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

November 1, 2021

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai- 400 001

National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex, Bandra East, Mumbai- 400051

Security code: 503100 Symbol: PHOENIXLTD

Dear Sir(s),

Sub: Investors’ Presentation on Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 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 Unaudited Standalone and Consolidated Financial Results of The Phoenix Mills Limited (‘Company’) for the quarter and half year ended on September 30, 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 Digitally signed by Gajendra Mewara Mewara Date: 2021.11.01 20:37:39 +05'30' Gajendra Mewara Company Secretary

Encl:‐ As above

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. Investor Presentation – Q2 and H1 FY22

Phoenix Marketcity and Palladium, Chennai

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 ~1.6 588 ~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 ~4.6 ~300 ~3
msf msf keys msf
Total Total Total Total
~13 msf ~6.2 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 September 2021

Portfolio in India’s top cities

Agra Indore Ahmedabad Hospitality Mall Courtyard by Marriott – (193 keys) Mall Phoenix Citadel Bareilly – Palladium Lucknow (~1 msf) – (~0.7 msf) Mall Phoenix United – (~0.34 msf) Mall Mumbai Phoenix United – (~0.37 msf) Phoenix Palassio – (~0.90 msf) Mall Phoenix Palladium – (~0.77 msf) Bengaluru Phoenix MarketCity – (~1.14 msf) Mall HSP 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 – (~0.09 msf) Commercial Project Rise – (~1 msf) Phoenix MarketCIty – (~1 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 – (~1.1 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 – (~0.25 msf) The Crest - C – (~0.28 msf) Fountainhead Tower 3 – (~0.41 msf) Under-development / planning Commercial Millennium Towers – (~0.60 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 September 2021

Developer of India’s Iconic Mixed Use Developments

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

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Phoenix MarketCity, Bangalore + Offices +
Proposed 5 Star Hotel
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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.

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Business Update
Business Performance
Financial Results
Annexure
Phoenix Palladium, Mumbai
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Timeline of Mall re-opening post Second Lockdown

Phoenix Marketcity Pune reopened for an interim period on weekdays (during 14[[th]] - 25[[th]] June) with restricted operational hours (till 8PM) & selected categories only

Phoenix Marketcity and Palladium Chennai started operations (all days) with restricted hours (till 8PM) & selected categories only

opened for an interim period There was a slight extension Mumbai malls opened with Palladium Chennai started on weekdays (during 14[[th]] - of timings in our malls in restricted timings and with operations (all days) with 25[[th]] June) with restricted Chennai & UP, now requirement of staff and restricted hours (till 8PM) & operational hours (till 8PM) operational till 10PM visitors to be fully vaccinated selected categories only & selected categories only 15th 19th 15th 22nd Apr 14th 21st 28th 05th 2021 Jun 21 Jul 21 Jul 21 Jul 21 Aug 21 Oct 21 Jun 21 Jun 21 Phoenix Palassio, Phoenix Phoenix Marketcity Few local restriction were United Bareilly and Lucknow Bangalore started relaxed in Bangalore such as 10 p.m.) across[[th]] started operations with operations (all days) extension of timing (till Mumbai Malls; restricted hours (till 8PM on with restricted hours 9.30PM) and multiplexes reopening of multiplexes with[[nd]] April) weekdays) & selected (till 8PM) & selected were permitted to open with[[nd]] categories only categories only 50% capacity only

Local Restriction were

Relaxation in timing (till 10 p.m.) across Mumbai Malls; reopening of multiplexes with limited capacity across Maharashtra

imposed on all malls :-
Phoenix Palladium & PMC Mumbai (6[[th]] April)
PMC Pune (2[[nd]] April)
PMC Bangalore (22[[nd]] April)
PMC Chennai & Palladium (25[th] April)
Phoenix Palassio, PU Lucknow & Bareilly (16[th] April)

Robust pace of recovery in Retail Consumption

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Consumption Trend (Rs mn)
20,662
14,347
13,875 13,816
10,124
Second wave led to
restrictions on mall
operations
Lockdown impacted
impacting
consumption due to 4,724
consumption
restrictions on mall
2,589
operations
429
Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22
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Q2 and H1 FY22 – Consumption across all malls

Q2 FY22 Consumption – Rs 10,124 mn

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As % 65% 92% 60% 33% 81% NA 80% 103%
of Q2
FY20 2,756
2,331
1,477
1,246
1,117
372 467 358
Phoenix PMC PMC Pune PMC Mumbai PMC & Phoenix PU Lucknow PU Bareilly
Palladium Bangalore Palladium Palassio
Chennai
H1 FY22 Consumption – Rs 12,712 mn
As % 71% 86% 46% 44% 78% NA 70% 89%
of H1
FY20 3,286
2,897
1,834
1,549 1,469
564 629 484
Phoenix PMC PMC Pune PMC Mumbai PMC & Phoenix PU Lucknow PU Bareilly
Palladium Bangalore Palladium Palassio
Chennai
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The 2[nd] wave of the pandemic saw local restrictions being imposed at our malls from April 2021
Majority of these restrictions were lifted only by mid-August 2021
Consumption in Q2 FY22 stood at ~Rs 10,124 mn, and in H1 FY22 stood at ~Rs 12,712 mn

