Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

The Phoenix Mills Ltd. Investor Presentation 2021

May 27, 2021

60675_rns_2021-05-27_b6957a05-80a3-478e-8bb7-05b45be3a0e6.pdf

Investor Presentation

Open in viewer

Opens in your device viewer

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

May 27, 2021

Phiroze Jeejeebhoy Towers Exchange Plaza, Mumbai- 400 001 Mumbai- 400051

Security code: 503100 Symbol: PHOENIXLTD

BSE Limited National Stock Exchange of India Limited Dalal Street, Fort, Bandra-Kurla Complex, Bandra East,

Dear Sir(s),

Sub: Investors' Presentation on Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2021

Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the presentation on Audited Standalone and Consolidated Financial Results of The Phoenix Mills Limited ('Company') for the quarter and year ended March 31, 2021, to be made to investors and analysts.

The same is also being uploaded on the Company's website at https://www.thephoenixmills.com in compliance with regulation 46(2) of the Listing Regulations.

You are requested to take the aforesaid information on record.

Thanking you,

Yours Faithfully, For The Phoenix Mills Limited Gajendra Mewara Digitally signed by Gajendra Mewara Date: 2021.05.27 23:06:19 +05'30'

Gajendra Mewara Company Secretary

Encl:‐ As above

The Phoenix Mills Ltd.

Investor Presentation – Q4 & FY21

1

Phoenix Marketcity, Pune

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 31 March 2021 2

Portfolio in India's top cities

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 31 March 2021. 3

Developer of India's Iconic Mixed Use Developments

Development timelines and costs carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company.

Q4 FY21 – Consumption Trajectory across all malls

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. LYSQ stands for Last Year Same Quarter (Q4 FY20)

FY21 – Consumption across all malls

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. LY stands for Last Year (FY20)

Q4 FY21 – Consumption and Footfall Trajectory across all malls since reopening

recovered swiftly to Pre-COVID level and reached at 100% of last year in Q4 FY21

  • Excluding the contribution of Phoenix Palassio (launched in July, 2020), consumption recovery was ~90% on a like to like basis
  • Similar recovery trend was also seen in Footfall and 4W visited across all our malls
  • Footfall and 4W across all our malls were at 83% and 93% respectively of last year level in Q4 FY21

Phoenix Palladium – Consumption & Trading Density Trajectory

Phoenix Marketcity Bangalore – Consumption & Trading Density Trajectory

Phoenix Marketcity Pune – Consumption & Trading Density Trajectory

Phoenix Marketcity Mumbai – Consumption & Trading Density Trajectory

Phoenix Marketcity & Palladium Chennai – Consumption & Trading Density Trajectory

Phoenix Palassio Lucknow – Consumption & Trading Density Trajectory

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers

Business Update Business Performance - Retail Financial Results Annexure

Phoenix Palladium, Mumbai

(Rs. mn) Q4 FY21 Q4 FY20 % of Q4FY20 FY21 FY20 % ofFY20
Rental 662 780 85% 1,962 3,486 56%
CAM &Others 173 202 86% 530 958 55%
Total Income 835 982 85% 2,492 4,444 56%
Asset EBITDA 539 797 68% 1,476 3,151 47%
Asset EBIDTAMargin as %of Rental 81% 102% 75% 90%
SPV EBITDA 300 563 53% 1,235 2,592 48%

Note: The Rental income also includes income generated from Commercial assets owned by PML.

PML (Standalone entity) owns the following assets:

  • Retail High Street Phoenix & Palladium: Leasable area of ~0.77 msf
  • Phoenix House: Leasable area of ~0.10 msf
  • Centrium: Leasable area^ of ~0.12 msf
  • Art Guild House: Leasable area^ of ~0.16 msf
(Rs.mn) Project Name Q4 FY 21 Q4 FY 20 FY21 FY20 Q3 FY21 Q2 FY21 Q1 FY21
Phoenix House 37 35 135 150 35 31 32
Centrium Units 16 34 75 11 9 14
CommercialAsset Art Guild House transferredto OffbeatDevelopersfrom Q4FY21 57 178 212 59 65 54
Total 37 108 347 437 105 105 100
Retail Asset High Street Phoenix 625 672 1,615 3,050 517 229 244
Standalone Total Rental Income reported by PML 662 780 1,962 3,486 621 334 344

