25 msf)[#] One Bangalore West – (~2.41 msf) Art Guild House – (~0.80 msf)[#] Kessaku – (~1.03 msf) Phoenix House – (~0.13 msf) Commercial Project Rise – (~1.1 msf) Phoenix MarketCIty – (~1.2 msf) Hospitality Phoenix Asia Towers – (~1.2 msf) The St. Regis – (395 keys) Hospitality Kolkata Pune Grand Hyatt – (~300 keys) Mall Chennai Mall Phoenix MarketCity Phoenix MarketCity – (~1.19 msf) – (~1.00 msf) Mall Phoenix Millennium – (~1.2 msf) Phoenix MarketCity – (~1 msf) Palladium – (~0.22 msf) Commercial East Court – (~0.25 msf)[#] Residential Fountainhead Tower 1 – (~0.17 msf) The Crest - A & B – (~0.26 msf) Fountainhead Tower 2 – (~0.26 msf) The Crest - C – (~0.28 msf) Fountainhead Tower 3 – (~0.41 msf) Under-development / planning Commercial Millennium Towers – (~1.20 msf) Gross Leasable / Saleable Area Palladium Offices – (~0.42 msf)

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Includes sold area

Under development and under planning assets are subject to change and carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations. Data as on 30[th] June 2022

Developer of India’s Iconic Mixed Use Developments

Phoenix MarketCity, Mumbai + Offices (Centrium, PPP and Art Guild House)

Phoenix MarketCity, Bangalore + Offices + Proposed 5 Star Hotel

Phoenix Palladium + The St Regis, Mumbai + Offices + Upcoming Project Rise

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Phoenix MarketCity, Pune +
Fountainhead Office Towers
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Phoenix Millennium, Pune + Offices
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Palladium, Chennai + Office Tower

Development timelines and costs carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. All images displayed are renders. Plans, design and design elements are subject to change.

Gross Leasable Area (GLA mix) in Retail and Commercial

Segments Retail Commercial

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FY 22 FY 26
6.9 msf 1.9x 13.0 msf
2.0 msf 3.6x 7.1 msf
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Robust growth trajectory to solidify leadership position in mixed use developments in India

Note: Current operational retail portfolio is ~7.1 msf as of 30[th] June,2022

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Business Update

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Phoenix Palladium, Mumbai
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Q1 FY23 Consumption

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Q1 FY23 Consumption (Rs. Mn.)
As % of
116% 126% 110% 98% 105% NA 71% 90%
Q1 FY20
4,901
4,234
3,671
3,101
2,524
2,125
584
456
Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly
Palladium Chennai
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Total consumption in Q1 FY23 was Rs. 21,597 mn, 121% of Q1 FY20
Excl. Palassio’s contribution, which opened in July 2020; Q1 FY23 consumption was 109% of Q1 FY20
Retail collections at Rs. 5,261 mn for Q1 FY23 compared to Rs. 4,762 mn in Q4 FY22

Note: Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers

Consumption moderated in June 2022

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June 2022 Consumption (Rs. Mn.)
As % of
102% 114% 93% 83% 96% NA 65% 78%
Jun 2019
1,550
1,320
1,120
1,000
770 760
190
150
Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly
Palladium Chennai
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Total consumption in June 2022 was Rs. 6,860 mn, 109% of June 2019
Excl. Palassio’s contribution, which opened in July 2020; June 2022 consumption was 97% of June 2019
June consumption impacted by delay in End of Season Sale, large areas going under renovations and stocking issues faced by a large hypermarket chain

Note: Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers

Retail GLA Trend

Sr No	Mall	Jun-19	Jun-22	Change	Remarks
1	Phoenix Palladium	0.75	0.92	0.17	Opened Lower Ground Floor in Palladium section & 2 floors in Eastzone
2	PMC Bangalore	1.00	1.00	0.00
3	PMC Pune	1.19	1.19	0.00
4	PMC Kurla	1.14	1.14	0.00
5	PMC & Palladium Chennai	1.18	1.18	0.00
6	Phoenix Palassio	0.00	0.91	0.91	New mall became operational in July2020
7	PU Lucknow	0.38	0.38	0.00
8	PU Bareilly	0.32	0.34	0.01
Total Retail GLA (in msf)		5.96	7.06	1.09