• Consumption in Q2 FY22 was at 179% of Q2 FY21 adjusting for the operational days and permitted categories

Likewise, Consumption in Q2 FY22 (incl. Phoenix Palassio) was 74% of Q2 FY20

All figures in Rs mn. Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. *% are calculated after considering effective operational days in each mall in base year. Consumption at Multiplex and FEC has been adjusted in base year calculation.

Consumption in October 2021 at 90% of October 2019

October 2021 Consumption as % of Oct 2019

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As % 86% 99% 73% 59% 84% NA 64% 79%
of Oct
2019
1,500
1,420
1,020
970
706
620
214
161
Phoenix PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly
Palladium Chennai
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Total consumption in October 2021 was Rs. 6,611 mn, 90% of October 2019
Strong recovery seen across all operational categories with many categories exceeding pre-covid levels

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

Consumption at Phoenix Marketcity, Bangalore

Phoenix Marketcity Bangalore - Consumption Trend (in Rs. mn )

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As % 31% 36% 43% 47% 50% 91% 63% 84% 87% 101% 71% 86% 94% 97%
of SM
FY20 1,029
957 933 933 945
904
852
781
692
Local restrictions
509
471
455
were imposed on
22 [nd] April and lifted
273
251 on 5 [th] July with
restricted timings.
6 16
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
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• Consumption recovery post second lockdown was much swifter compared to first lockdown

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. *% are calculated after considering effective operational days in each mall in base year. Consumption at Multiplex and FEC has been adjusted in base year calculation. SM stands for Same Month

Consumption at Phoenix Marketcity and Palladium Chennai

Phoenix Marketcity Bangalore - Consumption Trend (in Rs. mn )

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As % 34% 43% 71% 59% 76% 82% 88% 66% 75% 82% 87%
of SM
FY20
828
772
761
742
719
675
638
605
469 472
Local restrictions were
imposed on 22 [nd] April
291
and lifted on 05 [th] July
with restricted timings.
71
22
Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
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• Consumption recovery post second lockdown was much swifter compared to first lockdown

Consumption at Phoenix Palassio

Phoenix Palassio - Consumption Trend (in Rs. mn )

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561
501
488
477 480
463
415
403
Local restrictions were imposed on
16 [th] April and lifted on 21 [st] June
256 with restricted timings.
207
178
140
110
41
10
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
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• Consumption trends since launch have been very encouraging and absolute consumption in recent months has surpassed pre second wave levels

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Business Performance - Retail

Phoenix Palladium, Mumbai


(Rs. mn)	Q2 FY22	Q2 FY21	YoY %	H1 FY22	H1 FY21	YoY %
Rental	466	334	40%	759	678	12%
CAM & Others	133	115	15%	232	173	35%
Total Income	598	449	33%	991	851	17%
Asset EBITDA	355	236	50%	703	639	10%
Asset EBIDTA Margin as % of Rental	76%	71%		93%	94%
PML Standalone EBITDA	259	204	27%	420	475	-12%

Note: The Rental income also includes income generated from Phoenix House.

Income Split for PML (Standalone Entity)

PML (Standalone entity) owns the following assets:

Retail – High Street Phoenix & Palladium: Leasable area of ~0.77 msf
Commercial – Phoenix House: Leasable area of ~0.10 msf

(Rs. mn)	Project Name	Q1 FY21	Q2 FY21	Q3 FY21	Q4 FY21	FY21	Q1 FY22	Q2 FY22
Commercial Asset	Phoenix House	32	31	35	37	135	37	35
	Centrium	14	9	11	Units transferred to Offbeat Developers from Q4 FY21	34	Units transferred to Offbeat Developers from Q4 FY21
	Art Guild House	54	65	59		178
	Total	100	105	105	37	347	37	35
Retail Asset	High Street Phoenix	244	229	517	625	1,615	256	430
Total Rental Income reported by PML Standalone		344	334	621	662	1,962	293	466

Phoenix Marketcity Bangalore


(Rs. mn)	Q2 FY22	Q2 FY21	YoY %	H1 FY22	H1 FY21	YoY %
Rental	351	128	174%	463	248	87%
CAM & Others	144	107	34%	219	179	22%
Total Income	495	235	110%	682	427	60%
Asset EBITDA	384	148	160%	505	283	78%
Asset EBIDTA Margin as % of Rental	110%	115%		109%	114%

