The Phoenix Mills Ltd. — Investor Presentation 2021

Aug 6, 2021

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tit .. � THE PHOENIX MILLS LIMITED Y"

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.: L 17100MH1905PLC000200

August 06, 2021

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

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

~~Securit code; 503100~~

~~Symbol: PHOENIXLTD~~

Dear Sir(s),

Sub: ~~Investors~~ ' ~~Presentaton on unaudited Standalone and Consoldated Financial Results~~ ~~fr the~~ ~~quarter ended hme 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 ended June 30, 2021, to be made to investors and analysts.

The same is also being uploaded on the Company's website at ~~htts://w.thephoenixmils.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 Company Secretary Encl:- As above

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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 : info@thephoenixmills.com • www.thephoenixmills.com

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1

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 ~5.3 ~300 ~3
msf msf keys msf
Total Total Total Total
~13 msf ~6.9 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 June 2021

2

Portfolio in India’s top cities

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

Mall Phoenix Palladium – (~0.77 msf) Phoenix MarketCity – (~1.14 msf) HSP Densification Retail – (~0.5 msf) Commercial Phoenix Paragon Plaza – (~0.44 msf)# The Centrium – (~0.25 msf)# Art Guild House – (~0.80 msf)# Phoenix House – (~0.09 msf) Project Rise – (~1 msf) Hospitality The St. Regis – (395 keys) Pune Mall Phoenix MarketCity – (~1.19 msf) Phoenix Millennium – (~1.1 msf) Commercial East Court – (~0.25 msf)[#] Fountainhead Tower 1 – (~0.17 msf) Fountainhead Tower 2 & 3 – (~0.66 msf) Phoenix Millennium – (~0.60 msf)

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# Includes sold area

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Agra Hospitality – Courtyard by Marriott (193 keys) Bareilly Lucknow Mall Phoenix United – (~0.34 msf) Mall Phoenix United – (~0.37 msf) Phoenix Palassio – (~0.90 msf) Bengaluru Mall Phoenix MarketCity – (~1 msf) + Expansion (~0.31 msf) Phoenix Mall of Asia – (~1.2 msf) Residential One Bangalore West – (~2.41 msf) Kessaku – (~1.03 msf) Commercial Phoenix MarketCIty – (~1 msf) Phoenix Mall of Asia – (~1.2 msf) Hospitality Kolkata Grand Hyatt – (~300 keys) Mall Chennai Phoenix MarketCity – Mall (~1.00 msf) Phoenix MarketCity – (~1 msf) Palladium – (~0.22 msf) Residential The Crest - A & B – (~0.26 msf) The Crest - C – (~0.28 msf) Under-development / planning Commercial Gross Leasable / Saleable Area Palladium Offices – (~0.42 msf)

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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 June 2021.

3

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.

4

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Phoenix Marketcity, Bangalore
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Business Update

Consumption in July, 2021

July 2021 Consumption (in Rs. Mn )

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As % of July, 2019 80% 63% NA 90% 106%
As % of Mar, 2021 93% 96% 128% 116% 142%
Operational Days 27 31 22 22 22
722
626
407
147
110
PMC Bangalore PMC & Palladium Chennai Phoenix Palassio PU Lucknow PU Bareilly
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• The pace of recovery in consumption across our malls (ex Maharashtra) was very encouraging in July, 2021.

• Consumption across our malls (ex Maharashtra) resumed at Rs 2.0 bn in July, 2021 – adjusted for # of operational days and select nonoperational categories, July 2021 consumption is at 93% of July 2019 and 120% of March 2021.

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 also been adjusted in base year calculation.

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 opened for an interim period There was a slight extension Palladium Chennai started on weekdays (during 14[[th]] - of timings in our malls in operations (all days) with 25[[th]] June) with restricted Chennai & UP, now restricted hours (till 8PM) & operational hours (till 8PM) operational till 10PM selected categories only & selected categories only Apr 14th 21st 28th 05th 15th 19th 2021 Jun 21 Jul 21 Jul 21 Jul 21 Jun 21 Jun 21 Phoenix Palassio, Phoenix Few local Phoenix Marketcity United Bareilly and Lucknow relaxed in Bangalore started operations started operations with extension of[[th]] (all days) with restricted restricted hours (till 8PM on 9.30PM) and hours (till 8PM) & selected weekdays) & selected[[nd]] April) categories only