Occupancy trends across our major malls

	Leased Occupancy	Leased Occupancy	Trading Occupancy	Trading Occupancy
	March 2022	June 2022	March 2022	June 2022
Phoenix Palladium	100%	91%	92%	82%
Phoenix Marketcity Bangalore	98%	95%	90%	84%
Phoenix Marketcity Pune	91%	89%	85%	84%
Phoenix Marketcity Mumbai	95%	95%	86%	86%
Phoenix Marketcity and Palladium Chennai	90%	93%	86%	84%
Phoenix Palassio	96%	97%	87%	91%

Leased occupancy in June 2022 close to Pre-covid levels
Trading occupancy to ramp-up in coming quarters as the under-fit-out stores become operational
Leased & Trading Occupancy in Phoenix Palladium is lower on account of addition of ~0.15 msf of new area some of which is currently under fit-out
~6% drop in Trading occupancy at Phoenix Marketcity Bangalore compared to March 2022 on account of the hyper-market store going under renovation

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Business Performance - Commercial
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Fountainhead Towers, Pune
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Office Portfolio seeing improving leasing traction

Project Name	Location	Total Area (msf)	Area Sold (msf)	Net Leasable Area (msf)	Area Leased (msf)	Average Rate psf.*
Operational Office Portfolio (1.99 MSF)
Art Guild House	Mumbai	0.80	0.17	0.63	0.51	107
Phoenix Paragon Plaza	Mumbai	0.43	0.12	0.31	0.14	112
Fountainhead – Tower 1	Pune	0.17	0.00	0.17	0.17	79
Fountainhead – Tower 2**	Pune	0.25	0.00	0.25	0.13	71
Fountainhead – Tower 3	Pune	0.41	0.00	0.41	0.02	69
Phoenix House	Mumbai	0.09	-	0.09	0.07	178
Centrium	Mumbai	0.28	0.16	0.12	0.07	110
Total		2.45	0.46	1.99	1.11

Strong leasing traction continues during Q1 FY23
Achieved gross leasing of ~1.5 lakh sft during current quarter

*Data as on 31[st] March 2022

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Business Performance - Hospitality
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The St. Regis, Mumbai
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The St. Regis, Mumbai – Tracking against pre-covid

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Q1 FY23 Q1 FY20 % recovery Remarks
- Revenue
growth
aided by
Revenue
772 663 116% strong
(Rs.mn)
recovery in
occupancy
and ARR’s
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ARR (Rs.)
11,938
10,193
Q1 FY20 Q1 FY23
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Resumption of foreign travel, domestic corporate travel, social events and staycations provide excellent visibility for high occupancy and ARR’s in the coming months
Most venues on the hotel’s 37[th] and 38[th] floors are currently under renovation and will reopen during Q2 FY23 with potential to further add substantially to monthly revenue run rate.

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Occupancy %
85
82
Q1 FY20 Q1 FY23
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The St. Regis, Mumbai – Significant Improvement in Room Occupancy and ARR

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Room Occupancy (%)
92%
90%
87%
79% 79%
77% 77% 76%
74%
51% 46%
46%
42%
34%
Occupancy
impacted
due to
14%
Omicron
wave
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
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Occupancy levels at a all time high led by revival in corporate travel and social events. Average room rentals (ARR) at Rs. 11,432 in June 2022

Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy

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Room Occupancy (%)
75%
70%
66%
64% 63%
62%
60% 60% 60%
58%
47%
35%
26%
23% Occupancy
impacted
due to
Omicron
1% wave
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
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Occupancy levels back at FY20 levels aided by revival in domestic travel and social events. Average room rentals (ARR) at Rs. 3,602 in June 2022

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Business Performance - Residential
Phoenix Marketcity, Bangalore
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Residential Portfolio – Steady traction in demand for ready units