^ Net of area sold

Phoenix Marketcity Bangalore

(Rs. mn) Q4 FY21 Q4 FY20 % of Q4FY20 FY21 FY20 % ofFY20
Rental 293 307 95% 779 1,426 55%
CAM &Others 148 157 94% 461 703 66%
Total Income 441 464 95% 1,240 2,129 58%
AssetEBIDTA ^ 309 297 104% 837 1,457 57%
AssetEBIDTAMargin as %of Rental 105% 97% 107% 102%

^ EBITDA is before fees paid to MarketCity Resources Pvt. Ltd (PML's 100% subsidiary) and interest income earned on liquid mutual fund investments and fixed deposits

Phoenix Marketcity Pune

(Rs. mn) Q4 FY21 Q4 FY20 % of Q4FY20 FY21 FY20 % of FY20
Rental 336 350 96% 848 1,667 51%
CAM &Others 158 174 91% 451 778 58%
Total Income 494 524 94% 1,298 2,445 53%
AssetEBIDTA 338 324 104% 823 1,646 50%
AssetEBIDTAMargin as %of Rental 101% 93% 97% 99%

Phoenix Marketcity Mumbai

(Rs. mn) Q4 FY21 Q4 FY20 % of Q4FY20 FY21 FY20 % of FY20
Rental 255 283 90% 615 1,270 48%
CAM &Others 148 153 97% 430 691 62%
Total Income 403 436 93% 1,045 1,961 53%
AssetEBIDTA 276 242 114% 639 1,239 52%
AssetEBIDTAMargin as %of Rental 108% 86% 104% 98%

Phoenix Marketcity & Palladium Chennai

% of Q4
(Rs. mn) Q4 FY21 Q4 FY20 FY20 FY21 FY20 % of FY20
Rental 338 385 88% 782 1,809 43%
CAM &Others 217 233 93% 528 972 54%
Total Income 555 618 90% 1,310 2,781 47%
AssetEBIDTA 359 346 104% 811 1,792 45%
AssetEBIDTAMargin as %of Rental 106% 90% 104% 99%

Note: Phoenix Marketcity and Palladium Chennai became operational only in September 2020 due to extended lockdown in the state

Phoenix Palassio, Lucknow

(Rs. mn) Q2 FY21 Q3 FY21 Q4FY21 FY21
Rental 37 123 161 321
CAM & Others 60 79 96 235
Total Income 97 201 258 556
Asset EBIDTA 37 119 171 327
Asset EBIDTA Marginas % of Rental 100% 97% 106% 102%

Note: Phoenix Palassio became operational on 8th July 2020. Hence, prior period numbers are not applicable

Phoenix United, Lucknow

(Rs. mn) Q4 FY21 Q4 FY20 % of Q4FY20 FY21 FY20 % of FY20
Rental 64 72 89% 181 318 57%
CAM &Others 38 51 75% 136 207 65%
Total Income 102 123 83% 317 525 60%
AssetEBIDTA 61 66 92% 170 283 60%
AssetEBIDTAMargin as %of Rental 95% 92% 93% 89%

Phoenix United, Bareilly

(Rs.mn) Q4 FY21 Q4 FY20 % of Q4FY20 FY21 FY20 % of FY20
Rental 57 50 113% 145 224 65%
CAM &Others 37 45 81% 124 176 70%
Total Income 94 96 98% 269 399 67%
AssetEBIDTA 53 53 99% 149 206 72%
AssetEBIDTAMargin as %of Rental 93% 106% 102% 92%

