The Phoenix Mills Ltd. — Investor Presentation 2021

May 28, 2021

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 28, 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: Revised Investors’ Presentation on Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2021

This is further to our letter dated May 27, 2021 and 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 revised 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.

We would request you to take the above on record and regret the inconvenience caused.

Thanking you,

Yours Faithfully, For The Phoenix Mills Limited

Gajendra Digitally signed by Gajendra Mewara Mewara Date: 2021.05.28 16:07:00 +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 : info@thephoenixmills.com www.thephoenixmills.com

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1

Dynamic and diverse leading developer of mixed-use projects

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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 31 March 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 – (~0.10 msf) HSP – (~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 31 March 2021.

3

Developer of India’s Iconic Mixed Use Developments

Offices at Phoenix MarketCity, Mumbai

Rise Offices at HSP and Palladium

Offices at Phoenix Millennium, Pune

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Offices at Phoenix MarketCity,
Offices at Phoenix MarketCity, Bangalore Pune Offices at Palladium, Chennai
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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

Q4 FY21 – Consumption Trajectory across all malls

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Q4 FY21 Consumption (in Rs. mn)
% of
96% 105% 93% 85% 75% NA 73% 90%
LYSQ
3,503
2,689
2,199
2,084
1,611
1,354
500 410
Phoenix Palladium PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly
Chennai
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• Consumption across all our malls was up 5% QoQ to Rs. 14.4 billion in Q4 FY21

• Consumption stood at ~100% of Q4 FY20 levels

• In line with consumption, retail collections continued to witness sharp improvements

• Collections further improved 42% QoQ to Rs. 3.7 billion in Q4 FY21 taking the total to Rs. 7.6 billion in FY21

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

FY21 Consumption (in Rs. mn)

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% of
74% 69% 69% 63% 73% NA 57% 62%
LY
8,098
6,726
5,206
4,170
3,769
2,896
1,387
1,049
Phoenix Palladium PMC Bangalore PMC Pune PMC Mumbai PMC & Palladium Phoenix Palassio PU Lucknow PU Bareilly
Chennai
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• All malls across portfolio re-opened during June-September, 2020 with limited operational hours

• Phoenix Palassio was launched in July 2020; total GLA increased from ~6 msf to ~7 msf

• Consumption started swift recovery from Q3 FY21 onwards on account of (1) increase in mall operational hours across cities, (2) resumption of F&B and (3) pickup on account of festive season.

• Consumption across all our malls stood at Rs. 33.3 billion in FY21 and was at ~69% on like to like basis

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 reo enin p g

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% of LYSQ 49% 67% 100%
% of LYSQ 16% 46% 83%
% of LYSQ 21% 59% 93%
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• Consumption across all malls 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

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Q2FY21 figures are on like to like basis and Q3 and Q4 FY21 figures are on actual basis for corresponding periods last year

Phoenix Palladium – Consumption & Trading Density Trajectory

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Quarterly Consumption (Rs mn)
% of LYSQ
57% 66% 96%
3,413 3,503
 Consumption grew 2.6% QoQ
to Rs. 3,503 mn
1,180
 Consumption improved to
96% of last year v/s 66% in
Q3 FY21
Q2 FY21 Q3 FY21 Q4 FY21
 Trading Density was flattish
at Rs. 2,494 pspm in Q4 FY21
 Trading Occupancy stood at
91% in Q4 FY21 v/s 87% in
Q3 FY21
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Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Q2FY21 figures are on like to like basis and Q3 and Q4 FY21 figures are on actual basis for corresponding periods last year

Phoenix Marketcity Bangalore – Consumption & Trading Density Trajectory

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Quarterly Consumption (Rs mn)
% of LYSQ
49% 64% 105%
2,689
2,583
 Consumption grew 4.1%
sequentially at Rs. 2,689 mn
1,177
in Q4 FY21
 Consumption stood at 105%
of last year v/s 64% in Q3
Q2 FY21 Q3 FY21 Q4 FY21
FY21
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• Trading Density was flattish at Rs. 1,481 pspm in Q4 FY21

• Trading Occupancy stood at 91% in Q4 FY21 v/s 86% in Q3 FY21

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Q2FY21 figures are on like to like basis and Q3 and Q4 FY21 figures are on actual basis for corresponding periods last year

Phoenix Marketcity Pune – Consumption & Trading Density Trajectory

50%

61%

93%

% of LYSQ

• Consumption declined marginally QoQ to Rs. 2,199 mn

• Consumption was at 93% of last year v/s 61% in Q3 FY21

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• Trading Density was at Rs. 1,056 pspm in Q4 FY21

• Trading Occupancy stood at 89% in Q4 FY21v/s 82% in Q3 FY21

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Q2FY21 figures are on like to like basis and Q3 and Q4 FY21 figures are on actual basis for corresponding periods last year