Local Restriction were imposed on all malls :-

Phoenix Palassio, Phoenix United Bareilly and Lucknow started operations with restricted hours (till 8PM on weekdays) & selected categories only

Few local restriction were relaxed in Bangalore such as extension of timing (till 9.30PM) and multiplexes were permitted to open with 50% capacity only

• 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)

7

Q1 FY22 – Consumption Trajectory across all malls

Q1 FY22 Consumption (in Rs. mn)

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566
531
352 357
300
192
162
126
Phoenix Palladium PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly
Chennai
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• Local restriction were imposed across our malls during April, 2021. These local restriction were lifted only in last week of June, 2021 across malls (except Maharashtra)

• Hence, Consumption was at Rs 2.6 bn in Q1 FY22 v/s Rs 14.4 bn in Q4 FY21.

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

PMC Bangalore Consumption Trajectory

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Monthly Consumption (Rs Mn)
As % SMBY 69% 80%^
Local restriction was imposed on 22 [nd] April
As % of Mar21 83% 93% [^]
and lifted on 05 [th] July with restricted
904
timings.
722
509
6 16
Mar-21 Apr-21 May-21 Jun-21 Jul-21
Consumption YoY (Rs Mn)
Weekly Consumption in July,21 [#]
As % of July 2019 [^] 35% [^] 80% [^] 88%
81%
74%
66%
Operational days 21 27
722
251
Week 1 Week 2 Week 3 Week 4
Jul-20 Jul-21 (4-10 Jul) (11-17 Jul) (18-24 Jul) (25-31 Jul)
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• Consumption at PMC Bangalore was at Rs 722 mn in July, 2021

• Consumption (as % of July, 2019) was at 80% v/s 35% in July, 2020

• On weekly basis, Consumption improved to 88% in Week 4 of July,2021 v/s 66% in Week 1.

• Footfalls at PMC Bangalore in July, 2021 was at 64% of March, 2021.

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers As % of SMBY* = As % of same month in 2019 (Base Year); ^ = on like to like basis ie adjusting for the effective operational days in the base year calculation (excluding Multiplexes & FEC).;# As % of July, 2019

PMC and Palladium Chennai Consumption Trajectory

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Monthly Consumption (Rs Mn)
As % SMBY 64% 63%^
 Consumption at
Local restriction was imposed on 25 [th] April
As % of Mar21 88% 96%^ Palladium Chennai was
and lifted on 28 [th] June with restricted
mn in July, 2021
675
timings. 626
472  On weekly basis, Consumption
improved to 73% in Week 4 of
71 July 2021 v/s 55% in Week 1.
22
 Footfall at PMC and Palladium
Mar-21 Apr-21 May-21 Jun-21 Jul-21
Consumption YoY (Rs Mn) of March, 2021.
Weekly Consumption in July,21 [#]
As % of July 2019 63%^
73%
64%
60%
55%
626
Local restriction
was lifted in
Sept, 2020
Week 1 Week 2 Week 3 Week 4
Jul-20 Jul-21 (4-10 Jul) (11-17 Jul) (18-24 Jul) (25-31 Jul)
Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers
As % of SMBY = As % of same month in 2019 (Base Year); ^ = on like to like basis ie adjusting for the effective operational days in the base year calculation (excluding Multiplexes & FEC).;# As % of July, 2019
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 Consumption at PMC and
Palladium Chennai was at Rs 626
mn in July, 2021
 On weekly basis, Consumption
improved to 73% in Week 4 of
July 2021 v/s 55% in Week 1.
 Footfall at PMC and Palladium
Chennai in July, 2021 was at 78%
of March, 2021.
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Phoenix Palassio Consumption Trajectory

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Monthly Consumption (Rs Mn)
As % of Mar21 45% 128%^
Local restriction was imposed on 16 [th] April and
463
lifted on 21 [st] June with restricted timings on 407
Weekdays.
207
140
10
Mar-21 Apr-21 May-21 Jun-21 Jul-21
Weekly Consumption in July, 2021^ (As % of Mar 2021)
136%
131%
122% 123%
Week 1 (4-10 Jul) Week 2 (11-17 Jul) Week 3 (18-24 Jul) Week 4 (25-31 Jul)
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• 200 Brands have opened stores (73% of leasable area) in Phoenix Palassio since its launch in July, 2020

• 21 additional stores are currently under fit out

• Consumption at Phoenix Palassio was at Rs 407 mn in July, 2021 ( operational for 22 days )

• On weekly basis, Consumption improved to 131% in Week 4 of March 2021 v/s 122% in Week 1.