 Strong sales momentum continues in Q1 FY23; gross residential sales of Rs. 704 mn

 Total collections of Rs. 500 mn from residential business during this period

Project Name (operational)	Saleable area (msf)	Saleable area (msf)	Saleable area (msf)	Cumulative Area Sold (msf)^	Cumulative Sales Value (Rs. mn)	Collections in Q4 FY22 (Rs. mn)	Revenue recognized (Rs. mn)	Revenue recognized (Rs. mn)
	Total Area	Area launched	Balance Area				in Q4 FY22	Cumulative
One Bangalore West, Bengaluru	2.41	1.80	0.61	1.43	14,243	435	373	13,796
Kessaku, Bengaluru	1.03	1.03	-	0.39	5,757	543	206	5,757
Total	3.44	2.83	0.61	1.82	20,000	978	579	19,553

Note that of the nine towers in One Bangalore West (OBW), only Towers 1-6 have been launched and completed. Tower 7 was launched in July 2019. Towers 8 & 9 are yet to be launched ^ Sales area includes only those where agreements have been executed with purchasers

One Bangalore West, Bengaluru

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Strong Capital Structure

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Raised equity capital of ~Rs. 4,680 cr in 15 months…

Qualified Institutional Placement (QIP)

JV with CPPIB for Kolkata Development

Equity Infusion in existing retail platform with CPPIB (ISML)

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Retail Platform with GIC
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JV with CPPIB for Lower Parel Development

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August 2020
May 2021
May 2021 & Dec 2021
June 2021
November 2021
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~Rs. 1,100 cr
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~Rs. 384 cr
49% stake for CPPIB
~Rs. 735 cr
CPPIB’s share of Commitment; tranche 1 of Rs. 196 cr received in
May’21, tranche 2 of Rs. 392 cr received in Dec’21
~Rs. 1,111 cr
26.44% stake for GIC in select subsidiaries
~Rs. 1,350 cr
49% stake for CPPIB in Plutocrat
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… while optimizing cost of debt and reducing gross debt levels …

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Effective cost of debt (%) Gross Debt (Rs. cr)
9.38%
9.19%
4,573
4,547
8.17% 4,487
4,378
4,305
7.61%
7.30%
Mar' 19 Mar' 20 Mar' 21 Dec'21 March'22 Mar' 19 Mar' 20 Mar' 21 Dec'21 Mar'22
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Average cost of debt reduced from 9.38% in March 2019 to 7.30% in March 2022 by 208 bps
Lowest cost of borrowing stands at 6.55%
Deferred drawn-downs of construction finance on under construction projects until projects are de-risked (12-18 months before being operational)

…in order to give us the necessary Capital Autonomy

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Group Level PML Share
Amount Rs. mn
Liquidity (Bank balance +
24,992 [^ ] 19,968
Investments + DSRA) []
Gross Debt 43,795 32,502
Net Debt 18,803 12,534
FY22 EBITDA 8,548 [^ ] 6,758
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… to keep Delivery timelines for Under Construction Assets on Track

Phoenix Phoenix Citadel, Palladium, Phoenix Mall of Asia, Indore Ahmedabad Millennium, Pune Ban alore g Proposed GLA Retail GLA – ~1.1 msf Retail GLA – ~1.2 msf Retail GLA – ~1 msf Retail GLA – ~0.7 msf Office GLA – ~1.2 msf Office GLA – ~1.2 msf Amount Spent till 5,068 6,677 6,847 11,164 Mar 2022 (Rs Mn) Status update Expected Year of Retail: FY24 Retail: FY24 FY23 FY23 Operation Office: FY25 Office: FY25 Leasing Status till 74% 85% 51% 64% March 2022

Phoenix Citadel Indore

The biggest Retail Destination of Madhya Pradesh

Phoenix Citadel Indore

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Indicative Render
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Palladium Ahmedabad

The Luxury mall of Gujarat

Palladium Ahmedabad

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Phoenix Mall of the Millennium, Pune