Phoenix Marketcity Pune


(Rs. mn)	Q2 FY22	Q2 FY21	YoY %	H1 FY22	H1 FY21	YoY %
Rental	221	136	62%	329	261	26%
CAM & Others	129	98	32%	203	145	39%
Total Income	350	235	49%	532	407	31%
Asset EBITDA	207	138	50%	305	256	19%
Asset EBIDTA Margin as % of Rental	94%	101%		93%	98%

Phoenix Marketcity Mumbai


(Rs. mn)	Q2 FY22	Q2 FY21	YoY %	H1 FY22	H1 FY21	YoY %
Rental	177	87	103%	265	174	53%
CAM & Others	100	98	2%	174	151	16%
Total Income	277	185	50%	440	324	36%
Asset EBITDA	160	96	68%	241	174	39%
Asset EBIDTA Margin as % of Rental	91%	110%		91%	100%

Phoenix Marketcity & Palladium Chennai


(Rs. mn)	Q2 FY22	Q2 FY21	YoY %	H1 FY22	H1 FY21	YoY %
Rental	393	74	433%	542	208	161%
CAM & Others	172	88	96%	285	145	97%
Total Income	565	161	250%	828	352	135%
Asset EBITDA	426	64	561%	565	189	199%
Asset EBIDTA Margin as % of Rental	108%	87%		104%	91%

Note: Phoenix Marketcity and Palladium Chennai became operational on 1[st] September 2020. Hence, prior period numbers are not comparable

Phoenix Palassio, Lucknow


(Rs. mn)	Q2 FY22	Q1 FY22	FY21	Q4FY21	Q3 FY21	Q2 FY21
Rental	245	72	321	161	123	37
CAM & Others	139	58	235	96	79	60
Total Income	383	130	556	258	201	97
Asset EBITDA	253	81	327	171	119	37
Asset EBIDTA Margin as % of Rental	103%	113%	102%	106%	97%	100%

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

Phoenix United, Lucknow


(Rs. mn)	Q2 FY22	Q2 FY21	YoY %	H1 FY22	H1 FY21	YoY %
Rental	74	37	97%	102	59	74%
CAM & Others	41	29	42%	72	58	24%
Total Income	115	67	73%	173	117	49%
Asset EBITDA	68	25	167%	98	52	89%
Asset EBIDTA Margin as % of Rental	92%	68%		96%	88%

Phoenix United, Bareilly


(Rs. mn)	Q2 FY22	Q2 FY21	YoY %	H1 FY22	H1 FY21	YoY %
Rental	58	28	108%	77	40	91%
CAM & Others	40	33	21%	65	59	10%
Total Income	98	61	61%	142	99	43%
Asset EBITDA	59	33	78%	79	50	57%
Asset EBIDTA Margin as % of Rental	101%	117%		102%	125%

Retail Rental Income for Q2 FY22

Name of Asset	Q2 FY22	Q2 FY22	Q2 FY21	Q2 FY20 (pre- COVIDperiod)
	Retail Income	% of Q2 FY20 (pre-COVID period)	Retail Income	Retail Income
	(Rs. mn)		(Rs. mn)	(Rs.mn)
Phoenix Palladium	466	53%	334	879
Phoenix Marketcity Bangalore	351	97%	128	360
Phoenix Marketcity Pune	221	52%	136	427
Phoenix Marketcity Mumbai	177	55%	87	321
Phoenix Marketcity and Palladium Chennai	393	83%	74	475
Phoenix United Lucknow	74	94%	37	79
Phoenix United Bareilly	58	106%	28	55
Sub Total	1,739	67%	825	2,595
Phoenix Palassio (operational from July 2021)	245	N.A.	37	N.A.
Grand Total	1,984	76%	861	2,595

Retail EBITDA for Q2 FY22

Name of Asset	Q2 FY22	Q2 FY22	Q2 FY21	Q2 FY20 (pre- COVIDperiod)
	EBITDA	% of Q2 FY20 (pre-COVID period)	EBITDA	EBITDA
	(Rs. mn)		(Rs. mn)	(Rs. mn)
Phoenix Palladium	355	46%	236	767
Phoenix Marketcity Bangalore	384	103%	148	373
Phoenix Marketcity Pune	207	48%	138	436
Phoenix Marketcity Mumbai	160	48%	96	331
Phoenix Marketcity and Palladium Chennai	426	97%	64	440
Phoenix United Lucknow	68	92%	25	74
Phoenix United Bareilly	59	125%	33	47
Sub Total	1,659	67%	741	2,468
Phoenix Palassio (operational from July 2021)	253	N.A.	37	N.A.
Grand Total	1,912	77%	777	2,468