• Footfall at Phoenix Palassio in July, 2021 was at 63% of March, 2021.

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers As % of SMBY* = As % of same month in 2019 (Base Year) ; ^ = on like to like basis ie adjusting for the effective operational days in the base year calculation (excluding Multiplexes & FEC).

Phoenix United Lucknow Consumption Trajectory

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Monthly Consumption (Rs Mn)
As % SMBY 51% 90%^
Local restriction was imposed on 16 [th] April
As % of Mar21 70% 116%^
and lifted on 21 [st] June with restricted
183 timings on Weekdays.
147
92
58
12
Mar-21 Apr-21 May-21 Jun-21 Jul-21
Consumption YoY (Rs Mn) Weekly Consumption in July,21#
As % of July 2019 42%^ 90%^
94% 92% 92%
Operational days 25 22 82%
147
84
Week 1 Week 2 Week 3 Week 4
Jul-20 Jul-21 (4-10 Jul) (11-17 Jul) (18-24 Jul) (25-31 Jul)
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• Consumption at PU Lucknow was at Rs 147 mn in July, 2021

• Consumption (as % of July, 2019) was at 90% v/s 42% in July, 2020

• Footfall at PU Lucknow in July, 2021 was at 63% of March, 2021.

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers As % of SMBY* = As % of same month in 2019 (Base Year) ; ^ = on like to like basis ie adjusting for the effective operational days in the base year calculation (excluding Multiplexes & FEC). # As % of July, 2019

Phoenix United Bareilly Consumption Trajectory

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Monthly Consumption (Rs Mn)
As % SMBY 51% 106%^
Local restriction was imposed on 16 [th] April
As % of Mar21 56% 142%^
and lifted on 21 [st] June with restricted
timings on Weekdays.
143
110
79
42
4
Mar-21 Apr-21 May-21 Jun-21 Jul-21
Consumption YoY (Rs Mn)
Weekly Consumption in July,21#
As % of July 2019 41% 106%^
107% 109% 110%
99%
Operational days 25 22
147
84
Week 1 Week 2 Week 3 Week 4
Jul-20 Jul-21 (4-10 Jul) (11-17 Jul) (18-24 Jul) (25-31 Jul)
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• Consumption at PU Bareilly was at Rs 110 mn in July, 2021

• Consumption (as % of July, 2019) was at 106% v/s 41% in July, 2020

• Footfall at PU Lucknow in July, 2021 was at 69% of March, 2021.

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers As % of SMBY* = As % of same month in 2019 (Base Year); ^ = on like to like basis ie adjusting for the effective operational days in the base year calculation (excluding Multiplexes & FEC).;# As % of July, 2019

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Business Performance - Retail

Phoenix Palladium, Mumbai

	(Rs. mn)	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1 FY20
	Rental	293	344	881	33%
	CAM & Others	100	57	252	40%
	Total Income	393	402	1,133	35%
	Asset EBITDA	349	260	780	45%
	Asset EBIDTA Margin as % of Rental	119%	78%	89%
	SPV EBITDA	161	269	700	23%

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

15

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
Commercial Asset	Phoenix House	32	31	35	37	135	37
	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
Retail Asset	High Street Phoenix	244	229	517	625	1,615	256
Total Rental Income reported by PML Standalone		344	334	621	662	1,962	293

16

Phoenix Marketcity Bangalore

	(Rs. mn)	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1 FY20
	Rental	112	120	359	31%
	CAM & Others	75	72	184	41%
	Total Income	187	191	543	34%
	Asset EBITDA^	121	135	385	31%
	Asset EBIDTA Margin as % of Rental	108%	113%	107%

^ 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

17

Phoenix Marketcity Pune

	(Rs. mn)	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1 FY20
	Rental	109	125	432	25%
	CAM & Others	73	47	206	36%
	Total Income	182	172	638	29%
	Asset EBITDA	98	118	440	22%
	Asset EBIDTA Margin as % of Rental	90%	94%	102%

18

Phoenix Marketcity Mumbai

	(Rs. mn)	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1 FY20
	Rental	88	87	323	27%
	CAM & Others	74	53	181	41%
	Total Income	163	139	504	32%
	Asset EBITDA	81	78	323	25%
	Asset EBIDTA Margin as % of Rental	92%	90%	100%