The New Epicentre for West Pune

Phoenix Mall of the Millennium, Pune

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Mall of Asia, Bangalore

The Largest Retail led Mixed-use development in Bangalore

Mall of Asia, Bangalore

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Upcoming Mall in Kolkata

Update on other Under Development Projects

Kolkata

Building plans approved in April 2022
Ground breaking done and shore-pilling work started

Rise, Lower Parel

Expansion by densification of mixed use developments

Under Development / Planning Offices	Location	*GLA (msft)**
Phoenix Millennium, Wakad – Office	Pune	~1.2
Palladium Chennai – Office	Chennai	~0.4
Phoenix Marketcity Bangalore – Office	Bengaluru	~1.2
Phoenix Mall of Asia, Hebbal – Office	Bengaluru	~1.2
The Rise, Lower Parel	Mumbai	~1.1
Under development / planning Office area		~5.1

Office portfolio to grow from ~2 msft to ~7.1 msft in 4 years

Land is already paid for and historically owned by respective SPV

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Annexure

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Target cities of Interest

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7.48
acres of
land in
Feb 2021
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Kolkata

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Chandigarh
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Gurgaon
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Surat

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Hyderabad

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Mumbai / Navi Mumbai

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Chennai
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Jaipur
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Greenfield/brownfield retail led development opportunities in key catchments of leading cities in India; target to add ~ 1 msf of Retail every year

Update on Credit Ratings – Improvement on outlook across various SPV’s

SPV Name	Asset Name	Credit Rating Change
The Phoenix Mills Ltd.	Phoenix Palladium	CRISIL has revised the Outlook to‘Positive’from ‘Stable’ while reaffirming the rating at ‘CRISIL A+’
Island Star Mall Developers Pvt. Ltd	Phoenix MarketCity Bangalore	CRISIL has revised the Outlook to‘Positive’from ‘Stable’ while reaffirming the rating at ‘CRISIL A’
Vamona Developers Pvt. Ltd	Phoenix Marketcity Pune	CRISIL has revised the Outlook to‘Positive’from ‘Stable’ while reaffirming the rating at ‘CRISIL A’
Offbeat Developers Pvt. Ltd	Phoenix Marketcity Mumbai	India Ratings has revised the outlook toStablefrom Negative while reaffirming rating at ‘IND A-/Stable’
UPAL Developers Pvt. Ltd	Phoenix United, Lucknow	CRISIL has upgraded to‘CRISIL A/Stable’from ‘CRISIL A-/Stable’
Blackwood Developers Pvt. Ltd	Phoenix United, Bareilly	CRISIL has upgraded to‘CRISIL BBB+/Stable’from ‘CRISIL BBB/Stable’

Q4 FY22 Debt Across Subsidiaries

Operational	Asset Type	SPV	Asset Name	PML Ownership	Q3FY22 (Rs. Mn)	Q4FY22 (Rs. Mn)
	Retail & Mixed-Use	PML Standalone	Phoenix Palladium, Mumbai	100%	6,390	7,362
		Classic Mall Development	Phoenix MarketCity, Chennai	50%	6,532	6,352
		Vamona Developers	Phoenix MarketCity, Pune	74%	4,048	4,064
		Island Star Mall Developers	Phoenix MarketCity, Bangalore	51%	4,236	4,127
		Starboard Hotels Pvt Ltd	Phoenix Palladium, Chennai	50%	1,631	1,630
		Offbeat Developers	Phoenix MarketCity, Mumbai	74%	5,728	5,683
			Art Guild House (Commercial)
			Centrium (Commercial)
		Blackwood Developers	Phoenix United, Bareilly	100%	804	779
		UPAL Developers	Phoenix United, Lucknow	100%	595	571
		Graceworks Realty & Leisure	Phoenix Paragon Plaza (Commercial)	74%	1,051	1,043
		Destiny Hospitality	Phoenix Palassio, Lucknow	100%	4,000	3,819
	Hotel & Residential	Palladium Constructions	One Bangalore West & Kessaku (Residential) Courtyard byMarriott, Agra (Hotel)	100%	778	326
		Pallazzio Hotels & Leisure	The St. Regis, Mumbai	73%	5,204	5,430
	Office	Alliance Spaces	Fountainhead	100%	657	588
			Total		41,654	41,774
Under Development	Retail	SGH Realty LLP	Palladium, Ahmedabad	50%	1,393	1,827
		Insight Mall Developer	Phoenix Citadel	51%	0	194
			Total		1,393	2,021
			Grand Total		43,048	43,795