Retail Rental Income for H1 FY22

Name of Asset	H1 FY22	H1 FY22	H1 FY21	H1 FY20 (pre- COVIDperiod)
	Retail Income	% of H1 FY20 (pre-COVID period)	Retail Income	Retail Income
	(Rs. mn)		(Rs. mn)	(Rs. mn)
Phoenix Palladium	759	43%	678	1,760
Phoenix Marketcity Bangalore	463	64%	248	719
Phoenix Marketcity Pune	329	38%	261	859
Phoenix Marketcity Mumbai	265	41%	174	644
Phoenix Marketcity and Palladium Chennai	542	58%	208	942
Phoenix United Lucknow	102	65%	59	156
Phoenix United Bareilly	77	69%	40	111
Sub Total	2,537	49%	1,667	5,190
Phoenix Palassio (operational from July 2021)	317	N.A.	37	N.A.
Grand Total	2,854	55%	1,704	5,190

Retail EBITDA for H1 FY22

Name of Asset	H1 FY22	H1 FY22	H1 FY21	H1 FY20 (pre- COVIDperiod)
	EBITDA	% of H1 FY20 (pre-COVID period)	EBITDA	EBITDA
	(Rs. mn)		(Rs. mn)	(Rs. mn)
Phoenix Palladium	703	45%	639	1,547
Phoenix Marketcity Bangalore	505	67%	283	758
Phoenix Marketcity Pune	305	35%	256	876
Phoenix Marketcity Mumbai	241	37%	174	654
Phoenix Marketcity and Palladium Chennai	565	60%	189	936
Phoenix United Lucknow	98	67%	52	146
Phoenix United Bareilly	79	74%	50	107
Sub Total	2,497	50%	1,643	5,023
Phoenix Palassio (operational from July 2021)	334	N.A.	37	N.A.
Grand Total	2,831	56%	1,680	5,023

Update on under-construction Assets

Phoenix Mall of Asia, Ban alore g

Phoenix Citadel, Palladium, Phoenix Mall of Asia, Indore Ahmedabad Millennium, Pune Ban alore g Proposed Retail Retail GLA – ~1.1 msf Retail GLA – ~1.2 msf GLA Retail GLA – ~1 msf Retail GLA – ~0.7 msf Office GLA – ~0.6 msf Office GLA – ~1.2 msf Amount Spent till 4,097 5,763 5,805 9,869 Sep 2021 (Rs Mn) Status update

Expected Year of FY23 FY23 Operation

FY24 FY24

Phoenix Citadel Indore

The biggest Retail Destination of Madhya Pradesh

Palladium Ahmedabad

The Luxury mall of Gujarat

Phoenix Millennium Pune

The New Epicentre for West Pune

Mall of Asia, Bangalore

The Largest Retail led Mixed-use development in Bangalore

Concept Architect – Callison

Sustainability Initiatives at Operational Malls

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Waste Water Energy Emission
Management Conservation Conservation Control
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Waste Management	Waste Management	Water Conservation	Water Conservation	Energy Conservation	Energy Conservation	Emission Control

• Organic waste conversion and wet waste conversion equipment installed to ensure faster decomposition • Tie up with authorized vendors for E-waste recycling • Professional vendor to dispose and recycle dry waste • Hazardous waste management done with the help of authorized agency • Reduction in paper consumption		• Recycling of wastewater by Sewage treatment plant (STP) for use in toilets, gardening and HVAC cooling tower • Conserved Rainwater is used in toilets and for cooling tower requirement • Natural ground water discharge is taken into treatment plant and used for domestic purposes		• Replacement of CFL with LED lamps across malls • Common area lighting integrated on building management system (BMS) for optimised usage and saving energy • Electrical vehicle charging stations being installed at mall premises • Multiple new energy efficient components, machines or technology used instead of older equipment and devices		• Diesel Generator Effluents are tracked to ensures the same is within recommended parameters • All Air Handling Units (AHU) old filters replaced with MERV -13 Filters for enhanced Indoor AQI • Ozoniser installed in STP to minimize H2S levels in the exhaust system • Calibration of DG fuel system being undertaken to determine the amount of unburnt fuel content in the Stack emissions

Sustainability Initiatives at Under Construction Malls

No	Sustainable Metrics	Phoenix Citadel	Phoenix Millennium	Phoenix Mall of Asia
1	Pre-Certification LEED Ratings	Silver	Gold	Gold
2	Sustainable Design Approach	Adapted	Adapted	Adapted
3	Fundamental And Enhanced Commissioning	Adapted	Adapted	Adapted
4	Low Emitting Material	Adapted	Adapted	Adapted
5	Monitoring Based Commissioning	Adapted	Adapted	Adapted
6	High Standards Followed for construction like SMACNA and NBC	Adapted	Adapted	Adapted
7	ECO Friendly Refrigerant	Adapted	Adapted	Adapted
8	Rain Water Harvest	100%	100%	100%
9	Reuse of Treated Waste Water	100%	100%	100%