19

Phoenix Marketcity & Palladium Chennai

	(Rs. mn)	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1 FY20
	Rental	149	134	467	32%
	CAM & Others	114	57	235	48%
	Total Income	262	191	702	37%
	Asset EBITDA	140	124	496	28%
	Asset EBIDTA Margin as % of Rental	94%	93%	106%

20

Phoenix Palassio, Lucknow

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

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

21

Phoenix United, Lucknow

	(Rs. mn)	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1 FY20
	Rental	28	21	77	36%
	CAM & Others	30	29	49	62%
	Total Income	58	50	126	46%
	Asset EBITDA	30	26	72	42%
	Asset EBIDTA Margin as % of Rental	109%	125%	94%

22

Phoenix United, Bareilly

	(Rs. mn)	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1 FY20
	Rental	19	12	57	33%
	CAM & Others	24	26	44	56%
	Total Income	43	38	100	43%
	Asset EBITDA	20	17	60	34%
	Asset EBIDTA Margin as % of Rental	107%	143%	105%

23

Retail Rental Income for Q1 FY22

Name of Asset	Q1 FY22	Q1 FY22	Q1 FY21	Q1 FY21
	Retail Income	% of Q1 FY20	Retail Income	% of Q1 FY20
	(Rs. mn)		(Rs. mn)
Phoenix Palladium	293	33%	344	39%
Phoenix Marketcity Bangalore	112	31%	120	33%
Phoenix Marketcity Pune	109	25%	125	29%
Phoenix Marketcity Mumbai	88	27%	87	27%
Phoenix Marketcity and Palladium Chennai	149	32%	134	29%
Phoenix Palassio	72	NA	NA	NA
Phoenix United Lucknow	28	36%	21	27%
Phoenix United Bareilly	19	33%	12	22%
Total	870	34%	843	32%

24

Retail EBITDA for Q1 FY22

Name of Asset	Q1 FY22	Q1 FY22	Q1 FY21	Q1 FY21
	EBITDA	% of Q1 FY20	EBITDA	% of Q1 FY20
	(Rs. mn)		(Rs. mn)
Phoenix Palladium	349	45%	269	34%
Phoenix Marketcity Bangalore	121	31%	135	35%
Phoenix Marketcity Pune	98	22%	118	27%
Phoenix Marketcity Mumbai	81	25%	78	24%
Phoenix Marketcity and Palladium Chennai	140	28%	124	25%
Phoenix Palassio	81	NA	NA	NA
Phoenix United Lucknow	30	42%	26	37%
Phoenix United Bareilly	20	34%	17	29%
Total	919	36%	760	30%

25

Update on under-construction Assets

Phoenix Phoenix Mall of Asia, Millennium, Pune Ban alore g

Phoenix Citadel, Palladium, Indore Ahmedabad Retail GLA – ~1 msf Retail GLA – ~0.7 msf 3,835 5,459

Proposed Retail GLA Retail GLA – ~1.1 msf Retail GLA – ~1.2 msf Retail GLA – ~1 msf Office GLA – ~0.6 msf Office GLA – ~1.2 msf Amount Spent till 5,541 9,441 3,835 5,459 June 2021 (Rs Mn) Status update Expected Year of FY24 FY24 FY23 FY23 Operation

26

Palladium Ahmedabad

The Luxury mall of Gujarat

27

Phoenix Millennium Pune

The New Epicentre for West Pune

28

Mall of Asia, Bangalore

The Largest Retail led Mixed-use development in Bangalore

Concept Architect – Callison

29

Phoenix Citadel Indore

The biggest Retail Destination of Madhya Pradesh

30

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)

32

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Business Performance - Commercial

Phoenix Marketcity, Pune

Our Annuity Income Generating Commercial Portfolio

Project Name	Location	Total Area (msf)	Area Sold (msf)	Net Leasable Area(msf)		Area Leased (msf)	Trading Occupancy (%)	Average Rate psf.	Collection (%)
Operational Office Portfolio (1.58 MSF)
Art Guild House	Mumbai	0.80	0.17	0.63		0.48	76%	108	92%
Phoenix Paragon Plaza	Mumbai	0.43	0.12	0.31		0.15	49%	115	94%
Fountainhead – Tower 1	Pune	0.17	0.00	0.17		0.16	95%	91	92%
Fountainhead – Tower 2**	Pune	0.25	0.00	0.25		0.06	24%	71	-
Phoenix House	Mumbai	0.09	-	0.09		0.07	74%	167	97%
Centrium	Mumbai	0.28	0.16	0.12 #		0.06	53%	118	94%
Total		2.04	0.46	1.58		0.98	62%		92%

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 onwards.

