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The Phoenix Mills Ltd. — Investor Presentation 2021
May 27, 2021
60675_rns_2021-05-27_b6957a05-80a3-478e-8bb7-05b45be3a0e6.pdf
Investor Presentation
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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]