All new projects follow Leadership in Energy and Environmental Design (LEED) rating systems, created by United States Green Building Council (USGBC)

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Business Performance - Commercial

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Fountainhead Towers, Pune
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Our Annuity Income Generating Commercial Portfolio

Project Name	Location	Total Area (msf)	Area Sold (msf)	Net Leasable Area (msf)	Area Leased (msf)	Average Rate psf.*
Operational Office Portfolio (1.58 MSF)
Art Guild House	Mumbai	0.80	0.17	0.63	0.45	92
Phoenix Paragon Plaza	Mumbai	0.43	0.12	0.31	0.14	101
Fountainhead – Tower 1	Pune	0.17	0.00	0.17	0.16	80
Fountainhead – Tower 2**	Pune	0.25	0.00	0.25	0.10	76
Phoenix House	Mumbai	0.09	-	0.09	0.07	177
Centrium	Mumbai	0.28	0.16	0.12	0.06	118
Total		2.04	0.46	1.58	0.98

Under Development Portfolio (0.83 MSF)	Under Development Portfolio (0.83 MSF)	Under Development Portfolio (0.83 MSF)
Fountainhead – Tower 3	Pune	0.41
Phoenix MarketCity	Chennai	0.42
Total		0.83

**Fountainhead tower 2 area has been recently leased and tenants have started moving in from May 2021 onwards.

*Data as on 30[th] September 2021

Commercial Portfolio – Performance Summary – Q2 and H1 FY22

Operational Portfolio	Q2 FY22	Q2 FY22	H1 FY22	H1 FY22	EBITDA as % of Total Income	EBITDA as % of Total Income
	Total Income	EBITDA	Total Income	EBITDA	Q2 FY22	H1 FY22
Art Guild House*	232	172	418	309	74%	74%
Phoenix Paragon Plaza	65	38	134	91	58%	67%
Fountainhead – Tower 1	62	47	110	89	75%	81%
Fountainhead – Tower 2
Phoenix House	38	Part of Phoenix Palladium	75	Part of Phoenix Palladium	NA	NA
Centrium*	23	14	46	25	61%	54%
Total	421	270	783	514	64%	66%

All figures in Rs mn.

Total Income from commercial portfolio in H1 FY22 at Rs 783 mn, up 25% YoY; total EBITDA at Rs 514 mn, up 16% YoY
Witnessing strong leasing traction in Fountainhead Tower 2; leased ~40% of total leasable area in six months
Robust collection efficiency at ~94% in Q2FY22
Prior to Q1FY22, certain proportion of revenues were reported as part of PML standalone. Hence, prior period numbers are not comparable

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Growth by Densification

Offices Fountainhead Tower 1 ~0.17 msf Offices Fountainhead Tower 2 ~0.25 msf Existing Mall (LG + G + 3)

Offices Fountainhead Tower 3 ~0.41 msf

Expansion by densification of mixed use developments

Under Development / Planning Offices	Location	*GLA (msft)**
Fountainhead T3 (awaiting OC)	Pune	~0.4
Phoenix Millennium, Wakad – Office	Pune	~0.6
Palladium Chennai – Office	Chennai	~0.4
Phoenix Marketcity Bangalore – Office	Bengaluru	~1.0
Phoenix Mall of Asia, Hebbal – Office	Bengaluru	~1.2
The Rise, Lower Parel	Mumbai	~1.0
Under development / planning Office area		~4.6

Office portfolio to grow from ~1.6 msft to ~6.2 msft in 4 years

Land is already paid for and historically owned by respective SPV

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Business Update
Business Performance - Hospitality
Financial Results
Annexure
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Phoenix Marketcity, Mumbai
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The St. Regis, Mumbai

	Q2 FY22	Q2 FY21	YoY%	H1 FY22	H1 FY21	YoY%
Revenue from Rooms (Rs. mn)	130	60	116%	196	109	80%
Revenue from F&B and Banqueting (Rs. mn)	129	24	447%	175	34	407%
Other Operating Income (Rs. mn)	28	16	78%	46	36	28%
Total Income (Rs. mn)	287	99	188%	417	180	132%
Operating EBITDA (Rs. mn)	44	-33		5	-74
EBITDA margins (%)	15%	NA		1%	NA
Occupancy (%)	57%	24%		44%	20%
ARR (Rs.)	6,277	6,480	-3%	6,253	7,451	-16%

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The St. Regis, Mumbai – Eclectic F&B Offerings

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

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Room Occupancy (%)
77%
74%
51%
46%
42%
34%
14%
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
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Occupancy levels back at FY20 levels aided by revival in corporate travel and social events