34

Commercial Portfolio – Performance Summary

Operational Portfolio	Total Income (Rs mn)	Total Income (Rs mn)	Total Income (Rs mn)	EBITDA (Rs mn)	EBITDA (Rs mn)	EBITDA (Rs mn)	EBITDA as % of Total Income	EBITDA as % of Total Income	EBITDA as % of Total Income
	Q1 FY22	Q1 FY21	FY21	Q1 FY22	Q1 FY21	FY21	Q1 FY22	Q1 FY21	FY21
Art Guild House*	185	157	639	138	126	492	74%	80%	77%
Phoenix Paragon Plaza	71	84	318	54	69	243	76%	82%	76%
Fountainhead – Tower 1	47	41	172	44	35	150	90%	86%	87%
Fountainhead – Tower 2	2	NA	NA
Phoenix House	37	32	135	EBITDA reported as part of Phoenix Palladium			NA
Centrium*	23	14	34	11	EBITDA reported as part of PMC Mumbai		47%	NA
Total	365	328	1,299	247	231	886	68%	70%	68%

• Total Income from commercial portfolio was Rs. 365 mn in Q1 FY22; EBITDA was Rs. 247 mn

• Commercial portfolio occupancy is currently at 62%

• Collection efficiency in Q1 FY22 for the commercial portfolio was at 92%

• 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

Fountainhead Pune – Premium Office Spaces

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Fountainhead Pune	Remarks
Tower 1	95% area leased and operational
Tower 2	OC received on 6th Oct 2020; tenants started moving in during May 2021
Tower 3	Construction Complete; OC awaited

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Fountainhead Pune – Tower 2 and Tower 3 Construction Status

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Tower 2 – OC received on 6[th] Oct 2020; tenants started moving in during May 2021

Tower 3 – North East Side Façade

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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

	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1FY20
Revenue from Rooms (Rs. mn)	66	49	318	21%
Revenue from F&B and Banqueting (Rs. mn)	45	11	316	14%
Other Operating Income (Rs. mn)	18	20	64	29%
Total Income (Rs. mn)	130	80	698	19%
Operating EBITDA (Rs. mn)	-11	-40	253
EBITDA margins (%)			36%
Occupancy (%)	30%	16%	82%	37%
ARR (Rs.)	6,229	8,421	10,913	57%

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Courtyard by Marriott, Agra

	Q1 FY22	Q1 FY21	Q1 FY20	% of FY20
Revenue from Rooms (Rs. mn)	8	0	37	23%
Revenue from F&B and Banqueting (Rs. mn)	12	0	35	35%
Other Operating Income (Rs. mn)	0	0	4	12%
Total Income (Rs. mn)	21	0	76	28%
Occupancy (%)	17%	0	64%
ARR (Rs.)	3,428	0	3,353	102%

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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.

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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 Q1 FY22 (Rs. mn)	Revenue recognized (Rs. mn)	Revenue recognized (Rs. mn)
	Total Area	Area launched	Balance Area				in Q1 FY22	Cumulative
One Bangalore West, Bengaluru	2.41	1.80	0.61	1.40	13,575	171	183	13,128
Kessaku, Bengaluru	1.03	1.03	-	0.37	4,914	184	185	4,914
Total	3.44	2.83	0.61	1.77	18,489	355	368	18,042

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. 368 mn during Q1 FY22.

 Q1 Collections were Rs. 355 mn

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One Bangalore West, Bengaluru

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Kessaku – Grand Arrival Experience

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Kessaku – Zen Court & Pool Side Garden

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Kessaku, Bangalore

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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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Q1 FY22 Standalone P&L

(Rs. mn)	Q1 FY22	Q1 FY21	Q1FY20	% of Q1 FY20
Income from operations	393	402	1,133	35%
EBITDA	161	269	700	23%
EBITDA Margin (%)	41%	67%	62%
Profit Before Tax and exceptional item	290	8	458	63%
Profit after tax*	2,346	8	356
Diluted EPS (Rs.)	14.23	0.05	2.32