Q4 FY21 FY21
Name of Asset Rental Income(Rs. mn) % of Q4 FY20 Rental Income(Rs. mn) % of FY20
Phoenix Palladium 662 85% 1,962 56%
Phoenix Marketcity Bangalore 293 95% 779 55%
Phoenix Marketcity Pune 336 96% 848 51%
Phoenix Marketcity Mumbai 255 90% 615 48%
Phoenix Marketcity and Palladium Chennai 338 88% 782 43%
Phoenix Palassio 161 N.A. 321 N.A.
Phoenix United Lucknow 64 89% 181 57%
Phoenix United Bareilly 57 113% 145 65%
Total 2,167 97% 5,632 55%

FY21 Retail rental income at Rs. 5,632 mn was at 55% of FY20 rental, higher than initial guidance of 45-50%

Q4 FY21 FY21
Name of Asset EBITDA(Rs. mn) % of Q4 FY20 EBITDA(Rs. mn) % of FY20
Phoenix Palladium 539 68% 1,476 47%
Phoenix Marketcity Bangalore 309 104% 837 57%
Phoenix Marketcity Pune 338 104% 823 50%
Phoenix Marketcity Mumbai 276 114% 639 52%
Phoenix Marketcity and Palladium Chennai 359 104% 811 45%
Phoenix Palassio 171 N.A. 327 N.A.
Phoenix United Lucknow 61 92% 170 60%
Phoenix United Bareilly 53 99% 149 72%
Total 2,105 99% 5,231 54%

Update on under-construction Assets

PhoenixMillennium, Pune PhoenixMall of Asia,Bangalore Phoenix Citadel,Indore Palladium,Ahmedabad
ProposedRetail GLA RetailGLA –~1.1 msfOffice GLA –~0.6 msf RetailGLA –~1.2 msfOffice GLA –~1.2 msf Retail GLA –~1msf Retail GLA –~0.7 msf
Amount Spent tillMar 2021 Rs. 5,315 mn Rs. 9,156 mn Rs. 3,628 mn Rs. 5,238 mn
Status update
Development Risks LOW LOW LOW LOW

Expansive Spaces…Opulent Interiors…breathtaking Chandeliers

Phoenix Palassio - Festive Decor

Palladium Ahmedabad

Phoenix Millennium Pune

The New Epicentre for West Pune

Indicative Render

35

Concept Architect – Callison The Largest Retail led Mixed-use development in Bangalore Indicative Render

36

The biggest Retail Destination of Madhya Pradesh

Indicative Render

Business Update Business Performance - Commercial Financial Results Annexure

Phoenix Marketcity, Pune

Our Annuity Income Generating Commercial Portfolio

OPERATIONAL OFFICE PORTFOLIO (1.58 MSF)

ProjectName Total Area(msf) Area Sold(msf) Net LeasableArea (msf) Area Leased(msf)
Phoenix House 0.09 - 0.09 0.08
Centrium 0.28 0.12#0.16 0.08
Art Guild House 0.80 [email protected]@ 0.48
Phoenix Paragon Plaza 0.43 0.12 0.31 0.16
Fountainhead –Tower 1 0.17 0.00 0.17 0.16
Fountainhead –Tower 2 0.25 0.00 0.25 0.06**
Total 2.04 0.46 1.58 1.02

@Total Area sold is 0.38 msf out of which PML owns 0.17 msf – this area is also counted in area available for lease

^Rental Income from Phoenix House is part of Standalone results

#Area owned by PML

**Fountainhead tower 2 area has been recently leased and is expected to start generating rent soon.

OFFICE PORTFOLIO UNDER DEVELOPMENT (0.83 MSF)

OFFICE PORTFOLIO ( 0.83 MSF)

Fountainhead–Tower 3 Pune 0.41
Phoenix MarketCity Chennai 0.42
Total 0.83

Operational Update – Art Guild House

TotalArea(msf) Area Sold(msf) NetLeasableArea(msf) AreaLeased(msf) AverageRate*(Rs./sq.ft)
Art GuildHouse 0.80 0.17 0.63 0.48 96
Q4 FY21 Q4 FY20 FY21 FY20
Total Income(Rs. mn) 214 143 639 611
EBITDA(Rs.mn) 184 111 492 357
EBITDA as % ofTotal Income 86% 77% 77% 58%