Shareholding Pattern as on 31[th] March 2022

Shareholding Pattern

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17.4%
47.3%
30.7%
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Promoters FII DII Others

Sr. No	Top Institutional Investors	% Shareholding
		31-03-2022
1	SCHRODER	7.66%
2	GIC	4.35%
3	ICICI PRUDENTIAL AMC	3.23%
4	MOTILAL OSWAL	2.35%
5	UTI	2.17%
6	BAILLIE GIFFORD	1.91%
7	DSP MF	1.83%
8	SBI MF	1.83%
9	VANGUARD	1.79%
10	POLAR CAPITAL	1.77%
Total – Top 10 Institutional Investors		28.89%

Thank you

Advait Phatarfod Email: [email protected]

Madhurima Kane Email: [email protected]

Website: https://www.thephoenixmills.com/investors

AI assistant

The Phoenix Mills Ltd. — Capital/Financing Update 2022

60675_rns_2022-07-06_2d42b705-7a4f-4987-9d04-79bd8e32ab1a.pdf

Diversified portfolio across asset class

Portfolio in India’s top cities

Agra Hospitality – Courtyard by Marriott (193 keys) Lucknow

Indore Ahmedabad Mall Mall Phoenix Citadel – Palladium (~1 msf) – (~0.7 msf) Mumbai

Includes sold area

Developer of India’s Iconic Mixed Use Developments

Gross Leasable Area (GLA mix) in Retail and Commercial

Robust growth trajectory to solidify leadership position in mixed use developments in India

Q1 FY23 Consumption

Consumption moderated in June 2022

Retail GLA Trend

Occupancy trends across our major malls

Office Portfolio seeing improving leasing traction

The St. Regis, Mumbai – Tracking against pre-covid

The St. Regis, Mumbai – Significant Improvement in Room Occupancy and ARR

Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy

Residential Portfolio – Steady traction in demand for ready units

 Strong sales momentum continues in Q1 FY23; gross residential sales of Rs. 704 mn

 Total collections of Rs. 500 mn from residential business during this period

Note that of the nine towers in One Bangalore West (OBW), only Towers 1-6 have been launched and completed. Tower 7 was launched in July 2019. Towers 8 & 9 are yet to be launched ^ Sales area includes only those where agreements have been executed with purchasers

One Bangalore West, Bengaluru

Raised equity capital of ~Rs. 4,680 cr in 15 months…

… while optimizing cost of debt and reducing gross debt levels …

…in order to give us the necessary Capital Autonomy

… to keep Delivery timelines for Under Construction Assets on Track

Phoenix Citadel Indore

Phoenix Citadel Indore

Palladium Ahmedabad

Palladium Ahmedabad

Phoenix Mall of the Millennium, Pune

Phoenix Mall of the Millennium, Pune

Mall of Asia, Bangalore

Mall of Asia, Bangalore

Upcoming Mall in Kolkata

Update on other Under Development Projects

Expansion by densification of mixed use developments

Target cities of Interest

Kolkata

Hyderabad

Mumbai / Navi Mumbai

Greenfield/brownfield retail led development opportunities in key catchments of leading cities in India; target to add ~ 1 msf of Retail every year

Update on Credit Ratings – Improvement on outlook across various SPV’s

Q4 FY22 Debt Across Subsidiaries

Shareholding Pattern as on 31[th] March 2022

Shareholding Pattern

Thank you

More from The Phoenix Mills Ltd.

The Phoenix Mills Ltd. Capital/Financing Update 2022