Phoenix Marketcity Mumbai – Consumption & Trading Density Trajectory

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Quarterly Consumption (Rs mn)
85%
50% 54%
1,591 1,611
568
Q2 FY21 Q3 FY21 Q4 FY21
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• % of LYSQ

• Consumption grew 1.3% QoQ to Rs. 1,611 mn

• Consumption stood at 85% of last year v/s 54% in Q3 FY21

• Trading Density was at Rs. 817 pspm in Q4 FY21

• Trading Occupancy stood at 87% in Q4 FY21 v/s 80% in Q3 FY21

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Q2FY21 figures are on like to like basis and Q3 and Q4 FY21 figures are on actual basis for corresponding periods last year

Phoenix Marketcity & Palladium Chennai – Consumption & Trading Density Trajectory

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% of LYSQ
39% 54% 75%
 Consumption grew 16% QoQ
to Rs. 2,084 mn
 Consumption stood at 75% of
last year v/s 54% in Q3 FY21
 Trading Density improved at
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• Consumption grew 16% QoQ to Rs. 2,084 mn

• Consumption stood at 75% of last year v/s 54% in Q3 FY21

• Trading Density improved at Rs. 1,040 in Q4 FY21 v/s Rs. 906 pspm in Q3 FY21

• Trading Occupancy stood at 90% in Q4 FY21 v/s 85% in Q3 FY21

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Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Q2FY21 figures are on like to like basis and Q3 and Q4 FY21 figures are on actual basis for corresponding periods last year

Phoenix Palassio Lucknow – Consumption & Trading Density Trajectory

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• 189 Brands have opened stores in Phoenix Palassio since its launch in July, 2020

• 24 additional stores are currently under fit out

• Trading Density at Phoenix Palassio has shown marked improvement since its launch

• Trading Density continues to remain nearly Rs. 1,000 pspm

• Trading Occupancy stood at 75% in Q4 FY21 v/s 63% in Q3 FY21

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

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Business Performance - Retail

Phoenix Palladium, Mumbai

	(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 FY20	FY21	FY20	% of FY20
	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 EBIDTA Margin 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.

16

Income Split for PML (Standalone Entity)

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
Commercial Asset	Phoenix House	37	35	135	150	35	31	32
	Centrium	Units transferred to Offbeat Developers from Q4 FY21	16	34	75	11	9	14
	Art Guild House		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
Total Rental Income reported by PML Standalone		662	780	1,962	3,486	621	334	344

^ Net of area sold

17

Phoenix Marketcity Bangalore

	(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 FY20	FY21	FY20	% of FY20
	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%
	Asset EBIDTA ^	309	297	104%	837	1,457	57%
	Asset EBIDTA Margin 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

18

Phoenix Marketcity Pune

	(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 FY20	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%
	Asset EBIDTA	338	324	104%	823	1,646	50%
	Asset EBIDTA Margin as % of Rental	101%	93%		97%	99%

19

Phoenix Marketcity Mumbai

	(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 FY20	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%
	Asset EBIDTA	276	242	114%	639	1,239	52%
	Asset EBIDTA Margin as % of Rental	108%	86%		104%	98%

20

Phoenix Marketcity & Palladium Chennai

	(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 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%
	Asset EBIDTA	359	346	104%	811	1,792	45%
	Asset EBIDTA Margin 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

21

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 Margin as % of Rental	100%	97%	106%	102%

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

22

Phoenix United, Lucknow

	(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 FY20	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%
	Asset EBIDTA	61	66	92%	170	283	60%
	Asset EBIDTA Margin as % of Rental	95%	92%		93%	89%

23

Phoenix United, Bareilly

	(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 FY20	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%
	Asset EBIDTA	53	53	99%	149	206	72%
	Asset EBIDTA Margin as % of Rental	93%	106%		102%	92%

24

Retail Rental Income for Q4 and FY21

Name of Asset	Q4 FY21	Q4 FY21	FY21	FY21
	Rental Income	% of Q4 FY20	Rental Income	% of FY20
	(Rs. mn)		(Rs. mn)
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%

25

Retail EBITDA for Q4 and FY21

Name of Asset	Q4 FY21	Q4 FY21	FY21	FY21
	EBITDA	% of Q4 FY20	EBITDA	% of FY20
	(Rs. mn)		(Rs. mn)
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%

26

Update on under-construction Assets

Phoenix Mall of Asia, Ban alore g

Phoenix Millennium, Pune

Proposed Retail GLA Retail GLA – ~1.1 msf Retail GLA – ~1.2 msf Office GLA – ~0.6 msf Office GLA – ~1.2 msf Amount Spent till Rs. 5,315 mn Rs. 9,156 mn Mar 2021 Status update