Courtyard by Marriott, Agra

	Q2 FY22	Q2 FY21	H1 FY22	H1 FY21
Revenue from Rooms (Rs. mn)	26	3	34	3
Revenue from F&B and Banqueting (Rs. mn)	31	3	43	3
Other Operating Income (Rs. mn)	1	0	2	0
Total Income (Rs. mn)	58	6	80	6
Occupancy (%)	56%	7.7%	36%	7.7%
ARR (Rs.)	2,750	3,663	3,089	3,663

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

Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy

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Room Occupancy (%)
62%
60% 60%
47%
26%
23%
1%
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
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Occupancy levels back at FY20 levels aided by revival in domestic travel and social events

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Business Performance - Residential

Operational Update – Residential Portfolio

Project Name (operational)	Saleable area (msf)	Saleable area (msf)	Saleable area (msf)	Cumulative Area Sold (msf)^	Cumulative Sales Value (Rs. mn)	Collections in Q2 FY22 (Rs. mn)	Revenue recognized (Rs. mn)	Revenue recognized (Rs. mn)
	Total Area	Area launched	Balance Area				in Q2 FY22	Cumulative
One Bangalore West, Bengaluru	2.41	1.80	0.61	1.38	13,728	271	153	13,281
Kessaku, Bengaluru	1.03	1.03	-	0.37	5,373	516	459	5,373
Total	3.44	2.83	0.61	1.75	19,101	787	612	18,654

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. 612 mn during Q2 FY22 and Rs. 980 mn in H1 FY22
Collections in Q2 FY22 were Rs. 787 mn and Rs. 1,149 mn in H1 FY22
Sales trajectory has seen good improvement backed by strong demand and faster conversions. Momentum in sales expected to continue in H2 FY22

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One Bangalore West, Bengaluru

Kessaku – Grand Arrival Experience

Kessaku – Zen Court & Pool Side Garden

Kessaku, Bangalore

Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style

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Actual Site Picture
Actual Site Picture
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Financial Results

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Phoenix Marketcity, Bangalore
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Q2 and H1 FY22 Standalone P&L

(Rs. mn)	Q2 FY22	Q2 FY21	YoY%	H1 FY22	H1 FY21	YoY%
Income from operations	598	449	33%	991	851	17%
EBITDA	259	204	27%	420	475	-12%
EBITDA Margin (%)	43%	46%		42%	56%
Profit Before Tax and exceptional item	181	10		471	18
Profit after tax & before comprehensive income	154	7		2,501	15
Diluted EPS (Rs.)	0.90	0.05		14.52	0.09

*Note: Exceptional item for the quarter ended 30[th] June, 2021 refers to the profit on sale of stake sale in two subsidiaries pursuant to GIC’s investment

Standalone Balance Sheet as on 30[th] September 2021

(Rs. mn)	As on September 30, 2021	As on March 31, 2021	(Rs. mn)	As on September 30, 2021	As on March 31, 2021
Share capital	344	344	Non-current assets	40,376	33,777
Reserves and surplus	44,379	41,974	Tangible assets + intangible assets	4,502	3,973
Sub-Total	44,723	42,318
			Capital work in progress	835	109
Minority interest	0	0
			Non-current investments	33,392	28,019
Non – Current Liabilities	4,473	5,049
			Long-term loans and advances	1,023	1,053
Long Term Borrowings	3,919	4,642
			Deferred tax assets	93	90
Other L. T. Liabilities	533	391
			Other non-current assets	532	532
Long Term Provisions	20	16
			Current assets	13,883	17,850
Current Liabilities	5,063	4,260	Trade receivables	849	414
Short Term Borrowings	3,112	752	Cash and cash equivalents	715	4,170
Trade Payables	144	168	Short-term loans and advances	1,396	4,497
Other Current & financial Liabilities	1,806	3,339	Current tax assets	430	446
Short term Provisions	1	1	Other current assets	10,493	8,324
Total	54,259	51,627	Total	54,259	51,627

Q2 and H1 FY22 Consolidated P&L

(Rs. mn)	Q2 FY22	Q2 FY21	YoY%	H1 FY22	H1 FY21	YoY%
Income from operations	3,713	2,149	73%	5,756	3,496	65%
Retail	2,335	1,361	72%	3,488	2,387	46%
Residential	612	447	37%	988	447	121%
Commercial	421	248	70%	783	473	66%
Hospitality& Others	345	92	274%	497	188	164%
EBITDA	1,863	917	103%	2,624	1,619	62%
EBITDA Margin(%)	50%	43%		46%	46%
Profit after tax	632	-400		284	-905
PAT after minority interest & before other comprehensive income	595	-359		333	-783
PAT after minority interest & after other comprehensive income	623	-351		552	-713
Diluted EPS(Rs.)	3.45	-2.21		1.93	-4.97