*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

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Q1 FY22 Consolidated P&L

(Rs. mn)	Q1 FY22	Q1 FY21	Q1 FY20	% of Q1 FY20
Income from operations	2,043	1,347	6,150	33%
Retail	1,153	885	2,933	38%
Residential	376	0	2,071	18%
Commercial	362	382	363	100%
Hospitality & Others	151	80	783	19%
EBITDA	761	703	2,927	26%
EBITDA Margin (%)	37%	52%	48%
Profit after tax	-348	-505	1,469
PAT after minority interest	-262	-424	1,304
Diluted EPS (Rs.)	-1.52	-2.76	8.48

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Q1 FY22 Debt and Cash Position

Group Level Liquidity (Bank balance Rs. 16,620 mn* + Investments + DSRA) Gross Debt Rs. 43,567 mn Net Debt Rs. 26,948 mn

PML Share Rs. 15,505 mn Rs. 32,365 mn Rs. 16,861 mn

*Note: Does not include funds of Rs. 6,893 mn parked in overdraft accounts

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Annexure

Palladium Chennai

Debt Profile as on 30[th] June 2021

• Average cost of debt down to 7.90% in June 2021 from 8.17% in Mar 2021, down by 27 bps QoQ

• Lowest rate on borrowing stands at 7.30%

10.20%

Effective cost of debt (%)

				8.94% 9.38% 9.19% 8.17% 7.90%
Status	Asset Class	Amount (Rs. mn)	8.94% 9.38% 9.19% 8.17% 7.90% Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Jun-21	8.94% 9.38% 9.19% 8.17% 7.90%
Operational	Retail	32,153
	Hospitality	5,574
	Commercial	4,425
	Residential	731
	Sub-total (A)	42,883
Under- development	Retail	685
	Commercial	0
	Sub-total (B)	685
Grand Total (A+B)		43,567

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Q1 FY22 Debt Across Subsidiaries

Operational	Asset TypeQ1	SPV	Asset Name	PML Group Ownership*	Q4FY21 (Rs. mn)	Q1FY22 (Rs. Mn)
	Retail & Mixed-Use	PML Standalone	High Street Phoenix,Mumbai	100%	6,165	5,735
		Classic Mall Development	Phoenix MarketCity, Chennai	50%	7,229	7,037
		Vamona Developers	Phoenix MarketCity, Pune	74%	6,015	4,304
		Island Star Mall Developers	Phoenix MarketCity,Bangalore	51%	3,316	4,361
		Starboard Hotels Pvt Ltd	Phoenix Palladium,Chennai	50%	1,774	1,746
		Offbeat Developers	Phoenix MarketCity, Mumbai	74%	6,754	5,896
			Art Guild House (Commercial)
			Centrium (Commercial)
		Blackwood Developers	Phoenix United,Bareilly	100%	871	899
		UPAL Developers	Phoenix United,Lucknow	100%	666	638
		Graceworks Realty & Leisure	Phoenix Paragon Plaza (Commercial)	74%	1,115	1,081
		DestinyHospitality	Phoenix Palassio,Lucknow	100%	4,098	4,280
	Hotel & Residential	Palladium Constructions	One Bangalore West & Kessaku (Residential) Courtyard byMarriott, Agra (Hotel)	100%	1,632	1,310
		Pallazzio Hotels & Leisure	The St. Regis, Mumbai	73%	4,939	4,995
	Office	Alliance Spaces	Fountainhead	100%	0	600
	Retail	SGH Realty LLP	Palladium, Ahmedabad	50%	291	685
Under Development
	Total		Total		44,865	43,567

• 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

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Shareholding Pattern as on 30[th] Jun 2021

Shareholding Pattern

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3.36% 0.49%
16.22%
45.50%
34.43%
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Sr. No	Top Institutional Investors	% Shareholding
1	SCHRODER	6.78%
2	GIC	4.33%
3	ICICI PRUDENTIAL AMC	2.27%
4	TT FUNDS	2.10%
5	VANGUARD	1.84%
6	ADITYA BIRLA SUNLIFE MF	1.79%
7	SBI MF	1.76%
8	BAILLIE GIFFORD	1.70%
9	UTI	1.64%
10	MOTILAL OSWAL	1.62%
Total – Top 10 Institutional Investors		25.84%

Promoters FII DII Others Corporate bodies

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Thank you

Advait Phatarfod Email: advait.p@phoenixmarketcity.in

Rohan Rege Email: rohan.rege@phoenixmarketcity.in

Bijay Sharma Contact: +91 22 6169 5988 Email: pml@churchgatepartners.com

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

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