Note: From Q4 FY21, 0.17 msf of area in AGH owned by PML has been transferred to Offbeat Developers Pvt. Ltd

* For Q4 FY21

Operational Update – Phoenix Paragon Plaza

TotalArea(msf) AreaSold(msf) NetLeasableArea(msf) AreaLeased(msf) AverageRate(Rs./sq.ft)
PhoenixParagonPlaza 0.43 0.12 0.31 0.16 107
Q4 FY21 Q4 FY20 FY21 FY20
Total Income(Rs. mn) 81 118 318 379
EBITDA(Rs.mn) 60 92 243 221
EBITDA as % ofTotal Income 77% 78% 76% 58%

Growth by Densification

Offices Fountainhead Tower 1 ~0.17 msf

Offices Fountainhead Tower 2 ~0.25 msf

Offices Fountainhead Tower 3 ~0.41 msf

Existing Mall (LG + G + 3)

Fountainhead Pune – Premium Office Spaces

Fountainhead Pune Remarks
Tower1 95% area leased and operational
Tower2 OC received on 6thOctober 2020; expectedto commence operations in Q2 FY22
Tower3 Construction nearing completion

Fountainhead Pune – Tower 2 and Tower 3 Construction Status

Tower 2 – Construction Completed, OC Received Tower 3 – East Side Façade WIP

Operational Update – Fountainhead Towers 1, 2 & 3

Total Area(msf) Area Leased(msf) AverageRate(Rs./sq.ft)
Fountainhead –Tower 1 0.17 0.16 80
Fountainhead –Tower 2 0.25 0.06^ 71
Fountainhead –Tower 3 0.41 Under Development
Q4 FY21 Q4 FY20 FY21 FY20
Total Income(Rs. mn) 45 42 172 153
EBITDA(Rs.mn) 40 29 150 98
EBITDA as % ofTotal Income 89% 68% 87% 64%

Business Update Business Performance - Hospitality Financial Results Annexure

Phoenix Marketcity, Mumbai

Q4 FY21 Q4 FY20 % of Q4FY20 FY21 FY20 % ofFY20
Revenue fromRooms (Rs. mn) 103 328 31% 305 1,373 22%
Revenue from F&Band Banqueting(Rs. mn) 111 336 33% 254 1,429 18%
Other OperatingIncome (Rs. mn) 29 88 32% 94 287 33%
Total Income(Rs. mn) 243 753 32% 653 3,088 21%
Operating EBITDA(Rs. mn) 10 276 4% -43 1,169
EBITDA margins (%) 4% 37% 38%
Occupancy (%) 39% 69% 29% 78%
ARR (Rs.) 7,290 13,189 55% 7,396 12,241 60%

Q4 FY21 Q4 FY20 FY21 FY20
Revenue from Rooms(Rs. mn) 29 61 54 199
Revenue from F&B andBanqueting (Rs. mn) 26 43 57 158
Other Operating Income(Rs. mn) 1 5 2 19
Total Income (Rs. mn) 57 109 113 376
Occupancy (%) 53% 60% 36% 65%
ARR (Rs.) 3,246 5,827 3,340 4,352

Note: Hotel operations were shut since March 2020 and re-opened on 8th Aug 2020. Hence, numbers are not comparable with previous year.

Business Update Business Performance - Residential Financial Results Annexure

Operational Update – Residential Portfolio

Project Name(operational) Saleable area (msf) CumulativeArea Sold CumulativeSales Value Collections inQ4 FY21 Revenue recognized(Rs. mn)
TotalArea Arealaunched BalanceArea (msf)^ (Rs. mn) (Rs. mn) in Q4 FY21 Cumulative
One Bangalore West,Bengaluru 2.41 1.80 0.61## 1.37 13,392 103 82 12,945
Kessaku, Bengaluru 1.03 1.03 - 0.33 4,729 396 482 4,729
Total 3.44 2.83 0.61 1.70 18,121 499 563 17,674

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

Key highlights

  • Sold and registered agreements for inventory worth Rs. 630 mn during Q4 FY21 and Rs. 1,725 mn during FY21.
  • Additional sales of Rs. 325 mn completed during FY21 for which registration is pending takes the cumulative sales figure to Rs. 2,050 mn during FY21.
  • Q4 Collections were Rs. 499 mn and Rs. 1,389 mn for FY21.