Consolidated Balance Sheet as on 30[th] September 2021

(Rs. mn)	As on September 30, 2021	As on March 31, 2021	(Rs. mn)	As on September 30, 2021	As on March 31, 2021
Share capital	344	344	Non-current assets	1,00,604	94,380
Reserves and surplus	56,052	48,504	Tangible assets + intangible assets	76,363	72,724
Sub-Total	56,396	48,848
			Capital work in progress	15,313	12,740
Minority interest	20,885	13,190
			Non-current investments	4,811	4,749
Non – Current Liabilities	31,497	31,866	Long-term loans and advances	34	63
Long Term Borrowings	29,691	30,161	Deferred tax assets	1,252	1,237
Other L. T. Liabilities	1,698	1,588	Other non-current assets	2,832	2,867
Long Term Provisions	108	117	Current assets	27,084	20,171
Current Liabilities	18,911	20,647	Trade receivables	4,494	2,950
Short Term Borrowings	9,044	6,376	Cash & cash equivalents and Investments	11,314	6,129
Trade Payables	921	847	Short-term loans and advances	368	150
Other Current & financial Liabilities	7,600	12,686	Current tax assets	701	720
Short term Provisions	1,346	739	Other current assets	10,208	10,220
Total	1,27,689	1,14,551	Total	1,27,689	1,14,551

Q2 FY22 Debt and Cash Position

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Group Level PML Share
Liquidity (Bank balance +
Rs. 13,195 mn Rs. 10,820 mn
Investments + DSRA) []
Gross Debt Rs. 42,986 mn Rs. 31,779 mn
Net Debt Rs. 29,792 mn Rs. 20,959 mn
Q2 FY22 EBITDA [^] Rs. 3,152 mn Rs. 2,485 mn
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*Note: Does not include funds of Rs. 6,072 mn parked in overdraft accounts

^ includes PML Consolidated EBITDA + EBITDA of Classic Mall & Starboard which are not consolidated

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Annexure

Palladium Chennai

Debt Profile as on 30[th] September 2021

Average cost of debt down to 7.84% in September 2021 from 7.9% in June 2021, down by 6 bps QoQ

Effective cost of debt (%)

Status Asset Class Amount (Rs. mn) Operational Retail 33,083 Hospitality 5,583 Commercial 2,996 Residential 357 Sub-total (A) 42,018 Under- development Retail 968 Commercial 0 Sub-total (B) 968 Grand Total (A+B) 42,986 down by 6 bps QoQ  Lowest rate on borrowing stands at 7.34%	Status Asset Class Amount (Rs. mn) Operational Retail 33,083 Hospitality 5,583 Commercial 2,996 Residential 357 Sub-total (A) 42,018 Under- development Retail 968 Commercial 0 Sub-total (B) 968 Grand Total (A+B) 42,986 down by 6 bps QoQ  Lowest rate on borrowing stands at 7.34%	Status Asset Class Amount (Rs. mn) Operational Retail 33,083 Hospitality 5,583 Commercial 2,996 Residential 357 Sub-total (A) 42,018 Under- development Retail 968 Commercial 0 Sub-total (B) 968 Grand Total (A+B) 42,986 down by 6 bps QoQ  Lowest rate on borrowing stands at 7.34%	8.94% 9.38% 9.19% 8.17% 7.90% 7.84%

Status	Asset Class	Amount (Rs. mn)
Operational	Retail	33,083
	Hospitality	5,583
	Commercial	2,996
	Residential	357
	Sub-total (A)	42,018
Under- development	Retail	968
	Commercial	0
	Sub-total (B)	968
Grand Total (A+B)		42,986	Mar '18 Mar '19 Mar '20 Mar '21 Jun '21 Sep '21

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8.17%
7.90%
7.84%
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Q2 FY22 Debt Across Subsidiaries

Operational	Asset TypeQ1	SPV	Asset Name	PML Group Ownership*	Q1FY22 (Rs. Mn)	Q2FY22 (Rs. Mn)
	Retail & Mixed-Use	PML Standalone	High Street Phoenix,Mumbai	100%	5,735	5,383
		Classic Mall Development	Phoenix MarketCity, Chennai	50%	7,037	6,843
		Vamona Developers	Phoenix MarketCity, Pune	74%	4,304	4,381
		Island Star Mall Developers	Phoenix MarketCity,Bangalore	51%	4,361	4,286
		Starboard Hotels Pvt Ltd	Phoenix Palladium,Chennai	50%	1,746	1,731
		Offbeat Developers	Phoenix MarketCity, Mumbai	74%	5,896	5,900
			Art Guild House (Commercial)
			Centrium (Commercial)
		Blackwood Developers	Phoenix United,Bareilly	100%	899	868
		UPAL Developers	Phoenix United,Lucknow	100%	638	616
		Graceworks Realty & Leisure	Phoenix Paragon Plaza (Commercial)	74%	1,081	1,066
		DestinyHospitality	Phoenix Palassio,Lucknow	100%	4,280	4,372
	Hotel & Residential	Palladium Constructions	One Bangalore West & Kessaku (Residential) Courtyard byMarriott,Agra(Hotel)	100%	1,310	807
		Pallazzio Hotels & Leisure	The St. Regis, Mumbai	73%	4,995	5,132
	Office	Alliance Spaces	Fountainhead	100%	600	632
Under Development	Retail	SGH Realty LLP	Palladium, Ahmedabad	50%	685	968