Development Risks LOW LOW

Phoenix Citadel, Palladium, Indore Ahmedabad

Retail GLA – ~1 msf Retail GLA – ~0.7 msf Rs. 3,628 mn Rs. 5,238 mn

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LOW LOW

27

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28

Brownfield Acquisition

• Phoenix Palassio

• • Possession in August 2018 • Completed construction and opened to public in less than 24 months

29

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Phoenix Palassio, Lucknow

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~0.90 msf
Total Leasable Area
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30

Expansive Spaces…Opulent Interiors…breathtaking Chandeliers

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31

Phoenix Palassio - Festive Decor

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State of Art Multiplex now operational

33

Palladium Ahmedabad

The Luxury mall of Gujarat

34

Phoenix Millennium Pune

The New Epicentre for West Pune

35

Mall of Asia, Bangalore

The Largest Retail led Mixed-use development in Bangalore

Concept Architect – Callison

36

Phoenix Citadel Indore

The biggest Retail Destination of Madhya Pradesh

37

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Business Performance - Commercial

Phoenix Marketcity, Pune

Our Annuity Income Generating Commercial Portfolio

OPERATIONAL OFFICE PORTFOLIO

(1.58 MSF)

OFFICE PORTFOLIO UNDER DEVELOPMENT (0.83 MSF)

Project Name	Total Area (msf)	Area Sold (msf)	Net Leasable Area (msf)	Area Leased (msf)
Phoenix House	0.09	-	0.09	0.08
Centrium	0.28	0.16	0.12 #	0.08
Art Guild House	0.80	0.17 @	0.63 @	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

OFFICE PORTFOLIO ( 0.83 MSF)	OFFICE PORTFOLIO ( 0.83 MSF)	OFFICE PORTFOLIO ( 0.83 MSF)
Fountainhead – Tower 3	Pune	0.41
Phoenix MarketCity	Chennai	0.42
Total		0.83

• @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.

39

Operational Update – Art Guild House

Total Area (msf) Area Sold (msf) Net Leasable Area (msf) Art Guild House 0.80 0.17 0.63	Total Area (msf)	Total Area (msf)	Area Sold (msf)	Area Sold (msf)	Net Leasable Area (msf)	Net Leasable Area (msf)	Area Leased (msf)	Area Leased (msf)	Average Rate (Rs./sq.ft)*
	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 % of Total 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

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40

Operational Update – Phoenix Paragon Plaza

Total Area (msf) Area Sold (msf) Net Leasable Area (msf) Phoenix Paragon Plaza 0.43 0.12 0.31	Total Area (msf)	Total Area (msf)	Area Sold (msf)	Area Sold (msf)	Net Leasable Area (msf)	Net Leasable Area (msf)	Area Leased (msf)	Area Leased (msf)	Average Rate (Rs./sq.ft)
	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 % of Total Income		77%		78%		76%		58%

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41

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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 6[th] October 2020; expected to commence operations in Q2 FY22 Tower 3 Construction nearing completion

43

Fountainhead Pune – Tower 2 and Tower 3 Construction Status

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Tower 2 – Construction Completed, OC Received

Tower 3 – East Side Façade WIP

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Operational Update – Fountainhead Towers 1, 2 & 3

		Total Area (msf)	Total Area (msf)	Area Leased (msf)	Area Leased (msf)	Average Rate (Rs./sq.ft)	Average Rate (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 % of Total Income	89%		68%		87%		64%

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^ Fountainhead Tower 2 has achieved leasing of over 60,000 sq ft since receipt of OC in Oct 2020 and we are witnessing strong leasing traction. Rental income expected to start from Q2 FY22.

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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

	Q4 FY21	Q4 FY20	% of Q4 FY20	FY21	FY20	% of FY20
Revenue from Rooms (Rs. mn)	103	328	31%	305	1,373	22%
Revenue from F&B and Banqueting (Rs. mn)	111	336	33%	254	1,429	18%
Other Operating Income (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%

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Courtyard by Marriott, Agra

	Q4 FY21	Q4 FY20	FY21	FY20
Revenue from Rooms (Rs. mn)	29	61	54	199
Revenue from F&B and Banqueting (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

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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 Q4 FY21 (Rs. mn)	Revenue recognized (Rs. mn)	Revenue recognized (Rs. mn)
	Total Area	Area launched	Balance Area				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.