One Bangalore West, Bengaluru

Kessaku – Grand Arrival Experience

Actual Site Picture 52

Kessaku – Zen Court & Pool Side Garden

Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style

Business Update Business Performance Financial Results Annexure

Q4 & FY21 Standalone P&L

(Rs. mn) Q4FY21 Q4FY20 % of Q4FY20 FY21 FY20 % of FY20
Income from operations 835 982 85% 2,492 4,444 56%
EBITDA 300 563 53% 1,235 2,592 48%
EBITDA Margin (%) 36% 57% 50% 58%
Profit Before Tax and exceptional item 218 266 82% 3,163 1,796 176%
Profit after tax& beforecomprehensive income 80 201 40% 2,923 1,476 198%
Diluted EPS (Rs.) 0.48 1.31 37% 17.72 9.60 185%

Standalone Balance Sheet

(Rs. mn) As on March31, 2021 As on March31, 2020 (Rs. mn) As on March31, 2021 As on March31, 2020
Share capital 344 307 Non-current assets 33,777 37,130
Reservesand surplus 41,959 28,174 Tangibleassets + intangible assets 3,973 6,758
Sub-Total 42,303 28,481 Capital work in progress 109 1,146
Minority interest 0 0 Non-current investments 28,019 27,102
Non –Current Liabilities 5,049 6,782 Long-term loansand advances 1,053 1,503
Long Term Borrowings 4,642 5,879 Deferred tax assets 90 85
Other L. T. Liabilities 391 892 Othernon-current assets 532 535
Long Term Provisions 16 12 Current assets 17,850 2,359
Current Liabilities 4,275 4,226 Trade receivables 414 200
Short Term Borrowings 752 1,846 Cashand cash equivalents 4,170 40
Trade Payables 168 140 Short-term loans and advances 4,497 300
Other Current & financial Liabilities 3,354 2,239 Current tax assets 446 477
Short term Provisions 1 1 Othercurrent assets 8,324 1,343
Total 51,627 39,489 Total 51,627 39,489

(Rs. mn) Q4FY21 Q4FY20 % of Q4FY20 FY21 FY20 % of FY20
Income from operations 3,858 3,992 97% 10,733 19,411 55%
Retail 2,672 2,705 99% 7,289 11,993 61%
Residential 563 130 433% 1,566 2,794 56%
Commercial 326 290 113% 1,115 1,138 98%
Hospitality & Others 297 867 34% 763 3,486 22%
EBITDA 1,734 2,043 85% 4,942 9,671 51%
EBITDA Margin (%) 45% 51% 46% 50%
Profit after tax 643 483 133% 339 3,559 10%
PAT afterminority interest & beforeother comprehensive income 655 467 140% 526 3,347 16%
PAT afterminority interest & afterother comprehensive income 785 143 549% 851 2,826 30%
Diluted EPS (Rs.) 3.97 3.04 131% 3.19 21.77 15%