	Total		Total		43,567	42,985

represents PML’s effective stake post completion of the scheme of amalgamation; the scheme has been approved by shareholders and is awaiting NCLT final approval

Shareholding Pattern as on 30[th] September 2021

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Shareholding Pattern
4.2%
18.0%
45.5%
32.3%
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Sr. No	Top Institutional Investors	% Shareholding
1	SCHRODER	7.66%
2	GIC	4.32%
3	ICICI PRDUENTIAL AMC	3.25%
4	UTI	1.97%
5	MOTILAL OSWAL	1.90%
6	DSP MF	1.90%
7	BAILLIE GIFFORD	1.87%
8	VANGUARD	1.85%
9	SBI MF	1.82%
10	ADITYA BIRLA SUNLIFE MF	1.79%
Total – Top 10 Institutional Investors		28.34%

Promoters FII DII Others

Thank you

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

AI assistant

The Phoenix Mills Ltd. — Investor Presentation 2021

60675_rns_2021-11-01_3ef678f5-6380-44dd-ad8e-9cbc208ff606.pdf

Diversified portfolio across asset class

Portfolio in India’s top cities

Includes sold area

Developer of India’s Iconic Mixed Use Developments

Timeline of Mall re-opening post Second Lockdown

Local Restriction were

Robust pace of recovery in Retail Consumption

Q2 and H1 FY22 – Consumption across all malls

Q2 FY22 Consumption – Rs 10,124 mn

Consumption in October 2021 at 90% of October 2019

October 2021 Consumption as % of Oct 2019

Consumption at Phoenix Marketcity, Bangalore

Phoenix Marketcity Bangalore - Consumption Trend (in Rs. mn )

• Consumption recovery post second lockdown was much swifter compared to first lockdown

Consumption at Phoenix Marketcity and Palladium Chennai

Phoenix Marketcity Bangalore - Consumption Trend (in Rs. mn )

• Consumption recovery post second lockdown was much swifter compared to first lockdown

Consumption at Phoenix Palassio

Phoenix Palassio - Consumption Trend (in Rs. mn )

• Consumption trends since launch have been very encouraging and absolute consumption in recent months has surpassed pre second wave levels

Phoenix Palladium, Mumbai

Income Split for PML (Standalone Entity)

PML (Standalone entity) owns the following assets:

Phoenix Marketcity Bangalore

Phoenix Marketcity Pune

Phoenix Marketcity Mumbai

Phoenix Marketcity & Palladium Chennai

Phoenix Palassio, Lucknow

Phoenix United, Lucknow

Phoenix United, Bareilly

Retail Rental Income for Q2 FY22

Retail EBITDA for Q2 FY22

Retail Rental Income for H1 FY22

Retail EBITDA for H1 FY22

Update on under-construction Assets

Phoenix Mall of Asia, Ban alore g

Phoenix Citadel Indore

Palladium Ahmedabad

Phoenix Millennium Pune

Mall of Asia, Bangalore

Sustainability Initiatives at Operational Malls

Sustainability Initiatives at Under Construction Malls

Our Annuity Income Generating Commercial Portfolio

Commercial Portfolio – Performance Summary – Q2 and H1 FY22

All figures in Rs mn.

Growth by Densification

Expansion by densification of mixed use developments

The St. Regis, Mumbai

The St. Regis, Mumbai – Eclectic F&B Offerings

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

Courtyard by Marriott, Agra

Courtyard by Marriott, Agra – Significant Improvement in Room Occupancy

Operational Update – Residential Portfolio

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

One Bangalore West, Bengaluru

Kessaku – Grand Arrival Experience

Kessaku – Zen Court & Pool Side Garden

Kessaku, Bangalore

Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style

Q2 and H1 FY22 Standalone P&L

Standalone Balance Sheet as on 30[th] September 2021

Q2 and H1 FY22 Consolidated P&L

Consolidated Balance Sheet as on 30[th] September 2021

Q2 FY22 Debt and Cash Position

Debt Profile as on 30[th] September 2021

Effective cost of debt (%)

Q2 FY22 Debt Across Subsidiaries

Shareholding Pattern as on 30[th] September 2021

Thank you

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The Phoenix Mills Ltd. Investor Presentation 2021