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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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Q4 & FY21 Standalone P&L

(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 FY20	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 & before comprehensive income	80	201	40%	2,923	1,476	198%
Diluted EPS (Rs.)	0.48	1.31	37%	17.72	9.60	185%

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Standalone Balance Sheet

(Rs. mn)	As on March 31, 2021	As on March 31, 2020
Share capital	344	307
Reserves and surplus	41,974	28,174
Sub-Total	42,318	28,481
Minority interest	0	0
Non – Current Liabilities	5,049	6,782
Long Term Borrowings	4,642	5,879
Other L. T. Liabilities	391	892
Long Term Provisions	16	12
Current Liabilities	4,260	4,226
Short Term Borrowings	752	1,846
Trade Payables	168	140
Other Current & financial Liabilities	3,339	2,239
Short term Provisions	1	1
Total	51,627	39,489

(Rs. mn)	As on March 31, 2021	As on March 31, 2020
Non-current assets	33,777	37,130
Tangible assets + intangible assets	3,973	6,758
Capital work in progress	109	1,146
Non-current investments	28,019	27,102
Long-term loans and advances	1,053	1,503
Deferred tax assets	90	85
Other non-current assets	532	535
Current assets	17,850	2,359
Trade receivables	414	200
Cash and cash equivalents	4,170	40
Short-term loans and advances	4,497	300
Current tax assets	446	477
Other current assets	8,324	1,343
Total	51,627	39,489

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Q4 & FY21 Consolidated P&L

(Rs. mn)	Q4 FY21	Q4 FY20	% of Q4 FY20	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 after minority interest & before other comprehensive income	655	467	140%	526	3,347	16%
PAT after minority interest & after other comprehensive income	785	143	549%	851	2,826	30%
Diluted EPS(Rs.)	3.97	3.04	131%	3.19	21.77	15%

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Consolidated Balance Sheet

(Rs. mn)	As on March 31, 2021	As on March 31, 2020		(Rs. mn)	As on March 31, 2021	As on March 31, 2020
Share capital	344	307		Non-current assets	94,380	88,053
Reserves and surplus	48,504	36,777		Tangible assets	68,997	60,795
				Intangible Assets (including Goodwill)	3,727	3,732
Sub-Total	48,848	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 loans and advances	63	92
Long-term borrowings	30,161	34,053		Deferred tax assets	1,237	612
Other long-term borrowings	1,588	2,061		Other non-current assets	2,867	3,200
Long-term provisions	117	102		Current assets	20,171	17,421
Current Liabilities	20,647	19,387		Trade receivables	2,950	2,017
Short-term borrowings	6,376	6,838		Cash and cash equivalents	6,129	3,024
Trade payables	847	1,089		Short-term loans and advances	150	97
Other current liabilities	12,686	10,799		Current tax assets	720	1,431
Short-term provisions	739	661		Other current assets	10,220	10,852
Total	1,14,551	1,05,474		Total	1,14,551	1,05,474

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

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Annexure

Palladium Chennai

Debt Profile as on 31[st] 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)
Operational	Retail	34,862
	Hospitality	4,939
	Commercial	3,141
	Residential	1,632
	Sub-total(A)	44,574
Under- development	Retail	528
	Commercial	0
	Sub-total(B)	528
Grand Total(A+B)		45,102

Effective cost of debt (%)

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10.20%
9.38%
9.19%
9.14%
8.94%
8.88%
8.46%
8.17%
Mar-17 Mar-18 Mar-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
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Q4 FY21 Debt Across Subsidiaries

Operational	Asset Type	SPV	Asset Name	PML Ownership	Q3 FY21(Rs. mn)	Q4FY21(Rs. mn)		63
	Retail & Mixed-Use	PMLStandalone	HighStreetPhoenix,Mumbai	100%	6,498	6,165
		Classic Mall Development	Phoenix MarketCity, Chennai	50%	7,230	7,229
			The Crest C (Residential)
		Vamona Developers	Phoenix MarketCity, Pune	100%	5,505	6,015
			East Court (Commercial)
		Island Star Mall Developers	Phoenix MarketCity,Bangalore	51%	3,371	3,316
		Starboard Hotels Pvt Ltd	Phoenix Palladium,Chennai	50%	1,768	1,774
		Offbeat Developers	Phoenix MarketCity, Mumbai	100%	6,427	6,754
			Art Guild House (Commercial)
			Centrium (Commercial)
		Blackwood Developers	Phoenix United,Bareilly	100%	911	871
		UPAL Developers	PhoenixUnited,Lucknow	100%	676	666
		Graceworks Realty & Leisure	Phoenix Paragon Plaza (Commercial)	67%	1,120	1,115
		DestinyHospitality	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
Under Development
	Retail	SGH Realty LLP	Palladium, Ahmedabad	50%	261	528
	Total		Total		44,117	45,102

Shareholding Pattern as on 31[st] Mar 2021

Shareholding Pattern

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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%

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Thank you

Deepak Purswani, CFA Advait Phatarfod Email: Email: deepak.purswani@phoenixmarketcity.in 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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