Consolidated Balance Sheet

(Rs. mn) As on March31, 2021 As on March31, 2020 (Rs. mn) As on March31, 2021 As on March31, 2020
Share capital 344 307 Non-current assets 94,380 88,053
Reservesand surplus 48,488 36,777 Tangibleassets 68,997 60,795
Intangible Assets (including Goodwill) 3,727 3,732
Sub-Total 48,832 37,084 Capital work in progress 12,740 15,341
Minority interest 13,190 12,788 Non-current investments 4,749 4,280
Non-current liabilities 31,866 36,215 Long-term loansand advances 63 92
Long-term borrowings 30,161 34,053 Deferred tax assets 1,237 612
Otherlong-term borrowings 1,588 2,061 Othernon-current assets 2,867 3,200
Long-termprovisions 117 102 Current assets 20,171 17,421
Current Liabilities 20,663 19,387 Trade receivables 2,950 2,017
Short-term borrowings 6,376 6,838 Cashand cash equivalents 6,129 3,024
Tradepayables 847 1,089 Short-term loans and advances 150 97
Other current liabilities 12,701 10,799 Current tax assets 720 1,431
Short-termprovisions 739 661 Othercurrent assets 10,220 10,852
Total 1,14,551 1,05,474 Total 1,14,551 1,05,474
As on March31, 2020 (Rs. mn) As on March31, 2021 As on March31, 2020
Intangible Assets (including Goodwill) 3,727 3,732

Note: Certain previous year figures have been reclassified for consistency with current year reporting.

Business Update Business Performance Financial Results Annexure

Debt Profile as on 31st March 2021

  • Average cost of debt down to 8.17% in March 2021 from 8.46% in Dec 2020, down by 29 bps QoQ
  • Lowest rate on borrowing stands at 7.50%
  • Cost of Borrowing is further expected to go below 8% post refinance of certain existing loans in H1 FY22.
Status Asset Class Amount (Rs. mn)
Retail 34,862
Hospitality 4,939
Operational Commercial 3,141
Residential 1,632
Sub-total (A) 44,574
Retail 291
Under Commercial 0
development Sub-total (B) 291
Grand Total (A+B) 44,865

Q4 FY21 Debt Across Subsidiaries

Asset Type SPV Asset Name PML Ownership Q3 FY21 (Rs. mn) Q4FY21 (Rs.mn)
PMLStandalone High Street Phoenix, Mumbai 100% 6,498 6,165
Phoenix MarketCity, Chennai 7,230
Classic Mall Development The Crest C (Residential) 50% 7,229
Phoenix MarketCity, Pune 5,505
Vamona Developers East Court (Commercial) 100% 6,015
Island Star Mall Developers PhoenixMarketCity,Bangalore 51% 3,371 3,316
Starboard Hotels Pvt Ltd Phoenix Palladium, Chennai 50% 1,768 1,774
Retail &Mixed-Use Phoenix MarketCity, Mumbai 6,427
Offbeat Developers Art Guild House (Commercial) 100% 6,754
Operational Centrium(Commercial)
Blackwood Developers Phoenix United, Bareilly 100% 911 871
UPAL Developers Phoenix United, Lucknow 100% 676 666
Graceworks Realty &Leisure Phoenix Paragon Plaza (Commercial) 67% 1,120 1,115
Destiny Hospitality Phoenix Palassio, Lucknow 100% 4,118 4,098
Hotel&Residential Palladium Constructions One Bangalore West&Kessaku (Residential)Courtyard by Marriott, Agra (Hotel) 80% 1,605 1,632
Pallazzio Hotels & Leisure The St. Regis, Mumbai 73% 4,627 4,939
Office Alliance Spaces Fountainhead 75% 0 0
UnderDevelopment Retail SGH Realty LLP Palladium, Ahmedabad 50% 261 291
Total Total 44,117 44,865

Shareholding Pattern as on 31st Mar 2021

Shareholding Pattern

Sr. No Top Institutional Investors % Shareholding
1 SCHRODER 6.78%
2 GIC 4.33%
3 TT FUNDS 2.33%
4 ICICI PRUDENTIAL AMC 2.26%
5 ADITYA BIRLA SUNLIFE MF 1.87%
6 VANGUARD 1.83%
7 UTI 1.73%
8 MOTILAL OSWAL 1.63%
9 BAILLIE GIFFORD 1.61%
10 DSP MF 1.51%
Total – Top 10 Institutional Investors 25.89%

Deepak Purswani, CFA Email: [email protected] Advait Phatarfod Email: [email protected] Rohan Rege Email: [email protected]

Bijay Sharma Contact: +91 22 6169 5988 Email: [email protected]

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